Sweetgreen (NYSE:SG) Shares Down 5.6% on Analyst Downgrade

Sweetgreen, Inc. (NYSE:SG) traded down 5.6% during mid-day trading on Tuesday after Oppenheimer lowered their price target on the stock from $45.00 to $41.00. Oppenheimer currently has an outperform rating on the stock. Sweetgreen traded as low as $32.45 and last traded at $32.98. 703,069 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 1,884,639 shares. The stock had previously closed at $34.94.

Several other equities research analysts also recently issued reports on SG. UBS Group increased their target price on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. KeyCorp started coverage on Sweetgreen in a report on Wednesday, December 11th. They set a “sector weight” rating on the stock. TD Cowen reaffirmed a “buy” rating and set a $45.00 target price on shares of Sweetgreen in a report on Monday, November 18th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $40.00 price target on shares of Sweetgreen in a research report on Friday, November 8th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Sweetgreen has a consensus rating of “Moderate Buy” and an average price target of $39.40.

Insider Transactions at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 1,010 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $40.01, for a total value of $40,410.10. Following the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at approximately $77,228,422.28. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nathaniel Ru sold 1,263 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $40.01, for a total transaction of $50,532.63. Following the sale, the insider now owns 1,952,129 shares of the company’s stock, valued at approximately $78,104,681.29. This represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 640,838 shares of company stock worth $24,800,733. Company insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Driehaus Capital Management LLC increased its stake in shares of Sweetgreen by 231.8% during the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after buying an additional 1,878,216 shares during the period. Renaissance Technologies LLC bought a new stake in Sweetgreen in the second quarter valued at $29,109,000. Stephens Investment Management Group LLC increased its position in Sweetgreen by 139.9% during the 3rd quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock valued at $33,299,000 after purchasing an additional 547,816 shares during the period. Hood River Capital Management LLC raised its holdings in Sweetgreen by 42.6% in the 2nd quarter. Hood River Capital Management LLC now owns 1,643,028 shares of the company’s stock worth $49,521,000 after purchasing an additional 490,806 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its position in shares of Sweetgreen by 13.3% in the 3rd quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock worth $82,032,000 after purchasing an additional 272,340 shares during the period. Institutional investors own 95.75% of the company’s stock.

Sweetgreen Trading Down 5.9 %

The business’s 50 day moving average price is $37.19 and its two-hundred day moving average price is $33.59. The stock has a market cap of $3.80 billion, a P/E ratio of -42.14 and a beta of 2.38.

Sweetgreen Company Profile

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.