Sweetgreen (NYSE:SG) Shares Gap Down – Should You Sell?

Shares of Sweetgreen, Inc. (NYSE:SG) gapped down prior to trading on Friday . The stock had previously closed at $23.54, but opened at $22.86. Sweetgreen shares last traded at $23.01, with a volume of 354,232 shares changing hands.

Wall Street Analyst Weigh In

SG has been the topic of a number of recent research reports. Morgan Stanley dropped their target price on Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 21st. TD Securities dropped their target price on Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Piper Sandler dropped their target price on Sweetgreen from $39.00 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. TD Cowen restated a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a report on Monday, November 18th. Finally, UBS Group dropped their price target on Sweetgreen from $45.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Sweetgreen presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.27.

Sweetgreen Price Performance

The firm has a market capitalization of $2.77 billion, a P/E ratio of -30.71 and a beta of 2.44. The stock has a fifty day moving average of $28.95 and a 200 day moving average of $33.65.

Insider Buying and Selling at Sweetgreen

In other news, CEO Jonathan Neman sold 51,128 shares of Sweetgreen stock in a transaction on Monday, December 9th. The stock was sold at an average price of $38.60, for a total value of $1,973,540.80. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $74,506,800.80. The trade was a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mitch Reback sold 72,000 shares of Sweetgreen stock in a transaction on Monday, December 9th. The shares were sold at an average price of $37.77, for a total value of $2,719,440.00. Following the completion of the transaction, the chief financial officer now owns 43,901 shares of the company’s stock, valued at approximately $1,658,140.77. This trade represents a 62.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 365,971 shares of company stock worth $13,747,290 over the last ninety days. 21.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sweetgreen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SG. GLOBALT Investments LLC GA bought a new stake in shares of Sweetgreen in the 3rd quarter valued at about $591,000. Verition Fund Management LLC raised its position in Sweetgreen by 189.6% during the 3rd quarter. Verition Fund Management LLC now owns 173,501 shares of the company’s stock valued at $6,151,000 after purchasing an additional 113,586 shares during the last quarter. Cox Capital Mgt LLC raised its position in Sweetgreen by 76.0% during the 4th quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company’s stock valued at $1,728,000 after purchasing an additional 23,278 shares during the last quarter. Natixis Advisors LLC raised its position in Sweetgreen by 91.9% during the 3rd quarter. Natixis Advisors LLC now owns 30,380 shares of the company’s stock valued at $1,077,000 after purchasing an additional 14,545 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Sweetgreen by 5.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company’s stock valued at $79,757,000 after purchasing an additional 116,243 shares during the last quarter. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

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.