Sweetgreen (NYSE:SG) Shares Down 2.7%

Sweetgreen, Inc. (NYSE:SG)’s share price fell 2.7% on Thursday . The company traded as low as $34.00 and last traded at $34.81. 406,929 shares traded hands during trading, a decline of 86% from the average session volume of 2,821,165 shares. The stock had previously closed at $35.76.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SG. The Goldman Sachs Group started coverage on Sweetgreen in a report on Thursday, June 13th. They issued a “buy” rating and a $39.00 target price for the company. UBS Group upped their target price on shares of Sweetgreen from $31.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Oppenheimer lifted their price target on shares of Sweetgreen from $36.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. increased their target price on Sweetgreen from $32.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Finally, Royal Bank of Canada raised their price objective on shares of Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.20.

Sweetgreen Stock Down 1.8 %

The stock has a fifty day moving average price of $31.06 and a two-hundred day moving average price of $28.24. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of -38.45 and a beta of 2.32.

Sweetgreen (NYSE:SG) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.34%. The firm had revenue of $184.60 million for the quarter, compared to analysts’ expectations of $180.79 million. During the same period in the previous year, the company posted ($0.20) EPS. The business’s quarterly revenue was up 21.0% on a year-over-year basis. As a group, research analysts forecast that Sweetgreen, Inc. will post -0.75 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 17,020 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $35.08, for a total transaction of $597,061.60. Following the transaction, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at $67,712,398.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Jonathan Neman sold 17,020 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $35.08, for a total transaction of $597,061.60. Following the completion of the sale, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at approximately $67,712,398.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Nicolas Jammet sold 21,275 shares of Sweetgreen stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $35.10, for a total transaction of $746,752.50. Following the transaction, the insider now directly owns 1,930,233 shares in the company, valued at $67,751,178.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 426,061 shares of company stock worth $15,071,720. 21.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

Several institutional investors and hedge funds have recently modified their holdings of SG. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Sweetgreen in the 2nd quarter worth $4,969,000. Cetera Investment Advisers increased its holdings in Sweetgreen by 62.1% during the 2nd quarter. Cetera Investment Advisers now owns 55,354 shares of the company’s stock worth $1,668,000 after purchasing an additional 21,203 shares during the last quarter. Algert Global LLC raised its position in shares of Sweetgreen by 133.6% in the 2nd quarter. Algert Global LLC now owns 94,288 shares of the company’s stock valued at $2,842,000 after purchasing an additional 53,928 shares in the last quarter. Driehaus Capital Management LLC grew its position 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 worth $81,028,000 after buying an additional 1,878,216 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Sweetgreen by 14.0% in the second quarter. The Manufacturers Life Insurance Company now owns 52,630 shares of the company’s stock worth $1,586,000 after buying an additional 6,478 shares during the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

About Sweetgreen

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.