Sweetgreen (NYSE:SG) Shares Gap Down to $34.89

Sweetgreen, Inc. (NYSE:SG) gapped down before the market opened on Wednesday . The stock had previously closed at $34.89, but opened at $34.13. Sweetgreen shares last traded at $33.12, with a volume of 798,203 shares changing hands.

Wall Street Analysts Forecast Growth

SG has been the topic of several recent research reports. Citigroup increased their price target on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Oppenheimer increased their price target on Sweetgreen from $36.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. TD Cowen restated a “buy” rating and set a $43.00 price target on shares of Sweetgreen in a report on Friday, September 27th. JPMorgan Chase & Co. increased their target price on Sweetgreen from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $39.00 target price (up previously from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $38.20.

Sweetgreen Price Performance

The firm has a market cap of $3.96 billion, a price-to-earnings ratio of -37.52 and a beta of 2.32. The firm has a fifty day simple moving average of $31.91 and a two-hundred day simple moving average of $28.70.

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

Insiders Place Their Bets

In related news, insider Adrienne Gemperle sold 3,868 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $36.31, for a total value of $140,447.08. Following the sale, the insider now owns 114,842 shares in the company, valued at approximately $4,169,913.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Nicolas Jammet sold 169,767 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.77, for a total transaction of $6,072,565.59. Following the transaction, the insider now owns 1,930,233 shares in the company, valued at approximately $69,044,434.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Adrienne Gemperle sold 3,868 shares of Sweetgreen stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $36.31, for a total value of $140,447.08. Following the completion of the transaction, the insider now owns 114,842 shares in the company, valued at $4,169,913.02. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 426,061 shares of company stock valued at $15,071,720. Insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quest Partners LLC purchased a new stake in shares of Sweetgreen in the second quarter worth about $76,000. Versor Investments LP acquired a new stake in Sweetgreen during the second quarter valued at approximately $217,000. Perigon Wealth Management LLC acquired a new stake in shares of Sweetgreen during the 1st quarter worth approximately $223,000. Thoroughbred Financial Services LLC acquired a new stake in shares of Sweetgreen during the 2nd quarter worth approximately $233,000. Finally, Nkcfo LLC acquired a new stake in shares of Sweetgreen during the 2nd quarter worth approximately $241,000. 95.75% of the stock is owned by institutional investors and hedge funds.

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.