Sweetgreen (NYSE:SG) Trading Down 6.6% After Insider Selling

Sweetgreen, Inc. (NYSE:SGGet Free Report) dropped 6.6% during trading on Tuesday following insider selling activity. The stock traded as low as $30.51 and last traded at $31.59. Approximately 2,498,603 shares were traded during trading, a decline of 2% from the average daily volume of 2,545,756 shares. The stock had previously closed at $33.83.

Specifically, insider Adrienne Gemperle sold 12,442 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $11.33, for a total value of $140,967.86. Following the transaction, the insider now directly owns 127,251 shares of the company’s stock, valued at approximately $1,441,753.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Adrienne Gemperle sold 12,442 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $11.33, for a total transaction of $140,967.86. Following the transaction, the insider now directly owns 127,251 shares of the company’s stock, valued at approximately $1,441,753.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mitch Reback sold 10,444 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $12.01, for a total value of $125,432.44. Following the transaction, the chief financial officer now directly owns 439,059 shares in the company, valued at $5,273,098.59. The disclosure for this sale can be found here. In the last three months, insiders have sold 389,475 shares of company stock valued at $10,569,370. 21.52% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SG. TD Cowen raised their target price on Sweetgreen from $22.00 to $26.00 and gave the stock a “hold” rating in a report on Friday, May 10th. Citigroup increased their price target on Sweetgreen from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, May 10th. JPMorgan Chase & Co. increased their price target on Sweetgreen from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, May 10th. Oppenheimer increased their price target on Sweetgreen from $17.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, April 1st. Finally, Morgan Stanley increased their price target on Sweetgreen from $16.00 to $17.00 and gave the stock an “underweight” rating in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $25.75.

Read Our Latest Report on SG

Sweetgreen Stock Down 5.7 %

The company’s 50 day moving average price is $24.54 and its two-hundred day moving average price is $16.03. The stock has a market cap of $3.62 billion, a P/E ratio of -34.31 and a beta of 2.22.

Sweetgreen (NYSE:SGGet Free Report) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.02). The business had revenue of $157.85 million for the quarter, compared to analysts’ expectations of $152.02 million. Sweetgreen had a negative net margin of 17.15% and a negative return on equity of 20.74%. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.29) earnings per share. As a group, equities research analysts forecast that Sweetgreen, Inc. will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On Sweetgreen

Institutional investors and hedge funds have recently bought and sold shares of the company. Quest Partners LLC purchased a new position in Sweetgreen in the fourth quarter worth $104,000. Clear Harbor Asset Management LLC purchased a new stake in shares of Sweetgreen during the fourth quarter valued at $113,000. Triumph Capital Management purchased a new stake in shares of Sweetgreen during the fourth quarter valued at $126,000. Forum Financial Management LP grew its holdings in shares of Sweetgreen by 12.6% during the third quarter. Forum Financial Management LP now owns 11,262 shares of the company’s stock valued at $132,000 after buying an additional 1,262 shares during the last quarter. Finally, Handelsbanken Fonder AB purchased a new stake in shares of Sweetgreen during the fourth quarter valued at $137,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

Sweetgreen Company Profile

(Get Free Report)

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.

Further Reading

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