Sweetgreen (NYSE:SG) Trading Down 6.4% – Here’s Why

Sweetgreen, Inc. (NYSE:SG) shares dropped 6.4% on Tuesday . The stock traded as low as $25.80 and last traded at $25.44. Approximately 580,572 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 2,683,992 shares. The stock had previously closed at $27.19.

Analyst Ratings Changes

SG has been the subject of a number of recent analyst reports. TD Cowen reaffirmed a “buy” rating and set a $45.00 price target on shares of Sweetgreen in a research note on Monday, November 18th. The Goldman Sachs Group restated a “neutral” rating and set a $40.00 target price on shares of Sweetgreen in a research report on Friday, November 8th. UBS Group increased their price target on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Oppenheimer dropped their price objective on Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. Finally, Citigroup reduced their target price on Sweetgreen from $49.00 to $43.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $40.60.

Sweetgreen Trading Down 9.3 %

The firm has a market cap of $2.85 billion, a P/E ratio of -31.62 and a beta of 2.37. The business has a 50-day moving average price of $32.04 and a 200-day moving average price of $34.49.

Insider Buying and Selling

In other Sweetgreen news, insider Nicolas Jammet sold 170,199 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $37.73, for a total transaction of $6,421,608.27. Following the completion of the sale, the insider now owns 1,760,034 shares in the company, valued at $66,406,082.82. This represents a 8.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nathaniel Ru sold 53,718 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $38.70, for a total value of $2,078,886.60. Following the sale, the insider now directly owns 1,952,129 shares in the company, valued at $75,547,392.30. This trade represents a 2.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 582,381 shares of company stock valued at $22,522,748 over the last three months. 21.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sweetgreen

Large investors have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA purchased a new position in shares of Sweetgreen in the 4th quarter worth approximately $52,558,000. Invesco Ltd. boosted its stake in Sweetgreen by 40.9% in the fourth quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock valued at $176,850,000 after acquiring an additional 1,601,666 shares in the last quarter. Wellington Management Group LLP grew its holdings in Sweetgreen by 30.1% in the fourth quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock worth $142,106,000 after purchasing an additional 1,025,341 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in shares of Sweetgreen by 189.9% during the fourth quarter. Frontier Capital Management Co. LLC now owns 1,134,398 shares of the company’s stock worth $36,369,000 after purchasing an additional 743,157 shares in the last quarter. Finally, Voya Investment Management LLC lifted its holdings in shares of Sweetgreen by 848.5% during the 4th quarter. Voya Investment Management LLC now owns 748,581 shares of the company’s stock valued at $24,000,000 after purchasing an additional 669,657 shares during the last quarter. 95.75% of the stock is currently owned by institutional investors.

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.