Sweetgreen (NYSE:SG) Sets New 52-Week Low – Time to Sell?

Shares of Sweetgreen, Inc. (NYSE:SG) hit a new 52-week low during trading on Friday . The stock traded as low as $18.62 and last traded at $19.86, with a volume of 1810872 shares changing hands. The stock had previously closed at $22.51.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Oppenheimer cut their price target on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. TD Securities cut their target price on Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Citigroup decreased their price target on Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Morgan Stanley cut their price objective on Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. Finally, Piper Sandler decreased their target price on Sweetgreen from $39.00 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $36.27.

Sweetgreen Price Performance

The firm’s 50 day moving average price is $25.95 and its two-hundred day moving average price is $32.57. The stock has a market cap of $2.45 billion, a PE ratio of -26.76 and a beta of 2.28.

Insider Buying and Selling

In other news, COO Rossann Williams sold 4,977 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $23.80, for a total transaction of $118,452.60. Following the sale, the chief operating officer now directly owns 95,516 shares in the company, valued at $2,273,280.80. This represents a 4.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Nathaniel Ru sold 2,123 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $23.80, for a total transaction of $50,527.40. Following the completion of the transaction, the director now owns 1,785,099 shares of the company’s stock, valued at $42,485,356.20. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,852 shares of company stock valued at $1,052,177. Company insiders own 21.52% of the company’s stock.

Institutional Trading of Sweetgreen

Institutional investors and hedge funds have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC grew its position in shares of Sweetgreen by 3,571.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock valued at $33,000 after purchasing an additional 1,000 shares in the last quarter. Headlands Technologies LLC grew its position in Sweetgreen by 156.0% during the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock worth $39,000 after buying an additional 741 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Sweetgreen by 45.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after acquiring an additional 494 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in shares of Sweetgreen in the 4th quarter valued at about $53,000. Finally, Denver PWM LLC purchased a new position in shares of Sweetgreen during the fourth quarter worth about $60,000. 95.75% of the stock is currently owned by hedge funds and other 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.