Sweetgreen (NYSE:SG) Shares Gap Down – Here’s Why

Sweetgreen, Inc. (NYSE:SG) gapped down prior to trading on Monday . The stock had previously closed at $18.48, but opened at $17.82. Sweetgreen shares last traded at $17.14, with a volume of 384,688 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SG shares. Oppenheimer reduced their target price on Sweetgreen from $41.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. UBS Group lowered their price objective on shares of Sweetgreen from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $45.00 target price on shares of Sweetgreen in a research note on Tuesday, February 25th. TD Securities reduced their price objective on Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group cut their price target on Sweetgreen from $37.00 to $32.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Sweetgreen currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.91.

Sweetgreen Stock Performance

The stock has a market capitalization of $1.96 billion, a PE ratio of -21.41 and a beta of 2.28. The company’s fifty day simple moving average is $23.35 and its two-hundred day simple moving average is $31.32.

Insider Activity at Sweetgreen

In other news, COO Rossann Williams sold 4,977 shares of Sweetgreen stock in a transaction on Monday, March 17th. The stock was sold at an average price of $23.80, for a total value of $118,452.60. Following the completion of the sale, the chief operating officer now owns 95,516 shares of the company’s stock, valued at $2,273,280.80. The trade was a 4.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mitch Reback sold 4,000 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $21.07, for a total value of $84,280.00. Following the completion of the transaction, the chief financial officer now owns 344,509 shares of the company’s stock, valued at $7,258,804.63. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,852 shares of company stock valued at $871,417. 21.52% of the stock is owned by corporate insiders.

Institutional Trading of Sweetgreen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SG. Cox Capital Mgt LLC boosted its position in shares of Sweetgreen by 76.0% in the fourth quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company’s stock worth $1,728,000 after acquiring an additional 23,278 shares during the last quarter. Moody National Bank Trust Division purchased a new position in Sweetgreen during the fourth quarter worth approximately $1,182,000. Diversified Trust Co boosted its holdings in shares of Sweetgreen by 223.2% in the 4th quarter. Diversified Trust Co now owns 27,126 shares of the company’s stock valued at $870,000 after purchasing an additional 18,733 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Sweetgreen by 1,399.0% during the 3rd quarter. Franklin Resources Inc. now owns 111,074 shares of the company’s stock valued at $4,365,000 after buying an additional 103,664 shares during the period. Finally, LPL Financial LLC increased its holdings in shares of Sweetgreen by 400.1% during the 4th quarter. LPL Financial LLC now owns 59,592 shares of the company’s stock worth $1,911,000 after buying an additional 47,676 shares during the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Company Profile

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.