Sweetgreen (NYSE:SG) Shares Gap Down to $29.29

Sweetgreen, Inc. (NYSE:SG) shares gapped down prior to trading on Wednesday . The stock had previously closed at $29.29, but opened at $28.67. Sweetgreen shares last traded at $28.98, with a volume of 421,362 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Piper Sandler increased their price objective on shares of Sweetgreen from $16.00 to $19.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. Citigroup raised their price target on Sweetgreen from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, May 10th. The Goldman Sachs Group initiated coverage on shares of Sweetgreen in a research note on Thursday, June 13th. They set a “buy” rating and a $39.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on shares of Sweetgreen from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Finally, Morgan Stanley increased their price target on shares of Sweetgreen from $16.00 to $17.00 and gave the stock an “underweight” rating in a research report on Friday, May 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.67.

Sweetgreen Price Performance

The business has a 50 day moving average price of $28.42 and a 200-day moving average price of $19.85.

Sweetgreen (NYSE:SG) last released its earnings results on Thursday, May 9th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). The company had revenue of $157.85 million for the quarter, compared to analyst estimates of $152.02 million. Sweetgreen had a negative net margin of 17.15% and a negative return on equity of 20.74%. The firm’s revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.29) EPS. Sell-side analysts predict that Sweetgreen, Inc. will post -0.73 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In related news, CEO Jonathan Neman sold 150,000 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the chief executive officer now directly owns 2,100,000 shares of the company’s stock, valued at approximately $64,050,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Jonathan Neman sold 150,000 shares of Sweetgreen stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the sale, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at approximately $64,050,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adrienne Gemperle sold 3,889 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $31.35, for a total value of $121,920.15. Following the transaction, the insider now directly owns 125,518 shares of the company’s stock, valued at $3,934,989.30. The disclosure for this sale can be found here. Insiders have sold a total of 440,692 shares of company stock valued at $13,738,038 over the last 90 days. Insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its position in shares of Sweetgreen by 17.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 715,906 shares of the company’s stock valued at $8,412,000 after purchasing an additional 107,281 shares during the last quarter. Deutsche Bank AG increased its holdings in Sweetgreen by 17.3% during the 3rd quarter. Deutsche Bank AG now owns 46,532 shares of the company’s stock valued at $547,000 after purchasing an additional 6,849 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Sweetgreen by 185.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 40,568 shares of the company’s stock worth $477,000 after buying an additional 26,361 shares during the last quarter. Invesco Ltd. increased its stake in shares of Sweetgreen by 1,435.2% during the third quarter. Invesco Ltd. now owns 1,674,791 shares of the company’s stock valued at $19,679,000 after buying an additional 1,565,700 shares during the period. Finally, Qube Research & Technologies Ltd raised its holdings in shares of Sweetgreen by 139.9% during the third quarter. Qube Research & Technologies Ltd now owns 216,101 shares of the company’s stock valued at $2,539,000 after acquiring an additional 126,026 shares in 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.