Sweetgreen, Inc. (NYSE:SG - Get Free Report) fell 8.4% during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $32.00 to $28.00. Morgan Stanley currently has an equal weight rating on the stock. Sweetgreen traded as low as $31.06 and last traded at $30.67. 493,586 shares traded hands during trading, a decline of 76% from the average session volume of 2,061,860 shares. The stock had previously closed at $33.50.
SG has been the subject of several other reports. Oppenheimer reduced their target price on shares of Sweetgreen from $45.00 to $41.00 and set an "outperform" rating for the company in a report on Tuesday, January 7th. TD Cowen reiterated a "buy" rating and set a $45.00 target price on shares of Sweetgreen in a research report on Monday, November 18th. The Goldman Sachs Group restated a "neutral" rating and issued a $40.00 price target on shares of Sweetgreen in a research report on Friday, November 8th. UBS Group increased their target price on Sweetgreen from $37.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Finally, KeyCorp began coverage on Sweetgreen in a research note on Wednesday, December 11th. They set a "sector weight" rating on the stock. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $41.20.
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In related news, CFO Mitch Reback sold 9,507 shares of the company's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $34.05, for a total value of $323,713.35. Following the transaction, the chief financial officer now directly owns 360,177 shares in the company, valued at approximately $12,264,026.85. This represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jonathan Neman sold 1,010 shares of the business's stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $40.01, for a total value of $40,410.10. Following the completion of the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $77,228,422.28. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 648,838 shares of company stock worth $25,065,773. 21.52% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of SG. Wellington Management Group LLP boosted its stake in shares of Sweetgreen by 7.5% during the third quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company's stock worth $120,784,000 after buying an additional 236,874 shares during the period. Driehaus Capital Management LLC raised its holdings in Sweetgreen by 231.8% during the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company's stock worth $81,028,000 after purchasing an additional 1,878,216 shares in the last quarter. Lord Abbett & CO. LLC raised its holdings in Sweetgreen by 13.3% during the third quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company's stock worth $82,032,000 after purchasing an additional 272,340 shares in the last quarter. State Street Corp raised its holdings in Sweetgreen by 3.2% during the third quarter. State Street Corp now owns 2,263,025 shares of the company's stock worth $80,224,000 after purchasing an additional 69,120 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Sweetgreen by 5.4% during the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company's stock worth $79,757,000 after purchasing an additional 116,243 shares in the last quarter. Hedge funds and other institutional investors own 95.75% of the company's stock.
The stock has a market capitalization of $3.53 billion, a PE ratio of -39.14 and a beta of 2.38. The firm's fifty day moving average is $35.77 and its 200-day moving average is $33.88.
Sweetgreen (NYSE:SG - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.02). Sweetgreen had a negative net margin of 13.27% and a negative return on equity of 18.82%. The company had revenue of $173.43 million during the quarter, compared to analysts' expectations of $173.67 million. During the same period last year, the business posted ($0.22) earnings per share. On average, analysts expect that Sweetgreen, Inc. will post -0.74 EPS for the current year.
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.
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