Sweetgreen (NYSE:SG) Hits New 12-Month Low – Here’s Why

Shares of Sweetgreen, Inc. (NYSE:SG) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $12.25 and last traded at $12.59, with a volume of 275314 shares trading hands. The stock had previously closed at $12.64.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SG. UBS Group decreased their price objective on Sweetgreen from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. The Goldman Sachs Group decreased their price objective on Sweetgreen from $23.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 4th. Piper Sandler decreased their price objective on Sweetgreen from $27.00 to $20.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. TD Securities reiterated a “buy” rating and issued a $25.00 price target on shares of Sweetgreen in a report on Thursday, May 15th. Finally, Citigroup reduced their price target on Sweetgreen from $43.00 to $39.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $28.31.

Sweetgreen Stock Performance

The firm has a fifty day simple moving average of $16.06 and a 200 day simple moving average of $24.64. The company has a market capitalization of $1.44 billion, a PE ratio of -15.94 and a beta of 2.06.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.21). The business had revenue of $166.30 million for the quarter, compared to analysts’ expectations of $164.68 million. Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.23) EPS. Research analysts expect that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In related news, CFO Mitch Reback sold 10,088 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.23, for a total value of $153,640.24. Following the completion of the transaction, the chief financial officer now owns 334,421 shares in the company, valued at $5,093,231.83. This trade represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Clifford Burrows acquired 19,200 shares of Sweetgreen stock in a transaction on Friday, May 23rd. The shares were bought at an average price of $13.11 per share, with a total value of $251,712.00. Following the purchase, the director now directly owns 19,200 shares in the company, valued at approximately $251,712. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors have recently modified their holdings of the stock. Valeo Financial Advisors LLC purchased a new position in shares of Sweetgreen in the 4th quarter valued at about $214,000. Rhumbline Advisers boosted its holdings in Sweetgreen by 2.6% in the 4th quarter. Rhumbline Advisers now owns 138,002 shares of the company’s stock worth $4,424,000 after buying an additional 3,562 shares during the last quarter. Csenge Advisory Group acquired a new stake in Sweetgreen in the 4th quarter worth about $426,000. Handelsbanken Fonder AB boosted its holdings in Sweetgreen by 41.2% in the 4th quarter. Handelsbanken Fonder AB now owns 24,000 shares of the company’s stock worth $769,000 after buying an additional 7,000 shares during the last quarter. Finally, Denver PWM LLC acquired a new stake in Sweetgreen in the 4th quarter worth about $60,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

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.