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

Sweetgreen, Inc. (NYSE:SG) gapped down before the market opened on Monday . The stock had previously closed at $5.79, but opened at $5.58. Sweetgreen shares last traded at $5.5480, with a volume of 238,142 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SG shares. Morgan Stanley cut their target price on shares of Sweetgreen from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sweetgreen in a research note on Monday, December 29th. Barclays upped their price objective on Sweetgreen from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 7th. The Goldman Sachs Group raised their target price on Sweetgreen from $5.00 to $5.60 and gave the stock a “sell” rating in a report on Wednesday, January 28th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $8.00 price target on shares of Sweetgreen in a report on Tuesday, December 9th. Three investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.76.

Sweetgreen Trading Up 8.0%

The business’s 50 day moving average is $6.59 and its two-hundred day moving average is $7.29. The company has a market cap of $691.87 million, a PE ratio of -6.03 and a beta of 1.92.

Institutional Trading of Sweetgreen

Institutional investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in Sweetgreen during the 4th quarter valued at approximately $674,000. Invesco Ltd. boosted its stake in Sweetgreen by 23.9% in the 4th quarter. Invesco Ltd. now owns 134,511 shares of the company’s stock worth $909,000 after purchasing an additional 25,921 shares during the period. VARCOV Co. purchased a new stake in Sweetgreen during the 4th quarter valued at approximately $141,000. Twinbeech Capital LP bought a new stake in shares of Sweetgreen during the fourth quarter valued at approximately $606,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Sweetgreen during the fourth quarter valued at approximately $711,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

About Sweetgreen

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.