Sweetgreen (NYSE:SG) Trading Down 5.8% – Time to Sell?

Sweetgreen, Inc. (NYSE:SG) was down 5.8% during mid-day trading on Monday . The company traded as low as $8.28 and last traded at $8.2650. Approximately 1,183,989 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 4,772,480 shares. The stock had previously closed at $8.77.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. TD Cowen upped their target price on Sweetgreen from $7.00 to $8.00 and gave the company a “hold” rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. raised Sweetgreen from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $8.00 to $13.00 in a report on Friday, May 22nd. Piper Sandler reduced their price objective on Sweetgreen from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Friday, March 27th. DA Davidson upped their price objective on Sweetgreen from $5.50 to $7.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Finally, Oppenheimer increased their target price on Sweetgreen from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 20th. Four investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Sweetgreen has an average rating of “Hold” and a consensus price target of $7.57.

Sweetgreen Trading Down 2.3%

The company has a market capitalization of $898.47 million, a P/E ratio of 62.78 and a beta of 2.17. The business’s 50-day simple moving average is $8.30 and its 200 day simple moving average is $6.94.

Sweetgreen (NYSE:SG) last issued its quarterly earnings results on Friday, May 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The firm had revenue of $161.52 million for the quarter, compared to the consensus estimate of $163.94 million. Sweetgreen had a net margin of 2.49% and a negative return on equity of 33.07%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.21) earnings per share. As a group, sell-side analysts predict that Sweetgreen, Inc. will post -0.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Sweetgreen

Institutional investors have recently bought and sold shares of the stock. Greenhouse Funds LLLP boosted its position in shares of Sweetgreen by 82.8% in the third quarter. Greenhouse Funds LLLP now owns 3,946,884 shares of the company’s stock worth $31,496,000 after buying an additional 1,788,175 shares during the period. Divisadero Street Capital Management LP acquired a new position in Sweetgreen during the third quarter valued at $2,037,000. Ibex Investors LLC lifted its stake in Sweetgreen by 5,058.7% in the 4th quarter. Ibex Investors LLC now owns 825,400 shares of the company’s stock worth $5,580,000 after acquiring an additional 809,400 shares in the last quarter. Capelight Capital Asset Management LP purchased a new stake in Sweetgreen in the 4th quarter worth about $676,000. Finally, Spyglass Capital Management LLC boosted its position in Sweetgreen by 4.0% during the 3rd quarter. Spyglass Capital Management LLC now owns 4,056,570 shares of the company’s stock worth $32,371,000 after acquiring an additional 156,757 shares during the period. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Company Profile

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.