Sweetgreen, Inc. (NYSE:SG – Get Free Report)’s stock price gapped down prior to trading on Friday after TD Cowen lowered their price target on the stock from $16.00 to $14.00. The stock had previously closed at $15.45, but opened at $14.37. TD Cowen currently has a market perform rating on the stock. Sweetgreen shares last traded at $13.61, with a volume of 3,043,883 shares trading hands.
SG has been the topic of several other research reports. Bank of America raised Sweetgreen from a “neutral” rating to a “buy” rating and raised their price objective for the company from $9.00 to $17.00 in a report on Thursday, July 6th. Piper Sandler began coverage on shares of Sweetgreen in a report on Tuesday, June 13th. They set a “neutral” rating and a $11.00 target price on the stock. Finally, Citigroup decreased their price objective on Sweetgreen from $10.00 to $9.00 in a report on Monday, April 24th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Sweetgreen presently has an average rating of “Hold” and an average price target of $12.13.
Insiders Place Their Bets
In other news, insider Adrienne Gemperle sold 6,112 shares of Sweetgreen stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $9.60, for a total value of $58,675.20. Following the completion of the sale, the insider now owns 139,911 shares in the company, valued at approximately $1,343,145.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Daniel Shlossman sold 3,864 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $9.46, for a total value of $36,553.44. Following the completion of the sale, the senior vice president now directly owns 236,547 shares of the company’s stock, valued at $2,237,734.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Adrienne Gemperle sold 6,112 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $9.60, for a total transaction of $58,675.20. Following the completion of the sale, the insider now owns 139,911 shares of the company’s stock, valued at approximately $1,343,145.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,293 shares of company stock worth $692,707. Company insiders own 22.03% of the company’s stock.
Institutional Investors Weigh In On Sweetgreen
A number of institutional investors have recently added to or reduced their stakes in SG. Baillie Gifford & Co. boosted its holdings in shares of Sweetgreen by 73.5% in the 2nd quarter. Baillie Gifford & Co. now owns 9,102,180 shares of the company’s stock worth $116,690,000 after buying an additional 3,857,115 shares during the last quarter. Forum Financial Management LP purchased a new stake in shares of Sweetgreen during the 2nd quarter worth approximately $128,000. Raymond James & Associates bought a new stake in shares of Sweetgreen in the 2nd quarter worth approximately $300,000. Summit Trail Advisors LLC bought a new position in Sweetgreen during the second quarter valued at $143,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Sweetgreen by 1.4% in the first quarter. JPMorgan Chase & Co. now owns 118,287 shares of the company’s stock valued at $928,000 after buying an additional 1,655 shares during the period. 72.54% of the stock is owned by institutional investors.
Sweetgreen Trading Down 11.0 %
The business has a 50-day moving average price of $12.12 and a 200 day moving average price of $9.81. The stock has a market cap of $1.53 billion, a PE ratio of -8.90 and a beta of 1.93.
Sweetgreen (NYSE:SG – Get Free Report) last posted its earnings results on Thursday, May 4th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.07. The firm had revenue of $125.06 million during the quarter, compared to the consensus estimate of $125.57 million. Sweetgreen had a negative net margin of 34.58% and a negative return on equity of 28.08%. On average, equities analysts predict that Sweetgreen, Inc. will post -0.98 earnings per share for the current year.
About Sweetgreen
Sweetgreen, Inc, together with its subsidiaries, develops and operates fast-casual restaurants serving healthy foods prepared from seasonal and organic ingredients. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that can be redeemed in its restaurants.