Sweetgreen (NYSE:SG) Shares Gap Down – What’s Next?

Sweetgreen, Inc. (NYSE:SG)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $9.15, but opened at $8.86. Sweetgreen shares last traded at $8.8210, with a volume of 224,478 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SG. TD Cowen increased their price objective on Sweetgreen from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Wednesday, May 27th. Weiss Ratings raised Sweetgreen from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. JPMorgan Chase & Co. upgraded Sweetgreen from a “neutral” rating to an “overweight” rating and upped their target price for the company from $8.00 to $13.00 in a report on Friday, May 22nd. DA Davidson raised their price target on Sweetgreen from $5.50 to $7.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Finally, Citizens Jmp assumed coverage on shares of Sweetgreen in a report on Monday, March 30th. They issued a “mkt underperform” rating and a $4.50 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.04.

Sweetgreen Stock Up 5.3%

The stock’s fifty day simple moving average is $7.72 and its two-hundred day simple moving average is $6.78. The firm has a market cap of $1.07 billion, a PE ratio of 74.79 and a beta of 2.16.

Sweetgreen (NYSE:SG) last released its earnings results on Friday, May 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Sweetgreen had a net margin of 2.49% and a negative return on equity of 33.07%. The business had revenue of $161.52 million for the quarter, compared to analysts’ expectations of $163.94 million. During the same quarter in the previous year, the business posted ($0.21) earnings per share. Sweetgreen’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, equities research analysts anticipate that Sweetgreen, Inc. will post -0.76 earnings per share for the current fiscal year.

Insider Activity

In other Sweetgreen news, major shareholder Goldman Sachs Group Inc purchased 594,553 shares of the stock in a transaction dated Tuesday, April 7th. The shares were purchased at an average cost of $5.69 per share, with a total value of $3,383,006.57. Following the completion of the acquisition, the insider directly owned 11,900,255 shares in the company, valued at $67,712,450.95. This trade represents a 5.26% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 18.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sweetgreen

Several large investors have recently bought and sold shares of SG. Vanguard Group Inc. lifted its stake in Sweetgreen by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 9,593,744 shares of the company’s stock valued at $76,558,000 after acquiring an additional 129,572 shares during the period. Woodson Capital Management LP grew its stake in shares of Sweetgreen by 152.6% in the fourth quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock worth $40,560,000 after acquiring an additional 3,625,000 shares during the period. Spyglass Capital Management LLC raised its holdings in shares of Sweetgreen by 4.0% during the third quarter. Spyglass Capital Management LLC now owns 4,056,570 shares of the company’s stock valued at $32,371,000 after purchasing an additional 156,757 shares during the last quarter. Greenhouse Funds LLLP raised its holdings in shares of Sweetgreen by 82.8% during the third quarter. Greenhouse Funds LLLP now owns 3,946,884 shares of the company’s stock valued at $31,496,000 after purchasing an additional 1,788,175 shares during the last quarter. Finally, Marshall Wace LLP lifted its position in Sweetgreen by 1,428.8% during the third quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock valued at $31,313,000 after purchasing an additional 3,667,306 shares during the period. 95.75% of the stock is currently owned by institutional investors.

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.