Sweetgreen (NYSE:SG) Shares Down 2.1% – What’s Next?

Sweetgreen, Inc. (NYSE:SG) shares were down 2.1% during trading on Wednesday . The company traded as low as $42.19 and last traded at $42.34. Approximately 114,577 shares changed hands during trading, a decline of 96% from the average daily volume of 2,873,467 shares. The stock had previously closed at $43.27.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SG shares. Oppenheimer lifted their price objective on Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. UBS Group upped their price objective on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Citigroup lifted their target price on shares of Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Morgan Stanley lifted their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Friday, August 9th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $39.00 target price (up previously from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.80.

Sweetgreen Stock Performance

The business’s 50-day moving average is $37.13 and its 200-day moving average is $32.65.

Insider Activity at Sweetgreen

In other Sweetgreen news, Director Bradley E. Singer sold 42,730 shares of Sweetgreen stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $38.09, for a total value of $1,627,585.70. Following the completion of the transaction, the director now directly owns 139,052 shares of the company’s stock, valued at approximately $5,296,490.68. The trade was a 23.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jonathan Neman sold 7,400 shares of Sweetgreen stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $28.81, for a total transaction of $213,194.00. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $55,609,868.68. This trade represents a 0.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 164,132 shares of company stock valued at $5,993,464 in the last three months. Company insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SG. Vanguard Group Inc. grew its stake in shares of Sweetgreen by 0.8% in the first quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock worth $212,713,000 after acquiring an additional 70,395 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Sweetgreen by 47.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 55,041 shares of the company’s stock worth $1,391,000 after acquiring an additional 17,750 shares during the period. Bayesian Capital Management LP grew its stake in shares of Sweetgreen by 120.2% in the first quarter. Bayesian Capital Management LP now owns 27,665 shares of the company’s stock worth $699,000 after acquiring an additional 15,100 shares during the period. Teachers Retirement System of The State of Kentucky grew its stake in shares of Sweetgreen by 5.1% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 309,630 shares of the company’s stock worth $7,821,000 after acquiring an additional 14,948 shares during the period. Finally, Harbor Capital Advisors Inc. grew its position in Sweetgreen by 98.4% during the second quarter. Harbor Capital Advisors Inc. now owns 18,628 shares of the company’s stock valued at $561,000 after buying an additional 9,238 shares during the period. 95.75% of the stock is owned by hedge funds and other institutional investors.

Sweetgreen Company Profile

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.