Sweetgreen (NYSE:SG) Stock Price Down 5.6% on Analyst Downgrade

Sweetgreen, Inc. (NYSE:SG) fell 5.6% during mid-day trading on Tuesday after Oppenheimer lowered their price target on the stock from $45.00 to $41.00. Oppenheimer currently has an outperform rating on the stock. Sweetgreen traded as low as $32.45 and last traded at $32.98. 703,069 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 1,884,639 shares. The stock had previously closed at $34.94.

Other equities research analysts have also issued reports about the stock. UBS Group boosted their target price on shares of Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. The Goldman Sachs Group reissued a “neutral” rating and issued a $40.00 target price on shares of Sweetgreen in a report on Friday, November 8th. KeyCorp began coverage on Sweetgreen in a research report on Wednesday, December 11th. They issued a “sector weight” rating on the stock. Finally, TD Cowen reaffirmed a “buy” rating and set a $45.00 price target on shares of Sweetgreen in a research report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $39.40.

Insider Buying and Selling

In other news, insider Nicolas Jammet sold 170,199 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $37.73, for a total value of $6,421,608.27. Following the completion of the sale, the insider now owns 1,760,034 shares in the company, valued at approximately $66,406,082.82. This trade represents a 8.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Adrienne Gemperle sold 5,372 shares of Sweetgreen stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $34.05, for a total transaction of $182,916.60. Following the transaction, the insider now directly owns 107,313 shares of the company’s stock, valued at approximately $3,654,007.65. This represents a 4.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 640,838 shares of company stock worth $24,800,733. 21.52% of the stock is owned by insiders.

Institutional Trading of Sweetgreen

Institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in Sweetgreen in the 3rd quarter worth about $35,000. Quest Partners LLC purchased a new position in Sweetgreen during the 2nd quarter worth $76,000. KBC Group NV raised its position in Sweetgreen by 29.1% during the 3rd quarter. KBC Group NV now owns 3,127 shares of the company’s stock valued at $111,000 after purchasing an additional 704 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of Sweetgreen in the 3rd quarter worth $155,000. Finally, Canton Hathaway LLC bought a new position in shares of Sweetgreen during the 3rd quarter worth $177,000. Institutional investors own 95.75% of the company’s stock.

Sweetgreen Stock Up 0.8 %

The firm has a 50 day moving average price of $36.95 and a 200 day moving average price of $33.60. The stock has a market cap of $3.72 billion, a PE ratio of -41.26 and a beta of 2.38.

About Sweetgreen

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.