Sweetgreen Drops More than 10% Intraday as Recent Rally Turns Sour
$Sweetgreen(SG.US$ sank some 10% intraday Tuesday as the restaurant chain continued to give back some of a recent rally that saw shares hit a nearly two-year high earlier this month.
SG fell as much as 10.7% to a $22.43 intraday low as the stock continued a mostly downward trend seen since shares peaked at $26.45 intraday – a nearly two-year high -- on April 1.
The stock topped out that day after Oppenheimer rated Sweetgreen as an "Outperform" and doubled the shares' price target to $34 from a previous $17.
However, SG has given back some 15% since then.
Sweetgreen operates some 220 quick-serve restaurants that specialize in salads, rice bowls and other nutritional-friendly dishes.
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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