Why Sweetgreen Dropped 17% This Week
The restaurant sector took a bit of a hit this week with shares of Sweetgreen (NYSE: SG) taking the brunt of the move on news that consumers are cutting back in a lot of areas. Cava Group, another high-growth chain, also fell this week but Sweetgreen's move hit double digits.
According to data provided by S&P Global Market Intelligence, shares of Sweetgreen had dropped 17.4% this week as of 1 p.m. ET on Friday and there may not be a recovery around the corner.
There wasn't any big news about Sweetgreen specifically, but this is a highly valued company that's still losing money, so if the macro environment is getting weaker that could impact how investors view the stock long-term. And this week wasn't good for that macro view.
Source Fool.com
