Sweetgreen (NYSE:SG) Shares Up 7.6% – What’s Next?

Sweetgreen, Inc. (NYSE:SG)’s stock price rose 7.6% during trading on Monday . The stock traded as high as $35.95 and last traded at $35.67. Approximately 1,760,081 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 1,860,416 shares. The stock had previously closed at $33.14.

Analyst Ratings Changes

SG has been the topic of several analyst reports. TD Cowen reiterated a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a research note on Monday, November 18th. Oppenheimer cut their price objective on shares of Sweetgreen from $45.00 to $41.00 and set an “outperform” rating on the stock in a research report on Tuesday. KeyCorp started coverage on shares of Sweetgreen in a research report on Wednesday, December 11th. They set a “sector weight” rating for the company. UBS Group lifted their price target on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $40.00 price objective on shares of Sweetgreen in a report on Friday, November 8th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.40.

Sweetgreen Price Performance

The firm has a market cap of $3.72 billion, a price-to-earnings ratio of -41.26 and a beta of 2.38. The business has a fifty day simple moving average of $36.95 and a 200 day simple moving average of $33.60.

Insiders Place Their Bets

In other news, insider Nicolas Jammet sold 16,751 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $40.04, for a total transaction of $670,710.04. Following the completion of the sale, the insider now owns 1,930,233 shares in the company, valued at $77,286,529.32. This trade represents a 0.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jonathan Neman sold 14,745 shares of Sweetgreen stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $45.00, for a total transaction of $663,525.00. Following the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $86,860,260. The trade was a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 640,838 shares of company stock valued at $24,800,733 in the last ninety days. 21.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Hollencrest Capital Management acquired a new position in Sweetgreen during the 3rd quarter worth about $35,000. Quest Partners LLC acquired a new stake in shares of Sweetgreen during the second quarter worth about $76,000. KBC Group NV boosted its stake in shares of Sweetgreen by 29.1% in the third quarter. KBC Group NV now owns 3,127 shares of the company’s stock valued at $111,000 after purchasing an additional 704 shares during the period. Daiwa Securities Group Inc. acquired a new position in shares of Sweetgreen in the third quarter valued at approximately $155,000. Finally, Canton Hathaway LLC purchased a new stake in Sweetgreen during the 3rd quarter worth approximately $177,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

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.