Sweetgreen (NYSE:SG) Stock Price Up 8% – Here’s Why

Sweetgreen, Inc. (NYSE:SG) shares were up 8% during trading on Thursday . The stock traded as high as $24.34 and last traded at $24.85. Approximately 462,857 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 3,557,306 shares. The stock had previously closed at $23.01.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SG shares. Oppenheimer dropped their price target on Sweetgreen from $41.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group lowered their target price on Sweetgreen from $37.00 to $32.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. KeyCorp started coverage on shares of Sweetgreen in a research report on Wednesday, December 11th. They set a “sector weight” rating on the stock. TD Securities lowered their price objective on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, Citigroup reduced their target price on shares of Sweetgreen from $43.00 to $39.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

Sweetgreen Stock Up 2.1 %

The company’s fifty day moving average is $29.32 and its two-hundred day moving average is $33.79. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of -30.13 and a beta of 2.37.

Insider Activity

In related news, CFO Mitch Reback sold 10,926 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total value of $288,774.18. Following the completion of the sale, the chief financial officer now owns 344,055 shares in the company, valued at approximately $9,093,373.65. This represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Nicolas Jammet sold 170,199 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $37.73, for a total value of $6,421,608.27. Following the transaction, 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 disclosure for this sale can be found here. Insiders have sold a total of 365,971 shares of company stock valued at $13,747,290 in the last 90 days. 21.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

Large investors have recently bought and sold shares of the company. Summit Investment Advisors Inc. boosted its position in shares of Sweetgreen by 4.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,479 shares of the company’s stock worth $336,000 after purchasing an additional 473 shares in the last quarter. Cypress Wealth Services LLC lifted its holdings in Sweetgreen by 6.1% during the fourth quarter. Cypress Wealth Services LLC now owns 8,423 shares of the company’s stock worth $270,000 after acquiring an additional 483 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Sweetgreen by 45.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock valued at $50,000 after acquiring an additional 494 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Sweetgreen by 2.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 27,913 shares of the company’s stock worth $990,000 after acquiring an additional 537 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its position in shares of Sweetgreen by 1.2% during the fourth quarter. Hillsdale Investment Management Inc. now owns 50,164 shares of the company’s stock worth $1,608,000 after purchasing an additional 600 shares during the period. Institutional investors own 95.75% of the company’s stock.

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.