Sweetgreen (NYSE:SG) Trading 4% Higher – Here’s Why

Sweetgreen, Inc. (NYSE:SG)’s stock price rose 4% during mid-day trading on Monday . The company traded as high as $36.96 and last traded at $36.69. Approximately 1,627,499 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 2,831,434 shares. The stock had previously closed at $35.27.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Morgan Stanley increased their price target on Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Oppenheimer boosted their target price on shares of Sweetgreen from $36.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. UBS Group upped their price target on shares of Sweetgreen from $31.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Citigroup lifted their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Finally, TD Cowen reiterated a “buy” rating and issued a $43.00 target price on shares of Sweetgreen in a research note on Friday, September 27th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.20.

Sweetgreen Price Performance

The business’s 50-day moving average is $34.54 and its 200 day moving average is $29.96. The firm has a market capitalization of $4.18 billion, a P/E ratio of -39.96 and a beta of 2.33.

Sweetgreen (NYSE:SG) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $184.60 million for the quarter, compared to the consensus estimate of $180.79 million. Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.20) EPS. Analysts anticipate that Sweetgreen, Inc. will post -0.75 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other news, insider Nicolas Jammet sold 21,275 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $35.10, for a total transaction of $746,752.50. Following the completion of the transaction, the insider now directly owns 1,930,233 shares in the company, valued at approximately $67,751,178.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Nicolas Jammet sold 21,275 shares of Sweetgreen stock in a transaction on Friday, September 13th. The shares were sold at an average price of $35.10, for a total transaction of $746,752.50. Following the transaction, the insider now owns 1,930,233 shares in the company, valued at approximately $67,751,178.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jonathan Neman sold 17,020 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $35.08, for a total value of $597,061.60. Following the completion of the sale, the chief executive officer now owns 1,930,228 shares in the company, valued at $67,712,398.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 426,061 shares of company stock valued at $15,071,720. Corporate insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SG. Oliver Luxxe Assets LLC bought a new position in Sweetgreen during the third quarter worth $1,973,000. Sei Investments Co. acquired a new position in shares of Sweetgreen during the first quarter valued at about $1,110,000. Vanguard Group Inc. boosted its position in shares of Sweetgreen by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 8,350,552 shares of the company’s stock worth $94,361,000 after purchasing an additional 224,522 shares in the last quarter. Davidson Kempner Capital Management LP increased its position in Sweetgreen by 40.1% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 575,000 shares of the company’s stock valued at $17,330,000 after buying an additional 164,600 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in Sweetgreen by 62.1% in the 2nd quarter. Cetera Investment Advisers now owns 55,354 shares of the company’s stock valued at $1,668,000 after buying an additional 21,203 shares in the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

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.