Sweetgreen (NYSE:SG) Reaches New 1-Year High – Here’s What Happened

Sweetgreen, Inc. (NYSE:SG)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $43.53 and last traded at $43.03, with a volume of 1738882 shares. The stock had previously closed at $41.25.

Wall Street Analyst Weigh In

SG has been the subject of a number of research analyst reports. Oppenheimer increased their target price on shares of Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Morgan Stanley increased their price objective on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. The Goldman Sachs Group restated a “neutral” rating and set a $40.00 target price on shares of Sweetgreen in a report on Friday, November 8th. Bank of America increased their price target on Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a report on Monday, August 19th. Finally, UBS Group boosted their price objective on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Sweetgreen presently has an average rating of “Moderate Buy” and an average price target of $39.80.

Sweetgreen Stock Performance

The business’s fifty day simple moving average is $36.93 and its 200 day simple moving average is $32.44. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of -55.64 and a beta of 2.32.

Insider Buying and Selling

In other Sweetgreen news, insider Nicolas Jammet sold 169,767 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.77, for a total transaction of $6,072,565.59. Following the completion of the transaction, the insider now directly owns 1,930,233 shares of the company’s stock, valued at $69,044,434.41. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bradley E. Singer sold 42,730 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $38.09, for a total transaction of $1,627,585.70. Following the completion of the sale, the director now owns 139,052 shares in the company, valued at approximately $5,296,490.68. This trade represents a 23.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 503,671 shares of company stock worth $18,138,774. 21.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sweetgreen

A number of hedge funds have recently bought and sold shares of SG. Driehaus Capital Management LLC increased its stake in Sweetgreen by 231.8% during the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after purchasing an additional 1,878,216 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Sweetgreen during the 2nd quarter valued at about $33,449,000. Renaissance Technologies LLC acquired a new stake in Sweetgreen during the second quarter worth about $29,109,000. Baillie Gifford & Co. grew its holdings in shares of Sweetgreen by 6.2% during the second quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock valued at $371,516,000 after purchasing an additional 721,740 shares during the last quarter. Finally, Stephens Investment Management Group LLC raised its position in shares of Sweetgreen by 139.9% during the 3rd quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock worth $33,299,000 after purchasing an additional 547,816 shares during the period. 95.75% of the stock is currently owned by institutional investors and hedge funds.

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.