Sweetgreen (NYSE:SG) Stock Price Up 4% – Here’s What Happened

Sweetgreen, Inc. (NYSE:SG)’s share 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 changed 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 Analysts Forecast Growth

SG has been the subject of a number of research reports. TD Cowen reaffirmed a “buy” rating and issued a $43.00 price objective on shares of Sweetgreen in a research note on Friday, September 27th. Oppenheimer upped their price objective on shares of Sweetgreen from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Citigroup upped their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $39.00 price objective (up previously from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Finally, Bank of America upped their price objective on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Sweetgreen presently has an average rating of “Moderate Buy” and a consensus target price of $38.20.

Sweetgreen Price Performance

The company’s fifty day simple moving average is $34.43 and its 200 day simple moving average is $29.79.

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

Insiders Place Their Bets

In other news, CEO Jonathan Neman sold 169,772 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.77, for a total value of $6,072,744.44. Following the sale, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $69,044,255.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Nathaniel Ru sold 9,250 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $28.74, for a total value of $265,845.00. Following the sale, the insider now directly owns 1,952,129 shares of the company’s stock, valued at $56,104,187.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jonathan Neman sold 169,772 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.77, for a total transaction of $6,072,744.44. Following the completion of the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at $69,044,255.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 426,061 shares of company stock worth $15,071,720. 21.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Sweetgreen

A number of hedge funds and other institutional investors have recently modified their holdings of SG. Oliver Luxxe Assets LLC purchased a new stake in Sweetgreen during the 3rd quarter valued at about $1,973,000. Sei Investments Co. purchased a new stake in Sweetgreen during the 1st quarter valued at about $1,110,000. Vanguard Group Inc. grew its position in Sweetgreen by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 8,350,552 shares of the company’s stock valued at $94,361,000 after purchasing an additional 224,522 shares during the last quarter. Davidson Kempner Capital Management LP grew its position in Sweetgreen by 40.1% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 575,000 shares of the company’s stock valued at $17,330,000 after purchasing an additional 164,600 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in Sweetgreen by 62.1% during the 2nd quarter. Cetera Investment Advisers now owns 55,354 shares of the company’s stock valued at $1,668,000 after purchasing an additional 21,203 shares during the last quarter. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.