Sweetgreen (NYSE:SG) Sees Unusually-High Trading Volume – What’s Next?

Sweetgreen, Inc. (NYSE:SG) saw unusually-strong trading volume on Thursday . Approximately 3,646,900 shares were traded during trading, an increase of 13% from the previous session’s volume of 3,233,813 shares.The stock last traded at $24.99 and had previously closed at $23.14.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SG shares. TD Securities cut their price target on Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday. Morgan Stanley dropped their target price on shares of Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. KeyCorp began coverage on shares of Sweetgreen in a research report on Wednesday, December 11th. They issued a “sector weight” rating for the company. Citigroup dropped their price objective on Sweetgreen from $43.00 to $39.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Piper Sandler reduced their target price on Sweetgreen from $39.00 to $27.00 and set a “neutral” rating for the company in a report on Thursday. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.27.

Sweetgreen Stock Up 0.4 %

The company has a fifty day moving average of $30.47 and a two-hundred day moving average of $34.25. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -29.78 and a beta of 2.37.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, insider Nicolas Jammet sold 41,999 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $38.68, for a total value of $1,624,521.32. Following the completion of the transaction, the insider now directly owns 1,930,233 shares of the company’s stock, valued at approximately $74,661,412.44. This trade represents a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mitch Reback sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $33.13, for a total value of $265,040.00. Following the sale, the chief financial officer now directly owns 350,981 shares in the company, valued at $11,628,000.53. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 516,817 shares of company stock valued at $19,677,637. 21.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sweetgreen

Several hedge funds have recently bought and sold shares of the company. Creative Planning grew its stake in Sweetgreen by 61.7% in the 3rd quarter. Creative Planning now owns 11,439 shares of the company’s stock valued at $406,000 after acquiring an additional 4,364 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted 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 valued at $990,000 after purchasing an additional 537 shares in the last quarter. Stephens Investment Management Group LLC grew its position in shares of Sweetgreen by 139.9% in the third quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock valued at $33,299,000 after purchasing an additional 547,816 shares during the last quarter. Optas LLC increased its stake in shares of Sweetgreen by 9.1% during the 3rd quarter. Optas LLC now owns 16,778 shares of the company’s stock worth $595,000 after purchasing an additional 1,395 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Sweetgreen by 670.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 143,441 shares of the company’s stock worth $5,085,000 after purchasing an additional 124,813 shares in the last quarter. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.