Sweetgreen (NYSE:SG) Sees Strong Trading Volume – Here’s What Happened

Shares of Sweetgreen, Inc. (NYSE:SG) saw unusually-high trading volume on Thursday . Approximately 3,646,900 shares traded hands during mid-day 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

SG has been the subject of several research reports. TD Securities decreased their price target on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday. Royal Bank of Canada reiterated an “outperform” rating and issued a $45.00 price target on shares of Sweetgreen in a research note on Tuesday. KeyCorp assumed coverage on shares of Sweetgreen in a research note on Wednesday, December 11th. They issued a “sector weight” rating for the company. Oppenheimer cut their price objective on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Morgan Stanley cut their price objective 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. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sweetgreen currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

Sweetgreen Stock Performance

The business’s fifty day moving average price is $29.99 and its 200-day moving average price is $34.09. The stock has a market cap of $2.62 billion, a PE ratio of -29.07 and a beta of 2.37.

Insider Activity

In related news, insider Nicolas Jammet sold 33,598 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $40.14, for a total value of $1,348,623.72. Following the transaction, the insider now owns 1,930,233 shares of the company’s stock, valued at approximately $77,479,552.62. This trade represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jonathan Neman sold 41,805 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $38.61, for a total transaction of $1,614,091.05. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $74,526,103.08. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 516,817 shares of company stock valued at $19,677,637 in the last 90 days. 21.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors and hedge funds have recently made changes to their positions in SG. Hollencrest Capital Management bought a new stake in Sweetgreen during the 3rd quarter worth approximately $35,000. Steward Partners Investment Advisory LLC raised its stake in Sweetgreen by 3,571.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock worth $33,000 after acquiring an additional 1,000 shares during the period. Headlands Technologies LLC raised its stake in Sweetgreen by 156.0% during the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock worth $39,000 after acquiring an additional 741 shares during the period. Tower Research Capital LLC TRC raised its stake in Sweetgreen by 45.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after acquiring an additional 494 shares during the period. Finally, Millstone Evans Group LLC bought a new stake in Sweetgreen during the 4th quarter worth approximately $53,000. Hedge funds and other 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.