Insider Selling: Sweetgreen, Inc. (NYSE:SG) CFO Sells 9,507 Shares of Stock

Sweetgreen, Inc. (NYSE:SG) CFO Mitch Reback sold 9,507 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $34.05, for a total value of $323,713.35. Following the completion of the sale, the chief financial officer now directly owns 360,177 shares of the company’s stock, valued at $12,264,026.85. This represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Sweetgreen Stock Up 12.0 %

SG traded up $4.06 during trading on Tuesday, hitting $37.89. The company’s stock had a trading volume of 3,069,451 shares, compared to its average volume of 2,880,745. The firm’s 50 day moving average price is $36.35 and its two-hundred day moving average price is $32.02. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of -46.64 and a beta of 2.32. Sweetgreen, Inc. has a 12 month low of $9.21 and a 12 month high of $42.77.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. TD Cowen restated a “buy” rating and set a $45.00 price target on shares of Sweetgreen in a research note on Monday. UBS Group boosted their price target on shares of Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a report on Friday, November 8th. Morgan Stanley increased their price objective on shares of Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Friday, August 9th. Bank of America upped their target price 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. Finally, Piper Sandler restated a “neutral” rating and set a $39.00 price target (up previously from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Sweetgreen has a consensus rating of “Moderate Buy” and an average price target of $39.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SG. Oliver Luxxe Assets LLC acquired a new position in shares of Sweetgreen during the third quarter worth approximately $1,973,000. Sei Investments Co. acquired a new position in Sweetgreen during the 1st quarter worth $1,110,000. Davidson Kempner Capital Management LP boosted 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 during the last quarter. Zweig DiMenna Associates LLC bought a new position in Sweetgreen in the third quarter valued at about $3,329,000. Finally, Stephens Investment Management Group LLC lifted its position in Sweetgreen by 139.9% during the 3rd 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 period. Institutional investors and hedge funds 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.