Sweetgreen (NYSE:SG) Stock Price Up 8% – Here’s Why

Shares of Sweetgreen, Inc. (NYSE:SG) were up 8% on Thursday . The company traded as high as $24.34 and last traded at $24.85. Approximately 462,857 shares traded hands during trading, a decline of 87% from the average daily volume of 3,557,306 shares. The stock had previously closed at $23.01.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SG shares. 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 report on Thursday, February 27th. Morgan Stanley cut their target price on shares of Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 21st. TD Cowen reaffirmed a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a report on Monday, November 18th. TD Securities cut their target price on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Piper Sandler cut their target price on shares of Sweetgreen from $39.00 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.27.

Sweetgreen Trading Up 1.8 %

The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -30.71 and a beta of 2.44. The firm’s 50 day simple moving average is $29.12 and its 200-day simple moving average is $33.72.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 51,128 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $38.60, for a total transaction of $1,973,540.80. Following the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $74,506,800.80. The trade was a 2.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mitch Reback sold 72,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $37.77, for a total transaction of $2,719,440.00. Following the sale, the chief financial officer now owns 43,901 shares in the company, valued at $1,658,140.77. The trade was a 62.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 365,971 shares of company stock valued at $13,747,290. 21.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

Institutional investors have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC boosted its position in shares of 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 purchasing an additional 1,000 shares in the last quarter. Hollencrest Capital Management purchased a new stake in shares of Sweetgreen during the 3rd quarter worth $35,000. Headlands Technologies LLC boosted its position in shares of Sweetgreen by 156.0% in the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock worth $39,000 after buying an additional 741 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Sweetgreen by 45.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after buying an additional 494 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Sweetgreen in the 4th quarter worth about $53,000. 95.75% of the stock is currently 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.