Sweetgreen (NYSE:SG) Trading 4.4% Higher – Here’s Why

by · The Cerbat Gem

Sweetgreen, Inc. (NYSE:SGGet Free Report)’s stock price was up 4.4% during trading on Wednesday . The company traded as high as $6.87 and last traded at $6.95. Approximately 463,517 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 5,173,366 shares. The stock had previously closed at $6.66.

Analyst Ratings Changes

A number of brokerages have recently commented on SG. Sanford C. Bernstein set a $8.00 target price on Sweetgreen in a report on Wednesday, October 22nd. Zacks Research raised shares of Sweetgreen from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Oppenheimer set a $10.00 price target on shares of Sweetgreen in a report on Friday, November 7th. The Goldman Sachs Group lowered Sweetgreen from a “buy” rating to a “sell” rating and set a $5.00 target price for the company. in a research report on Friday, November 7th. Finally, UBS Group reduced their price target on Sweetgreen from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, November 3rd. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.68.

View Our Latest Stock Analysis on SG

Sweetgreen Stock Performance

The company has a fifty day simple moving average of $6.68 and a two-hundred day simple moving average of $9.45. The firm has a market capitalization of $826.81 million, a PE ratio of -7.18 and a beta of 1.93.

Sweetgreen (NYSE:SGGet Free Report) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.13). Sweetgreen had a negative return on equity of 25.67% and a negative net margin of 16.55%.The business had revenue of $172.39 million during the quarter, compared to analysts’ expectations of $179.29 million. During the same period last year, the company earned ($0.18) earnings per share. The firm’s revenue was down .6% compared to the same quarter last year. On average, equities analysts anticipate that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sweetgreen news, insider Nicolas Jammet acquired 18,115 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was purchased at an average price of $5.51 per share, for a total transaction of $99,813.65. Following the acquisition, the insider owned 18,115 shares in the company, valued at approximately $99,813.65. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jonathan Neman bought 179,800 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were acquired at an average price of $5.56 per share, for a total transaction of $999,688.00. Following the completion of the purchase, the chief executive officer owned 179,800 shares in the company, valued at $999,688. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 19.78% of the company’s stock.

Institutional Investors Weigh In On Sweetgreen

A number of institutional investors and hedge funds have recently modified their holdings of the company. Teacher Retirement System of Texas boosted its holdings in shares of Sweetgreen by 5.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 15,981 shares of the company’s stock valued at $238,000 after acquiring an additional 877 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Sweetgreen by 98.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,129 shares of the company’s stock worth $32,000 after purchasing an additional 1,055 shares during the period. Police & Firemen s Retirement System of New Jersey raised its stake in shares of Sweetgreen by 5.5% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 23,212 shares of the company’s stock valued at $345,000 after buying an additional 1,209 shares during the last quarter. Northwest & Ethical Investments L.P. lifted its holdings in shares of Sweetgreen by 4.9% in the 2nd quarter. Northwest & Ethical Investments L.P. now owns 39,912 shares of the company’s stock valued at $594,000 after buying an additional 1,870 shares during the period. Finally, Glass Jacobson Investment Advisors llc acquired a new position in shares of Sweetgreen in the 2nd quarter valued at about $30,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

About Sweetgreen

(Get Free Report)

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.

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