Sweetgreen (NYSE:SG) Shares Gap Up After Insider Buying Activity

Sweetgreen, Inc. (NYSE:SG) shares gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $5.37, but opened at $5.81. Sweetgreen shares last traded at $5.8250, with a volume of 951,685 shares.

Specifically, CEO Jonathan Neman purchased 179,800 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were bought at an average cost of $5.56 per share, for a total transaction of $999,688.00. Following the transaction, the chief executive officer owned 179,800 shares of the company’s stock, valued at $999,688. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, insider Nicolas Jammet acquired 18,115 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were bought at an average price of $5.51 per share, for a total transaction of $99,813.65. Following the purchase, the insider directly owned 18,115 shares of the company’s stock, valued at approximately $99,813.65. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SG shares. Zacks Research upgraded Sweetgreen from a “strong sell” rating to a “hold” rating in a research report on Wednesday. The Goldman Sachs Group lowered Sweetgreen from a “buy” rating to a “sell” rating and set a $5.00 price objective for the company. in a report on Friday, November 7th. Citigroup reaffirmed a “buy” rating on shares of Sweetgreen in a research note on Wednesday. Wells Fargo & Company dropped their price target on shares of Sweetgreen from $13.00 to $10.00 and set an “overweight” rating on the stock in a research report on Friday, November 7th. Finally, Morgan Stanley set a $10.00 price target on shares of Sweetgreen in a report on Tuesday, October 21st. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Sweetgreen presently has an average rating of “Hold” and a consensus target price of $11.82.

Sweetgreen Trading Up 3.2%

The stock has a market cap of $725.84 million, a P/E ratio of -6.32 and a beta of 1.94. The business’s fifty day simple moving average is $7.52 and its 200 day simple moving average is $11.18.

Sweetgreen (NYSE:SG) last announced its earnings results on Friday, November 7th. The company reported ($0.31) earnings per share (EPS) 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 company had revenue of $172.39 million for the quarter, compared to analyst estimates of $179.29 million. During the same quarter in the previous year, the company posted ($0.18) earnings per share. Sweetgreen’s revenue for the quarter was down .6% on a year-over-year basis. On average, analysts predict that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sweetgreen

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Teacher Retirement System of Texas boosted its holdings in Sweetgreen by 5.8% in the second 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 lifted 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 valued at $32,000 after purchasing an additional 1,055 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its stake in shares of Sweetgreen by 5.5% in 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 purchasing an additional 1,209 shares during the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych grew its position in shares of Sweetgreen by 70.8% during the 1st quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 4,100 shares of the company’s stock worth $103,000 after buying an additional 1,700 shares during the period. Finally, Northwest & Ethical Investments L.P. raised its stake in shares of Sweetgreen by 4.9% during the second quarter. Northwest & Ethical Investments L.P. now owns 39,912 shares of the company’s stock worth $594,000 after buying an additional 1,870 shares during the last quarter. Institutional investors own 95.75% of the company’s stock.

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.