Sweetgreen (NYSE:SG) Trading Up 4.4% – What’s Next?

Sweetgreen, Inc. (NYSE:SG) rose 4.4% on Wednesday . The stock traded as high as $6.87 and last traded at $6.95. Approximately 463,517 shares were traded 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 Upgrades and Downgrades

A number of brokerages recently issued reports on SG. Bank of America reissued a “neutral” rating and set a $9.50 price objective (down previously from $18.00) on shares of Sweetgreen in a report on Monday, October 6th. Piper Sandler decreased their price target on Sweetgreen from $12.00 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. William Blair reissued a “market perform” rating on shares of Sweetgreen in a report on Friday, November 7th. Sanford C. Bernstein set a $8.00 price objective on shares of Sweetgreen in a research note on Wednesday, October 22nd. Finally, Oppenheimer set a $10.00 target price on shares of Sweetgreen in a report on Friday, November 7th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $11.68.

Sweetgreen Stock Performance

The stock’s 50 day simple moving average is $6.66 and its 200 day simple moving average is $9.42. The firm has a market cap of $823.26 million, a PE ratio of -7.17 and a beta of 1.93.

Sweetgreen (NYSE:SG) last posted its quarterly earnings data 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). The company had revenue of $172.39 million for the quarter, compared to the consensus estimate of $179.29 million. Sweetgreen had a negative return on equity of 25.67% and a negative net margin of 16.55%.The business’s revenue was down .6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.18) earnings per share. As a group, analysts anticipate that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Insider Transactions at Sweetgreen

In other news, insider Nicolas Jammet bought 18,115 shares of the business’s stock in a transaction on Wednesday, November 12th. The stock was acquired at an average price of $5.51 per share, with a total value of $99,813.65. Following the completion of the purchase, the insider directly owned 18,115 shares in the company, valued at $99,813.65. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jonathan Neman purchased 179,800 shares of Sweetgreen stock in a transaction 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 transaction, the chief executive officer directly owned 179,800 shares of the company’s stock, valued at approximately $999,688. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 19.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sweetgreen

A number of institutional investors have recently made changes to their positions in SG. WoodTrust Financial Corp bought a new position in shares of Sweetgreen during the second quarter valued at about $1,075,000. Greenhouse Funds LLLP bought a new stake in shares of Sweetgreen in the 2nd quarter valued at about $32,122,000. Spyglass Capital Management LLC lifted its stake in shares of Sweetgreen by 15.2% in the 2nd quarter. Spyglass Capital Management LLC now owns 3,899,813 shares of the company’s stock valued at $58,029,000 after acquiring an additional 513,643 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Sweetgreen during the 2nd quarter valued at about $962,000. Finally, Clear Harbor Asset Management LLC grew its position in Sweetgreen by 518.0% during the 2nd quarter. Clear Harbor Asset Management LLC now owns 61,800 shares of the company’s stock worth $920,000 after acquiring an additional 51,800 shares during the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

About Sweetgreen

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.