Insider Selling: Sweetgreen (NYSE:SG) CFO Sells $93,354.93 in Stock

Sweetgreen, Inc. (NYSE:SG) CFO Jamie Mcconnell sold 15,033 shares of Sweetgreen stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $93,354.93. Following the completion of the transaction, the chief financial officer directly owned 210,489 shares of the company’s stock, valued at $1,307,136.69. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sweetgreen Stock Performance

NYSE:SG opened at $6.58 on Friday. The company has a market cap of $783.28 million, a price-to-earnings ratio of 65.81 and a beta of 2.19. Sweetgreen, Inc. has a fifty-two week low of $4.49 and a fifty-two week high of $10.63. The stock has a fifty day moving average price of $7.26 and a 200-day moving average price of $6.80.

Sweetgreen (NYSE:SG) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.09). The company had revenue of $192.66 million during the quarter, compared to the consensus estimate of $194.50 million. Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.20) EPS. Research analysts predict that Sweetgreen, Inc. will post -0.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on SG. TD Cowen decreased their target price on shares of Sweetgreen from $8.00 to $5.00 and set a “hold” rating on the stock in a report on Friday, August 7th. BNP Paribas Exane upped their price target on shares of Sweetgreen from $4.50 to $5.00 and gave the stock an “underperform” rating in a report on Friday, May 8th. Oppenheimer reduced their price target on shares of Sweetgreen from $10.00 to $8.50 and set an “outperform” rating on the stock in a research report on Friday, August 7th. UBS Group raised shares of Sweetgreen from a “neutral” rating to a “buy” rating in a research note on Friday, August 7th. Finally, Weiss Ratings downgraded shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sweetgreen has an average rating of “Hold” and a consensus price target of $7.10.

Hedge Funds Weigh In On Sweetgreen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quantinno Capital Management LP grew its position in shares of Sweetgreen by 495.3% in the 1st quarter. Quantinno Capital Management LP now owns 193,757 shares of the company’s stock valued at $1,006,000 after buying an additional 161,209 shares during the last quarter. Ibex Investors LLC increased its stake in shares of Sweetgreen by 5,058.7% in the fourth quarter. Ibex Investors LLC now owns 825,400 shares of the company’s stock valued at $5,580,000 after buying an additional 809,400 shares during the period. Granahan Investment Management LLC bought a new position in shares of Sweetgreen during the first quarter worth about $1,472,000. MYDA Advisors LLC bought a new position in shares of Sweetgreen during the fourth quarter worth about $676,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of Sweetgreen by 35.6% in the fourth quarter. BNP Paribas Financial Markets now owns 2,295,867 shares of the company’s stock worth $15,520,000 after acquiring an additional 603,029 shares during the period. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Sweetgreen Company Profile

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.