Sweetgreen (NYSE:SG) Shares Climb 3.7% – Here’s Why

Sweetgreen, Inc. (NYSE:SG) shares traded up 3.7% on Thursday. The stock traded as high as $9.24 and last traded at $9.4960. 287,839 shares changed hands during trading, a decline of 94% from the average session volume of 5,097,469 shares. The stock had previously closed at $9.16.

Analyst Ratings Changes

A number of equities research analysts recently commented on SG shares. Wall Street Zen upgraded Sweetgreen from a “strong sell” rating to a “sell” rating in a research report on Sunday, August 16th. Royal Bank Of Canada lifted their price objective on Sweetgreen from $6.50 to $11.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 29th. Wells Fargo & Company upgraded Sweetgreen from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $6.00 to $11.00 in a research report on Monday, September 28th. Citigroup dropped their price objective on shares of Sweetgreen from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Finally, KeyCorp raised Sweetgreen from a “sector weight” rating to an “overweight” rating and set a $9.00 target price on the stock in a research report on Tuesday, September 8th. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.72.

Sweetgreen Stock Up 0.4%

The stock has a market capitalization of $1.14 billion, a P/E ratio of 96.12 and a beta of 2.16. The stock’s 50 day moving average price is $7.14 and its 200-day moving average price is $7.29.

Sweetgreen (NYSE:SG) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.09). The business 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 business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned ($0.20) EPS. Analysts anticipate that Sweetgreen, Inc. will post -1.03 earnings per share for the current year.

Insider Buying and Selling at Sweetgreen

In other news, COO Jason Miles Cochran sold 4,809 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.21, for a total value of $29,863.89. Following the completion of the transaction, the chief operating officer directly owned 207,076 shares of the company’s stock, valued at approximately $1,285,941.96. The trade was a 2.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jamie McConnell sold 15,033 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $93,354.93. Following the sale, the chief financial officer directly owned 210,489 shares in the company, valued at approximately $1,307,136.69. The trade was a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 18.19% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP purchased a new stake in shares of Sweetgreen during the 2nd quarter valued at $4,557,000. Bank of New York Mellon Corp purchased a new position in Sweetgreen during the 2nd quarter worth $2,792,000. Granahan Investment Management LLC acquired a new position in Sweetgreen during the 1st quarter valued at about $1,472,000. Quantinno Capital Management LP raised its stake in Sweetgreen by 495.3% in the first 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. Finally, MYDA Advisors LLC acquired a new stake in Sweetgreen in the fourth quarter worth about $676,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

Sweetgreen Company Profile

Sweetgreen, Inc operates a fast-casual restaurant chain focused on fresh, made-to-order meals. Its menu includes salads, warm grain bowls, protein plates, sides and beverages, with an emphasis on seasonal ingredients, customizable meals and health-conscious dining.

The company serves customers through company-operated restaurants in the United States, as well as digital channels that support online ordering, delivery, pickup and its loyalty program. Sweetgreen also uses technology in restaurant operations, including automated kitchen systems at select locations, to help improve consistency and service efficiency.

Sweetgreen was founded in 2007 by Nicolas Jammet, Jonathan Neman and Nathaniel Ru while they were students at Georgetown University.