Sweetgreen (NYSE:SG) Shares Gap Down After Insider Selling

Sweetgreen, Inc. (NYSE:SG)’s stock price gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $42.20, but opened at $36.39. Sweetgreen shares last traded at $39.63, with a volume of 2,779,849 shares.

Specifically, insider Nicolas Jammet sold 16,751 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $40.04, for a total transaction of $670,710.04. Following the transaction, the insider now directly owns 1,930,233 shares of the company’s stock, valued at approximately $77,286,529.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jonathan Neman sold 20,937 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $40.03, for a total value of $838,108.11. Following the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $77,267,026.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

SG has been the subject of several recent analyst reports. Morgan Stanley raised their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Friday, August 9th. Oppenheimer lifted their price objective on Sweetgreen from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Friday. Citigroup increased their target price on Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. The Goldman Sachs Group reissued a “neutral” rating and issued a $40.00 price target on shares of Sweetgreen in a report on Friday. Finally, Bank of America upped their price objective on Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $39.80.

Sweetgreen Trading Down 5.9 %

The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of -49.00 and a beta of 2.32. The business has a 50 day simple moving average of $35.43 and a 200-day simple moving average of $31.21.

Sweetgreen (NYSE:SG) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The firm had revenue of $184.60 million for the quarter, compared to analyst estimates of $180.79 million. During the same quarter in the previous year, the company earned ($0.20) earnings per share. The company’s quarterly revenue was up 21.0% on a year-over-year basis. Research analysts predict that Sweetgreen, Inc. will post -0.75 EPS for the current year.

Institutional Investors Weigh In On Sweetgreen

Several large investors have recently made changes to their positions in the business. Moors & Cabot Inc. acquired a new stake in shares of Sweetgreen in the third quarter valued at about $505,000. Segall Bryant & Hamill LLC acquired a new stake in Sweetgreen in the third quarter valued at approximately $6,191,000. GLOBALT Investments LLC GA acquired a new stake in Sweetgreen in the third quarter valued at approximately $591,000. Quest Partners LLC lifted its position in shares of Sweetgreen by 68.4% during the third quarter. Quest Partners LLC now owns 4,256 shares of the company’s stock worth $151,000 after purchasing an additional 1,728 shares in the last quarter. Finally, Natixis Advisors LLC boosted its stake in shares of Sweetgreen by 91.9% in the third quarter. Natixis Advisors LLC now owns 30,380 shares of the company’s stock valued at $1,077,000 after purchasing an additional 14,545 shares during the period. Institutional investors and hedge funds own 95.75% of the company’s stock.

Sweetgreen Company Profile

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.