Sweetgreen (NYSE:SG) Shares Down 5.1% Following Insider Selling

Sweetgreen, Inc. (NYSE:SG)’s share price traded down 5.1% during trading on Thursday following insider selling activity. The company traded as low as $19.12 and last traded at $18.79. 203,369 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 3,254,772 shares. The stock had previously closed at $19.79.

Specifically, CFO Mitch Reback sold 4,000 shares of the firm’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $21.07, for a total transaction of $84,280.00. Following the completion of the transaction, the chief financial officer now owns 344,509 shares of the company’s stock, valued at $7,258,804.63. This trade represents a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SG shares. Piper Sandler cut their price target on Sweetgreen from $39.00 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Citigroup reduced their price target on Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Oppenheimer decreased their price target on Sweetgreen from $41.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Morgan Stanley set a $24.00 price objective on shares of Sweetgreen in a research note on Monday. Finally, UBS Group decreased their target price on shares of Sweetgreen from $45.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.91.

Sweetgreen Price Performance

The company’s fifty day simple moving average is $23.50 and its 200-day simple moving average is $31.47. The firm has a market capitalization of $2.17 billion, a PE ratio of -23.77 and a beta of 2.28.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC increased its stake in Sweetgreen by 3,571.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock worth $33,000 after buying an additional 1,000 shares in the last quarter. Headlands Technologies LLC boosted its stake in shares of Sweetgreen by 156.0% in the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock worth $39,000 after acquiring an additional 741 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Sweetgreen by 45.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after purchasing an additional 494 shares in the last quarter. Millstone Evans Group LLC acquired a new position in Sweetgreen in the 4th quarter valued at $53,000. Finally, Denver PWM LLC purchased a new position in Sweetgreen in the 4th quarter valued at $60,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.