Sweetgreen (NYSE:SG) Shares Gap Up on Insider Buying Activity

Sweetgreen, Inc. (NYSE:SG)’s stock price gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $5.61, but opened at $6.05. Sweetgreen shares last traded at $6.1080, with a volume of 651,259 shares traded.

Specifically, major shareholder Goldman Sachs Group Inc bought 594,553 shares of the business’s stock in a transaction that occurred on Tuesday, April 7th. The shares were acquired at an average cost of $5.69 per share, with a total value of $3,383,006.57. Following the transaction, the insider owned 11,900,255 shares of the company’s stock, valued at $67,712,450.95. This represents a 5.26% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.

Analyst Ratings Changes

Several analysts recently issued reports on SG shares. DA Davidson started coverage on Sweetgreen in a report on Friday, March 6th. They issued a “neutral” rating and a $5.50 price target for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sweetgreen in a report on Friday, March 27th. JPMorgan Chase & Co. increased their price target on Sweetgreen from $6.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, January 20th. UBS Group lowered their price target on Sweetgreen from $7.50 to $6.50 and set a “neutral” rating for the company in a report on Monday, February 23rd. Finally, Oppenheimer lowered their price target on Sweetgreen from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $7.84.

Sweetgreen Stock Performance

The firm has a fifty day moving average of $5.55 and a 200-day moving average of $6.52. The stock has a market capitalization of $727.27 million, a price-to-earnings ratio of -5.39 and a beta of 1.90.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, February 26th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.11). The business had revenue of $155.19 million for the quarter, compared to analyst estimates of $159.59 million. Sweetgreen had a negative net margin of 19.73% and a negative return on equity of 32.26%. The firm’s revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.25) earnings per share. On average, analysts predict that Sweetgreen, Inc. will post -0.74 EPS for the current year.

Institutional Trading of Sweetgreen

Several large investors have recently modified their holdings of the business. Larson Financial Group LLC grew its stake in shares of Sweetgreen by 165.8% during the third quarter. Larson Financial Group LLC now owns 3,766 shares of the company’s stock valued at $30,000 after acquiring an additional 2,349 shares in the last quarter. Certuity LLC grew its stake in shares of Sweetgreen by 0.8% during the fourth quarter. Certuity LLC now owns 302,500 shares of the company’s stock valued at $2,045,000 after acquiring an additional 2,500 shares in the last quarter. Kingswood Wealth Advisors LLC grew its stake in shares of Sweetgreen by 18.7% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 17,202 shares of the company’s stock valued at $116,000 after acquiring an additional 2,715 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Sweetgreen by 26.3% during the second quarter. Tower Research Capital LLC TRC now owns 14,362 shares of the company’s stock valued at $214,000 after acquiring an additional 2,987 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of Sweetgreen by 124.1% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 6,292 shares of the company’s stock valued at $50,000 after acquiring an additional 3,484 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.

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.