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

Sweetgreen, Inc. (NYSE:SG) shares gapped up prior to trading on Friday after an insider bought additional shares in the company. 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 purchased 594,553 shares of the stock in a transaction on Tuesday, April 7th. The stock was bought at an average price of $5.69 per share, with a total value of $3,383,006.57. Following the transaction, the insider owned 11,900,255 shares in the company, valued at $67,712,450.95. The trade was a 5.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

A number of brokerages have commented on SG. Wells Fargo & Company cut Sweetgreen from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $10.00 to $7.00 in a research report on Wednesday, December 17th. Sanford C. Bernstein set a $7.00 price target on Sweetgreen in a research report on Wednesday, January 7th. Barclays lifted their price target on Sweetgreen from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 7th. Morgan Stanley lowered their price target on Sweetgreen from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 20th. Finally, Piper Sandler lowered their price target on Sweetgreen from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.84.

Sweetgreen Stock Performance

The stock has a 50 day simple moving average of $5.55 and a two-hundred day simple moving average of $6.54. The firm has a market cap of $712.61 million, a PE ratio of -5.33 and a beta of 1.90.

Sweetgreen (NYSE:SG) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). The company had revenue of $155.19 million for the quarter, compared to analysts’ expectations of $159.59 million. Sweetgreen had a negative net margin of 19.73% and a negative return on equity of 32.26%. The business’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.25) EPS. Equities research analysts forecast that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in shares of Sweetgreen by 22.4% in the 1st quarter. Royal Bank of Canada now owns 291,477 shares of the company’s stock valued at $7,292,000 after purchasing an additional 53,427 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Sweetgreen by 6.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,572 shares of the company’s stock valued at $1,516,000 after purchasing an additional 3,553 shares in the last quarter. Prudential Financial Inc. purchased a new position in shares of Sweetgreen in the 2nd quarter valued at about $197,000. Qube Research & Technologies Ltd purchased a new position in shares of Sweetgreen in the 2nd quarter valued at about $538,000. Finally, Frontier Capital Management Co. LLC increased its stake in shares of Sweetgreen by 121.7% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 680,255 shares of the company’s stock valued at $10,122,000 after purchasing an additional 373,350 shares in the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

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.