Sweetgreen (NYSE:SG) Trading Up 9.3% – Here’s Why

Sweetgreen, Inc. (NYSE:SG) shares were up 9.3% during mid-day trading on Wednesday . The stock traded as high as $6.31 and last traded at $6.3590. 724,897 shares changed hands during trading, a decline of 86% from the average session volume of 5,089,451 shares. The stock had previously closed at $5.82.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SG. JPMorgan Chase & Co. upgraded shares of Sweetgreen from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $8.00 to $13.00 in a research note on Friday, May 22nd. TD Cowen lowered their price objective on shares of Sweetgreen from $8.00 to $5.00 and set a “hold” rating on the stock in a research report on Friday, August 7th. Royal Bank Of Canada dropped their target price on shares of Sweetgreen from $7.00 to $6.50 and set an “outperform” rating on the stock in a report on Friday, August 7th. BNP Paribas Exane lifted their target price on shares of Sweetgreen from $4.50 to $5.00 and gave the stock an “underperform” rating in a research report on Friday, May 8th. Finally, Wells Fargo & Company decreased their target price on shares of Sweetgreen from $7.00 to $6.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.10.

Sweetgreen Trading Up 12.3%

The firm has a market capitalization of $777.93 million, a P/E ratio of 65.46 and a beta of 2.20. The stock has a 50 day simple moving average of $7.36 and a 200-day simple moving average of $6.79.

Sweetgreen (NYSE:SG) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate 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%.Sweetgreen’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.20) EPS. As a group, sell-side analysts expect that Sweetgreen, Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Jamie Mcconnell sold 15,033 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $93,354.93. Following the completion of the sale, the chief financial officer owned 210,489 shares of the company’s stock, valued at $1,307,136.69. The trade was a 6.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $29,863.89. Following the sale, 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. 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. 18.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sweetgreen

Institutional investors and hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC grew its holdings in 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 purchasing an additional 2,349 shares during the period. Fifth Third Bancorp bought a new position in shares of Sweetgreen in the first quarter worth about $38,000. CWM LLC raised its stake in shares of Sweetgreen by 212.2% in the fourth quarter. CWM LLC now owns 7,333 shares of the company’s stock worth $50,000 after buying an additional 4,984 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in shares of Sweetgreen by 281.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 7,912 shares of the company’s stock valued at $53,000 after buying an additional 5,839 shares in the last quarter. Finally, Onyx Bridge Wealth Group LLC purchased a new position in shares of Sweetgreen during the 1st quarter valued at about $56,000. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

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.