Sweetgreen (NYSE:SG) Hits New 52-Week High – Should You Buy?

Shares of Sweetgreen, Inc. (NYSE:SG) hit a new 52-week high on Friday . The company traded as high as $43.53 and last traded at $43.03, with a volume of 1738882 shares. The stock had previously closed at $41.25.

Analyst Ratings Changes

SG has been the subject of several research analyst reports. UBS Group increased their price objective on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Morgan Stanley increased their price target on shares of Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. Citigroup boosted their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Oppenheimer upped their target price on shares of Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, TD Cowen reiterated a “buy” rating and set a $45.00 price target on shares of Sweetgreen in a research report on Monday, November 18th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.80.

Sweetgreen Trading Up 5.2 %

The firm has a market capitalization of $5.02 billion, a PE ratio of -55.64 and a beta of 2.32. The stock’s 50 day moving average price is $36.93 and its two-hundred day moving average price is $32.44.

Insider Buying and Selling at Sweetgreen

In other news, insider Nicolas Jammet sold 169,767 shares of Sweetgreen stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.77, for a total transaction of $6,072,565.59. Following the completion of the sale, the insider now directly owns 1,930,233 shares in the company, valued at $69,044,434.41. The trade was a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jonathan Neman sold 20,937 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $40.03, for a total transaction of $838,108.11. Following the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at $77,267,026.84. The trade was a 1.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 503,671 shares of company stock worth $18,138,774. 21.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SG. Sei Investments Co. acquired a new position in shares of Sweetgreen during the 1st quarter valued at about $1,110,000. Vanguard Group Inc. raised its stake in Sweetgreen by 0.8% during the first quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock worth $212,713,000 after purchasing an additional 70,395 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Sweetgreen by 47.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 55,041 shares of the company’s stock valued at $1,391,000 after purchasing an additional 17,750 shares during the last quarter. Bayesian Capital Management LP boosted its holdings in shares of Sweetgreen by 120.2% in the 1st quarter. Bayesian Capital Management LP now owns 27,665 shares of the company’s stock valued at $699,000 after purchasing an additional 15,100 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its stake in shares of Sweetgreen by 5.1% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 309,630 shares of the company’s stock valued at $7,821,000 after buying an additional 14,948 shares during the period. Hedge funds and other institutional investors own 95.75% of the company’s stock.

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.