Sweetgreen (NYSE:SG) Trading 7.6% Higher – Time to Buy?

Sweetgreen, Inc. (NYSE:SG)’s stock price traded up 7.6% during mid-day trading on Monday . The company traded as high as $35.95 and last traded at $35.67. 1,760,081 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 1,860,416 shares. The stock had previously closed at $33.14.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. TD Cowen reissued a “buy” rating and set a $45.00 target price on shares of Sweetgreen in a research note on Monday, November 18th. Oppenheimer lowered their price objective on Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a research report on Tuesday. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $40.00 target price on shares of Sweetgreen in a report on Friday, November 8th. UBS Group boosted their price target on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, KeyCorp assumed coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They issued a “sector weight” rating on the stock. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.40.

Sweetgreen Stock Performance

The company has a market capitalization of $3.72 billion, a PE ratio of -41.26 and a beta of 2.38. The company’s 50-day simple moving average is $36.95 and its 200-day simple moving average is $33.60.

Insider Activity at Sweetgreen

In other news, CEO Jonathan Neman sold 1,010 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $40.01, for a total transaction of $40,410.10. Following the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $77,228,422.28. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nathaniel Ru sold 1,263 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $40.01, for a total value of $50,532.63. Following the sale, the insider now directly owns 1,952,129 shares in the company, valued at $78,104,681.29. This trade represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 640,838 shares of company stock worth $24,800,733 in the last quarter. Company insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in shares of Sweetgreen by 12.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 361,354 shares of the company’s stock worth $10,891,000 after purchasing an additional 39,757 shares in the last quarter. Principal Financial Group Inc. increased its position in Sweetgreen by 1,610.4% during the second quarter. Principal Financial Group Inc. now owns 218,281 shares of the company’s stock worth $6,579,000 after buying an additional 205,519 shares in the last quarter. Commonwealth Equity Services LLC acquired a new position in shares of Sweetgreen in the second quarter worth $279,000. Natixis Advisors LLC purchased a new stake in shares of Sweetgreen in the second quarter valued at $477,000. Finally, Rhumbline Advisers lifted its position in shares of Sweetgreen by 3.9% in the second quarter. Rhumbline Advisers now owns 141,344 shares of the company’s stock valued at $4,260,000 after acquiring an additional 5,301 shares in the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Company Profile

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.