Sweetgreen (NYSE:SG) Shares Gap Down After Insider Selling

Sweetgreen, Inc. (NYSE:SG)’s stock price gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $42.20, but opened at $36.39. Sweetgreen shares last traded at $39.63, with a volume of 2,779,849 shares changing hands.

Specifically, insider Nicolas Jammet sold 16,751 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $40.04, for a total value of $670,710.04. Following the completion of the transaction, the insider now directly owns 1,930,233 shares in the company, valued at $77,286,529.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jonathan Neman sold 20,937 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at approximately $77,267,026.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Piper Sandler restated a “neutral” rating and set a $39.00 price objective (up from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. The Goldman Sachs Group restated a “neutral” rating and set a $40.00 price objective on shares of Sweetgreen in a research report on Friday. Citigroup upped their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Bank of America upped their price objective on shares of Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Finally, Oppenheimer upped their price objective on shares of Sweetgreen from $36.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $38.30.

Sweetgreen Trading Down 6.1 %

The firm’s fifty day moving average price is $35.43 and its 200 day moving average price is $31.21. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of -51.51 and a beta of 2.32.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The business had revenue of $184.60 million for the quarter, compared to analysts’ expectations of $180.79 million. During the same period in the previous year, the company earned ($0.20) earnings per share. Sweetgreen’s quarterly revenue was up 21.0% on a year-over-year basis. On average, analysts forecast that Sweetgreen, Inc. will post -0.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sweetgreen

Large investors have recently modified their holdings of the company. Oliver Luxxe Assets LLC purchased a new stake in shares of Sweetgreen in the 3rd quarter valued at approximately $1,973,000. Sei Investments Co. acquired a new stake in Sweetgreen during the 1st quarter worth $1,110,000. Davidson Kempner Capital Management LP lifted its stake in shares of Sweetgreen by 40.1% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 575,000 shares of the company’s stock worth $17,330,000 after acquiring an additional 164,600 shares during the period. Zweig DiMenna Associates LLC acquired a new stake in shares of Sweetgreen in the 3rd quarter worth $3,329,000. Finally, Stephens Investment Management Group LLC lifted its stake in shares of Sweetgreen by 139.9% in the 3rd quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock worth $33,299,000 after acquiring an additional 547,816 shares during the period. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.