Sweetgreen (NYSE:SG) Reaches New 52-Week High – Here’s Why

Sweetgreen, Inc. (NYSE:SG)’s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $43.53 and last traded at $43.03, with a volume of 1738882 shares trading hands. The stock had previously closed at $41.25.

Analyst Upgrades and Downgrades

A number of research firms have commented on SG. Piper Sandler restated a “neutral” rating and set a $39.00 price target (up from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. Bank of America boosted their price objective on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Oppenheimer lifted their price target on Sweetgreen from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. UBS Group boosted their price target on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $40.00 price target on shares of Sweetgreen in a research report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.80.

Sweetgreen Price Performance

The company has a market cap of $5.09 billion, a P/E ratio of -57.28 and a beta of 2.32. The stock has a fifty day moving average price of $36.76 and a two-hundred day moving average price of $32.24.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 169,772 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.77, for a total value of $6,072,744.44. Following the completion of the sale, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $69,044,255.56. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Nathaniel Ru sold 9,250 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $28.74, for a total transaction of $265,845.00. Following the sale, the insider now owns 1,952,129 shares of the company’s stock, valued at approximately $56,104,187.46. This represents a 0.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 503,671 shares of company stock valued at $18,138,774 over the last three months. 21.52% of the stock is currently owned by insiders.

Institutional Trading of Sweetgreen

A number of institutional investors have recently made changes to their positions in SG. Baillie Gifford & Co. raised its position in shares of Sweetgreen by 6.2% during the second quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock valued at $371,516,000 after buying an additional 721,740 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Sweetgreen by 0.8% during the first quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock valued at $212,713,000 after buying an additional 70,395 shares during the period. Wellington Management Group LLP lifted its position in shares of Sweetgreen by 7.5% during the third quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company’s stock worth $120,784,000 after purchasing an additional 236,874 shares during the last quarter. Driehaus Capital Management LLC grew its stake in Sweetgreen by 231.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock worth $81,028,000 after acquiring an additional 1,878,216 shares in the last quarter. Finally, State Street Corp increased its holdings in Sweetgreen by 3.2% during the 3rd quarter. State Street Corp now owns 2,263,025 shares of the company’s stock worth $80,224,000 after purchasing an additional 69,120 shares during the period. 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.