Sweetgreen Sees Unusually Large Options Volume (NYSE:SG)

Sweetgreen, Inc. (NYSE:SG) was the recipient of some unusual options trading activity on Wednesday. Stock traders purchased 27,087 call options on the company. This is an increase of approximately 113% compared to the typical daily volume of 12,705 call options.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SG shares. Weiss Ratings downgraded shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. KeyCorp upgraded Sweetgreen from a “sector weight” rating to an “overweight” rating and set a $9.00 price objective for the company in a research note on Tuesday, September 8th. Royal Bank Of Canada reduced their target price on Sweetgreen from $7.00 to $6.50 and set an “outperform” rating for the company in a report on Friday, August 7th. Wells Fargo & Company decreased their target price on Sweetgreen from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Friday, August 7th. Finally, TD Cowen lifted their price target on Sweetgreen from $5.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, September 11th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sweetgreen currently has an average rating of “Hold” and a consensus target price of $7.27.

Insiders Place Their Bets

In other Sweetgreen news, CFO Jamie McConnell sold 15,033 shares of the company’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 transaction, the chief financial officer directly owned 210,489 shares in the company, valued at approximately $1,307,136.69. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 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 transaction, the chief operating officer directly owned 207,076 shares in the company, valued at approximately $1,285,941.96. The trade was a 2.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 company insiders.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SG. Fifth Third Bancorp acquired a new stake in shares of Sweetgreen in the 1st quarter worth $38,000. Sequoia Financial Advisors LLC acquired a new position in shares of Sweetgreen during the 2nd quarter valued at about $90,000. Versant Capital Management Inc boosted its position in shares of Sweetgreen by 241.5% during the 2nd quarter. Versant Capital Management Inc now owns 10,518 shares of the company’s stock valued at $93,000 after acquiring an additional 7,438 shares during the last quarter. Onyx Bridge Wealth Group LLC purchased a new stake in shares of Sweetgreen in the first quarter valued at about $56,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Sweetgreen in the second quarter valued at about $99,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

Sweetgreen Trading Down 1.6%

SG stock traded down $0.13 during mid-day trading on Wednesday, reaching $7.54. The company’s stock had a trading volume of 1,494,044 shares, compared to its average volume of 5,081,026. The company’s 50 day moving average is $6.53 and its two-hundred day moving average is $7.00. Sweetgreen has a fifty-two week low of $4.49 and a fifty-two week high of $10.63. The stock has a market cap of $898.04 million, a PE ratio of 75.26 and a beta of 2.20.

Sweetgreen (NYSE:SG) last issued its earnings results 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 company had revenue of $192.66 million for the quarter, compared to analyst estimates of $194.50 million. Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. On average, analysts forecast that Sweetgreen will post -1.03 earnings per share for the current fiscal year.

About Sweetgreen

Sweetgreen, Inc operates a fast-casual restaurant chain focused on fresh, plant-forward meals. Its menu includes salads, grain bowls, warm bowls, sides, beverages and seasonal offerings prepared with a focus on whole ingredients and customizable combinations.

The company serves customers through company-operated restaurants and digital channels, including its website and mobile application for ordering, pickup and delivery. Sweetgreen has also developed automated restaurant technology, including its Infinite Kitchen platform, which is designed to support food preparation and restaurant operations.

Sweetgreen was founded in 2007 in Washington, DC, by Jonathan Neman, Nicolas Jammet and Nathaniel Ru.