Sweetgreen (NYSE:SG) Hits New 1-Year High - Here's Why

Shares of Sweetgreen, Inc. (NYSE:SG - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $40.20 and last traded at $39.67, with a volume of 1997246 shares. The stock had previously closed at $37.48.

Analysts Set New Price Targets

Several analysts have commented on the stock. Bank of America boosted their price target on shares of Sweetgreen from $39.00 to $43.00 and gave the stock a "buy" rating in a research note on Monday, August 19th. Oppenheimer boosted their price target on shares of Sweetgreen from $36.00 to $40.00 and gave the stock an "outperform" rating in a research note on Thursday, August 15th. Morgan Stanley boosted their price target on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Friday, August 9th. UBS Group boosted their price target on shares of Sweetgreen from $31.00 to $37.00 and gave the stock a "buy" rating in a research note on Friday, August 9th. Finally, Piper Sandler restated a "neutral" rating and set a $39.00 target price (up from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $38.20.

Sweetgreen Price Performance

The company's 50 day simple moving average is $34.59 and its 200-day simple moving average is $30.24.

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

Insider Transactions at Sweetgreen

In other news, insider Nathaniel Ru sold 9,250 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $28.74, for a total transaction of $265,845.00. Following the transaction, the insider now directly owns 1,952,129 shares of the company's stock, valued at approximately $56,104,187.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Jonathan Neman sold 17,020 shares of Sweetgreen stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $35.08, for a total transaction of $597,061.60. Following the transaction, the chief executive officer now directly owns 1,930,228 shares of the company's stock, valued at $67,712,398.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Nathaniel Ru sold 9,250 shares of Sweetgreen stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $28.74, for a total transaction of $265,845.00. Following the transaction, the insider now directly owns 1,952,129 shares in the company, valued at approximately $56,104,187.46. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 426,061 shares of company stock valued at $15,071,720. 21.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sweetgreen

Institutional investors have recently bought and sold shares of the business. Quest Partners LLC purchased a new position in Sweetgreen in the second quarter worth $76,000. Atomi Financial Group Inc. purchased a new position in Sweetgreen in the third quarter worth $216,000. Versor Investments LP purchased a new position in Sweetgreen in the second quarter worth $217,000. Precision Wealth Strategies LLC purchased a new position in Sweetgreen in the third quarter worth $227,000. Finally, LVW Advisors LLC purchased a new position in Sweetgreen in the third quarter worth $229,000. 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.

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