Sweetgreen (NYSE:SG) Sees Unusually-High Trading Volume - Here's What Happened

Shares of Sweetgreen, Inc. (NYSE:SG - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 3,646,900 shares were traded during trading, an increase of 13% from the previous session's volume of 3,233,813 shares.The stock last traded at $24.99 and had previously closed at $23.14.

Analyst Ratings Changes

A number of research firms have recently issued reports on SG. The Goldman Sachs Group reduced their price target on shares of Sweetgreen from $37.00 to $32.00 and set a "neutral" rating on the stock in a research report on Thursday. UBS Group cut their target price on shares of Sweetgreen from $45.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday. TD Securities decreased their target price on Sweetgreen from $45.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday. KeyCorp started coverage on Sweetgreen in a research report on Wednesday, December 11th. They set a "sector weight" rating on the stock. Finally, Oppenheimer reduced their price objective on Sweetgreen from $41.00 to $35.00 and set an "outperform" rating for the company in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $36.27.

Sweetgreen Stock Down 5.4 %

The firm has a market capitalization of $2.49 billion, a P/E ratio of -27.62 and a beta of 2.37. The business's 50 day moving average is $29.76 and its two-hundred day moving average is $33.98.

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Insiders Place Their Bets

In related news, CFO Mitch Reback sold 10,926 shares of Sweetgreen stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the transaction, the chief financial officer now directly owns 344,055 shares of the company's stock, valued at $9,093,373.65. The trade was a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicolas Jammet sold 41,999 shares of the business's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $38.68, for a total transaction of $1,624,521.32. Following the completion of the sale, the insider now owns 1,930,233 shares in the company, valued at approximately $74,661,412.44. This trade represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 516,817 shares of company stock worth $19,677,637. 21.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sweetgreen

Hedge funds have recently made changes to their positions in the business. Creative Planning lifted its stake in Sweetgreen by 61.7% during the third quarter. Creative Planning now owns 11,439 shares of the company's stock valued at $406,000 after purchasing an additional 4,364 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Sweetgreen by 2.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 27,913 shares of the company's stock valued at $990,000 after acquiring an additional 537 shares during the last quarter. Optas LLC boosted its stake in shares of Sweetgreen by 9.1% during the 3rd quarter. Optas LLC now owns 16,778 shares of the company's stock worth $595,000 after acquiring an additional 1,395 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Sweetgreen by 670.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 143,441 shares of the company's stock worth $5,085,000 after acquiring an additional 124,813 shares during the last quarter. Finally, Moloney Securities Asset Management LLC grew its holdings in shares of Sweetgreen by 40.0% in the 3rd quarter. Moloney Securities Asset Management LLC now owns 11,900 shares of the company's stock worth $422,000 after acquiring an additional 3,400 shares during the last quarter. Institutional investors and hedge funds 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.