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

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price gapped down before the market opened 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.

Specifically, insider Nicolas Jammet sold 16,751 shares of the business's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $40.04, for a total value of $670,710.04. Following 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 through the SEC website. Also, CEO Jonathan Neman sold 20,937 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $40.03, for a total transaction of $838,108.11. Following the sale, the chief executive officer now owns 1,930,228 shares of the company's stock, valued at $77,267,026.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

SG has been the subject of several analyst reports. The Goldman Sachs Group reiterated a "neutral" rating and issued a $40.00 price objective on shares of Sweetgreen in a research report on Friday. Bank of America raised their price objective on Sweetgreen from $39.00 to $43.00 and gave the stock a "buy" rating in a research report on Monday, August 19th. TD Cowen upped their target price on shares of Sweetgreen from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday. Citigroup lifted their price target on shares of Sweetgreen from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, August 9th. Finally, Morgan Stanley upped their price objective on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an "equal weight" rating in a report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $39.80.

Sweetgreen Stock Performance

The company's 50-day simple moving average is $35.43 and its 200 day simple moving average is $31.21. The company has a market cap of $4.53 billion, a PE ratio of -49.00 and a beta of 2.32.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new stake in shares of Sweetgreen in the 3rd quarter valued at $35,000. Quest Partners LLC purchased a new position in Sweetgreen in the second quarter valued at $76,000. KBC Group NV raised its stake in Sweetgreen by 29.1% in the third quarter. KBC Group NV now owns 3,127 shares of the company's stock valued at $111,000 after buying an additional 704 shares in the last quarter. Atomi Financial Group Inc. purchased a new stake in Sweetgreen during the 3rd quarter worth about $216,000. Finally, Precision Wealth Strategies LLC acquired a new position in shares of Sweetgreen during the 3rd quarter worth about $227,000. 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.