Sweetgreen (NYSE:SG) Trading 5.2% Higher - Here's Why

Sweetgreen, Inc. (NYSE:SG - Get Free Report) shares rose 5.2% during mid-day trading on Thursday . The stock traded as high as $35.78 and last traded at $35.38. Approximately 304,763 shares were traded during trading, a decline of 89% from the average daily volume of 2,846,962 shares. The stock had previously closed at $33.63.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SG. KeyCorp initiated coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They issued a "sector weight" rating for the company. The Goldman Sachs Group reissued a "neutral" rating and issued a $40.00 price objective on shares of Sweetgreen in a research note on Friday, November 8th. TD Cowen reaffirmed a "buy" rating and issued a $45.00 price target on shares of Sweetgreen in a report on Monday, November 18th. Oppenheimer boosted their price objective on Sweetgreen from $40.00 to $45.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Finally, UBS Group raised their price objective on Sweetgreen from $37.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Sweetgreen presently has an average rating of "Moderate Buy" and an average price target of $39.80.

Sweetgreen Price Performance

The firm has a fifty day moving average price of $38.25 and a two-hundred day moving average price of $33.50. The stock has a market capitalization of $4.02 billion, a PE ratio of -44.53 and a beta of 2.32.

Insiders Place Their Bets

In related news, insider Nathaniel Ru sold 1,263 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $40.01, for a total value of $50,532.63. Following the transaction, the insider now owns 1,952,129 shares of the company's stock, valued at $78,104,681.29. This represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicolas Jammet sold 170,199 shares of the firm's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $37.73, for a total value of $6,421,608.27. Following the transaction, the insider now owns 1,760,034 shares in the company, valued at $66,406,082.82. The trade was a 8.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 640,838 shares of company stock worth $24,800,733 over the last quarter. Company insiders own 21.52% of the company's stock.

Hedge Funds Weigh In On Sweetgreen

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in Sweetgreen in the second quarter worth about $825,000. Baillie Gifford & Co. lifted its position in shares of Sweetgreen by 6.2% in the 2nd quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company's stock worth $371,516,000 after purchasing an additional 721,740 shares during the period. Calamos Advisors LLC bought a new position in shares of Sweetgreen during the second quarter valued at approximately $289,000. EFG Asset Management North America Corp. increased its holdings in Sweetgreen by 90.2% during the second quarter. EFG Asset Management North America Corp. now owns 33,027 shares of the company's stock valued at $995,000 after buying an additional 15,666 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Sweetgreen by 12.4% in the second quarter. Bank of New York Mellon Corp now owns 361,354 shares of the company's stock worth $10,891,000 after buying an additional 39,757 shares in the last quarter. Institutional investors own 95.75% of the company's stock.

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.