Sweetgreen (NYSE:SG) Trading 8% Higher - Here's Why

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price traded up 8% on Thursday . The stock traded as high as $24.34 and last traded at $24.85. 462,857 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 3,557,306 shares. The stock had previously closed at $23.01.

Analysts Set New Price Targets

SG has been the topic of several recent analyst reports. KeyCorp initiated coverage on Sweetgreen in a research note on Wednesday, December 11th. They set a "sector weight" rating on the stock. UBS Group cut their target price on Sweetgreen from $45.00 to $35.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Citigroup cut their target price on Sweetgreen from $43.00 to $39.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. TD Cowen reiterated a "buy" rating and set a $45.00 target price on shares of Sweetgreen in a research note on Monday, November 18th. Finally, Morgan Stanley cut their target price on Sweetgreen from $32.00 to $28.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $36.27.

Sweetgreen Trading Up 1.8 %

The stock has a market capitalization of $2.77 billion, a PE ratio of -30.71 and a beta of 2.44. The stock has a 50 day moving average price of $28.95 and a 200-day moving average price of $33.65.

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Insider Buying and Selling

In related news, CFO Mitch Reback sold 10,926 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total value of $288,774.18. Following the transaction, the chief financial officer now directly owns 344,055 shares of the company's stock, valued at approximately $9,093,373.65. This trade represents a 3.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nathaniel Ru sold 53,718 shares of the firm's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $38.70, for a total value of $2,078,886.60. Following the completion of the transaction, the insider now directly owns 1,952,129 shares in the company, valued at approximately $75,547,392.30. This represents a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 365,971 shares of company stock valued at $13,747,290. 21.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

Institutional investors and hedge funds have recently bought and sold shares of the business. GLOBALT Investments LLC GA bought a new stake in Sweetgreen during the third quarter valued at about $591,000. Verition Fund Management LLC grew its position in shares of Sweetgreen by 189.6% during the third quarter. Verition Fund Management LLC now owns 173,501 shares of the company's stock valued at $6,151,000 after purchasing an additional 113,586 shares in the last quarter. Cox Capital Mgt LLC grew its position in shares of Sweetgreen by 76.0% during the fourth quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company's stock valued at $1,728,000 after purchasing an additional 23,278 shares in the last quarter. Natixis Advisors LLC grew its position in shares of Sweetgreen by 91.9% during the third quarter. Natixis Advisors LLC now owns 30,380 shares of the company's stock valued at $1,077,000 after purchasing an additional 14,545 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Sweetgreen by 5.4% during the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company's stock valued at $79,757,000 after purchasing an additional 116,243 shares in the last quarter. 95.75% of the stock is owned by 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.