Insider Selling: Sweetgreen, Inc. (NYSE:SG) CEO Sells $40,410.10 in Stock

Sweetgreen, Inc. (NYSE:SG) CEO Jonathan Neman sold 1,010 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $40.01, for a total transaction of $40,410.10. Following the completion of the sale, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at $77,228,422.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Jonathan Neman also recently made the following trade(s):

• On Friday, September 13th, Jonathan Neman sold 17,020 shares of Sweetgreen stock. The shares were sold at an average price of $35.08, for a total transaction of $597,061.60.
• On Monday, September 9th, Jonathan Neman sold 7,400 shares of Sweetgreen stock. The shares were sold at an average price of $28.81, for a total transaction of $213,194.00.
• On Monday, August 26th, Jonathan Neman sold 169,772 shares of Sweetgreen stock. The shares were sold at an average price of $35.77, for a total transaction of $6,072,744.44.

Sweetgreen Stock Performance

Shares of SG opened at $38.03 on Friday. Sweetgreen, Inc. has a twelve month low of $8.64 and a twelve month high of $40.20. The firm’s 50 day moving average price is $34.87 and its two-hundred day moving average price is $30.67. The firm has a market cap of $4.34 billion, a P/E ratio of -46.38 and a beta of 2.33.

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

Institutional Trading of Sweetgreen

A number of hedge funds and other institutional investors have recently made changes to their positions in SG. Driehaus Capital Management LLC raised its holdings in shares of Sweetgreen by 231.8% in the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after purchasing an additional 1,878,216 shares during the last quarter. Hood River Capital Management LLC acquired a new stake in shares of Sweetgreen in the first quarter valued at approximately $29,105,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Sweetgreen in the second quarter valued at approximately $33,449,000. Renaissance Technologies LLC acquired a new stake in shares of Sweetgreen in the second quarter valued at approximately $29,109,000. Finally, Baillie Gifford & Co. raised its holdings in shares of Sweetgreen by 6.2% in the second quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock valued at $371,516,000 after purchasing an additional 721,740 shares during the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SG shares. TD Cowen restated a “buy” rating and issued a $43.00 price objective on shares of Sweetgreen in a research report on Friday, September 27th. UBS Group raised their target price on shares of Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Bank of America raised their target price on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Citigroup lifted their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Finally, Morgan Stanley lifted their price objective 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. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.20.

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.