Sweetgreen (NYSE:SG) Shares Up 4.3% – Here’s Why

Sweetgreen, Inc. (NYSE:SG)’s share price traded up 4.3% on Tuesday . The stock traded as high as $35.46 and last traded at $35.29. 504,218 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 2,868,873 shares. The stock had previously closed at $33.83.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SG shares. The Goldman Sachs Group restated a “neutral” rating and set a $40.00 price target on shares of Sweetgreen in a report on Friday, November 8th. Morgan Stanley increased their price target on Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. TD Cowen reaffirmed a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a research report on Monday. 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, Bank of America increased their price objective on shares of Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $39.80.

Sweetgreen Trading Up 0.1 %

The firm has a fifty day moving average price of $36.62 and a 200-day moving average price of $32.17.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, Director Bradley E. Singer sold 42,730 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $38.09, for a total value of $1,627,585.70. Following the completion of the sale, the director now owns 139,052 shares of the company’s stock, valued at $5,296,490.68. This trade represents a 23.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Wouleta Ayele sold 4,347 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $34.05, for a total transaction of $148,015.35. Following the sale, the chief technology officer now directly owns 140,302 shares of the company’s stock, valued at approximately $4,777,283.10. The trade was a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 503,671 shares of company stock valued at $18,138,774. Company insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

A number of hedge funds have recently bought and sold shares of SG. Hollencrest Capital Management bought a new position in Sweetgreen during the 3rd quarter worth $35,000. Quest Partners LLC bought a new position in shares of Sweetgreen during the second quarter worth about $76,000. KBC Group NV lifted its position in Sweetgreen by 29.1% in the 3rd quarter. KBC Group NV now owns 3,127 shares of the company’s stock valued at $111,000 after purchasing an additional 704 shares during the last quarter. Daiwa Securities Group Inc. bought a new stake in Sweetgreen in the 3rd quarter valued at about $155,000. Finally, Canton Hathaway LLC acquired a new position in Sweetgreen during the 3rd quarter valued at about $177,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

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.