Sweetgreen (NYSE:SG) Sees Strong Trading Volume – Here’s What Happened

Shares of Sweetgreen, Inc. (NYSE:SG) saw strong trading volume on Thursday . 3,646,900 shares were traded during trading, an increase of 13% from the previous session’s volume of 3,233,813 shares.The stock last traded at $24.99 and had previously closed at $23.14.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. UBS Group decreased their target price on shares of Sweetgreen from $45.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $45.00 target price on shares of Sweetgreen in a report on Tuesday. Piper Sandler decreased their target price on shares of Sweetgreen from $39.00 to $27.00 and set a “neutral” rating on the stock in a report on Thursday. Citigroup decreased their target price on shares of Sweetgreen from $43.00 to $39.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Oppenheimer decreased their target price on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Sweetgreen currently has an average rating of “Moderate Buy” and an average target price of $36.27.

Sweetgreen Stock Performance

The firm has a market cap of $2.62 billion, a PE ratio of -29.07 and a beta of 2.37. The stock’s 50 day simple moving average is $29.99 and its 200 day simple moving average is $34.09.

Insider Activity

In other news, CFO Mitch Reback sold 8,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $33.13, for a total value of $265,040.00. Following the completion of the sale, the chief financial officer now owns 350,981 shares of the company’s stock, valued at approximately $11,628,000.53. This represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicolas Jammet sold 41,999 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $38.68, for a total transaction of $1,624,521.32. Following the completion of the sale, the insider now directly owns 1,930,233 shares of the company’s stock, valued at $74,661,412.44. This trade represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 516,817 shares of company stock valued at $19,677,637. Corporate insiders own 21.52% of the company’s stock.

Institutional Investors Weigh In On Sweetgreen

Several institutional investors have recently added to or reduced their stakes in SG. Massachusetts Financial Services Co. MA bought a new position in Sweetgreen in the 4th quarter worth $52,558,000. Invesco Ltd. raised its holdings in Sweetgreen by 40.9% in the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock worth $176,850,000 after purchasing an additional 1,601,666 shares in the last quarter. Wellington Management Group LLP raised its holdings in Sweetgreen by 30.1% in the 4th quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock worth $142,106,000 after purchasing an additional 1,025,341 shares in the last quarter. Frontier Capital Management Co. LLC raised its holdings in Sweetgreen by 189.9% in the 4th quarter. Frontier Capital Management Co. LLC now owns 1,134,398 shares of the company’s stock worth $36,369,000 after purchasing an additional 743,157 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in Sweetgreen by 848.5% in the 4th quarter. Voya Investment Management LLC now owns 748,581 shares of the company’s stock worth $24,000,000 after purchasing an additional 669,657 shares in the last quarter. Hedge funds and other 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.