Sweetgreen (NYSE:SG) Stock Price Down 2.1% Following Insider Selling

Shares of Sweetgreen, Inc. (NYSE:SG) traded down 2.1% on Wednesday after an insider sold shares in the company. The stock traded as low as $42.19 and last traded at $42.34. 114,577 shares were traded during mid-day trading, a decline of 96% from the average session volume of 2,873,467 shares. The stock had previously closed at $43.27.

Specifically, insider Nicolas Jammet sold 14,551 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $45.00, for a total value of $654,795.00. Following the completion of the sale, the insider now directly owns 1,930,233 shares of the company’s stock, valued at approximately $86,860,485. This represents a 0.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jonathan Neman sold 14,745 shares of Sweetgreen stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $45.00, for a total value of $663,525.00. Following the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $86,860,260. This trade represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. In other news, Director Julie Bornstein sold 4,464 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $42.11, for a total value of $187,979.04. Following the completion of the sale, the director now directly owns 32,637 shares of the company’s stock, valued at $1,374,344.07. This represents a 12.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Ratings Changes

Several research firms have weighed in on SG. Bank of America upped their price objective 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. The Goldman Sachs Group reiterated a “neutral” rating and set a $40.00 price objective on shares of Sweetgreen in a report on Friday, November 8th. Piper Sandler restated a “neutral” rating and issued a $39.00 target price (up previously from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. TD Cowen reaffirmed a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a research report on Monday, November 18th. Finally, Citigroup lifted their price target on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $39.80.

Sweetgreen Stock Performance

The firm has a 50 day moving average price of $37.49 and a 200-day moving average price of $32.80.

Institutional Investors Weigh In On Sweetgreen

A number of large investors have recently added to or reduced their stakes in the stock. Oliver Luxxe Assets LLC acquired a new stake in shares of Sweetgreen in the third quarter worth $1,973,000. GLOBALT Investments LLC GA bought a new position in Sweetgreen in the 3rd quarter worth $591,000. Davidson Kempner Capital Management LP boosted its holdings in Sweetgreen by 40.1% during the second quarter. Davidson Kempner Capital Management LP now owns 575,000 shares of the company’s stock valued at $17,330,000 after acquiring an additional 164,600 shares during the period. Zweig DiMenna Associates LLC bought a new stake in Sweetgreen during the third quarter valued at about $3,329,000. Finally, Stephens Investment Management Group LLC grew its position in shares of Sweetgreen by 139.9% in the third quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock valued at $33,299,000 after purchasing an additional 547,816 shares during the last quarter. Institutional investors own 95.75% of the company’s stock.

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.