Sweetgreen (NYSE:SG) Stock Price Up 7.6% – Time to Buy?

Sweetgreen, Inc. (NYSE:SG)’s stock price was up 7.6% during mid-day trading on Monday . The stock traded as high as $35.95 and last traded at $35.67. Approximately 1,760,081 shares changed hands during trading, a decline of 5% from the average daily volume of 1,860,416 shares. The stock had previously closed at $33.14.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SG shares. Oppenheimer raised their price target on Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. KeyCorp started coverage on shares of Sweetgreen in a research note on Wednesday, December 11th. They set a “sector weight” rating on the stock. The Goldman Sachs Group reiterated a “neutral” rating and set a $40.00 price objective on shares of Sweetgreen in a research note on Friday, November 8th. UBS Group upped their target price on Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, TD Cowen reaffirmed a “buy” rating and set a $45.00 target price on shares of Sweetgreen in a report on Monday, November 18th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.80.

Sweetgreen Price Performance

The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of -44.95 and a beta of 2.32. The firm has a fifty day simple moving average of $37.27 and a 200 day simple moving average of $33.55.

Insider Buying and Selling

In other Sweetgreen news, insider Adrienne Gemperle sold 5,372 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $34.05, for a total value of $182,916.60. Following the transaction, the insider now owns 107,313 shares in the company, valued at approximately $3,654,007.65. This trade represents a 4.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mitch Reback sold 9,507 shares of Sweetgreen stock in a transaction on Monday, November 18th. The stock was sold at an average price of $34.05, for a total transaction of $323,713.35. Following the sale, the chief financial officer now directly owns 360,177 shares in the company, valued at approximately $12,264,026.85. This trade represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 640,838 shares of company stock valued at $24,800,733. 21.52% of the stock is owned by corporate insiders.

Institutional Trading of Sweetgreen

A number of hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP boosted its holdings in Sweetgreen by 7.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company’s stock valued at $120,784,000 after purchasing an additional 236,874 shares during the last quarter. Driehaus Capital Management LLC raised its position in 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 period. Lord Abbett & CO. LLC lifted its stake in Sweetgreen by 13.3% during the third quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock worth $82,032,000 after purchasing an additional 272,340 shares in the last quarter. State Street Corp boosted its position in shares of Sweetgreen by 3.2% during the third quarter. State Street Corp now owns 2,263,025 shares of the company’s stock worth $80,224,000 after buying an additional 69,120 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Sweetgreen by 5.4% in the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company’s stock valued at $79,757,000 after buying an additional 116,243 shares in the last quarter. Institutional investors and hedge funds 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.