Insider Selling: Sweetgreen, Inc. (NYSE:SG) CTO Sells 4,347 Shares of Stock

Sweetgreen, Inc. (NYSE:SG) CTO Wouleta Ayele sold 4,347 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $34.05, for a total value of $148,015.35. Following the sale, the chief technology officer now owns 140,302 shares of the company’s stock, valued at $4,777,283.10. The trade was a 3.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Sweetgreen Price Performance

SG stock traded up $4.06 during midday trading on Tuesday, hitting $37.89. The stock had a trading volume of 3,069,451 shares, compared to its average volume of 2,880,745. Sweetgreen, Inc. has a 12-month low of $9.21 and a 12-month high of $42.77. The company’s 50-day moving average price is $36.35 and its 200 day moving average price is $32.02. The firm has a market cap of $4.38 billion, a PE ratio of -46.64 and a beta of 2.32.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Baillie Gifford & Co. lifted its holdings in Sweetgreen by 6.2% in the second quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock worth $371,516,000 after acquiring an additional 721,740 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Sweetgreen by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock worth $212,713,000 after purchasing an additional 70,395 shares in the last quarter. Wellington Management Group LLP raised its holdings in Sweetgreen by 7.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company’s stock worth $120,784,000 after buying an additional 236,874 shares during the period. Driehaus Capital Management LLC boosted its stake in Sweetgreen by 231.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock worth $81,028,000 after purchasing an additional 1,878,216 shares during the period. Finally, State Street Corp boosted its position in Sweetgreen by 3.2% during the 3rd quarter. State Street Corp now owns 2,263,025 shares of the company’s stock worth $80,224,000 after acquiring an additional 69,120 shares during the period. Institutional investors and hedge funds own 95.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Citigroup raised their target price 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. TD Cowen reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Sweetgreen in a research note on Monday. Bank of America raised 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. Piper Sandler reiterated a “neutral” rating and issued a $39.00 price objective (up from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Finally, Morgan Stanley increased their price objective on shares of Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.80.

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.