Sweetgreen (NYSE:SG) Stock Price Up 4.3% – What’s Next?

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SG shares. TD Cowen reaffirmed a “buy” rating and set a $45.00 price target on shares of Sweetgreen in a research note on Monday. Citigroup raised their target price on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Morgan Stanley boosted their price target on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. 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 report on Monday, August 19th. Finally, Oppenheimer boosted their target price on shares of Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $39.80.

Sweetgreen Price Performance

The firm has a 50-day moving average price of $36.62 and a two-hundred day moving average price of $32.17.

Insider Activity

In related news, CEO Jonathan Neman sold 169,772 shares of Sweetgreen stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.77, for a total value of $6,072,744.44. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $69,044,255.56. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Wouleta Ayele sold 4,347 shares of the company’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 $148,015.35. Following the transaction, the chief technology officer now directly owns 140,302 shares in the company, valued at approximately $4,777,283.10. This represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 503,671 shares of company stock worth $18,138,774. 21.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sweetgreen

A number of institutional investors have recently made changes to their positions in SG. Teachers Retirement System of The State of Kentucky grew its position in shares of Sweetgreen by 0.6% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 311,630 shares of the company’s stock valued at $11,048,000 after purchasing an additional 2,000 shares during the period. Geode Capital Management LLC boosted its position in shares of Sweetgreen by 5.4% during the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company’s stock worth $79,757,000 after buying an additional 116,243 shares during the period. M&T Bank Corp raised its position in Sweetgreen by 22.0% in the 3rd quarter. M&T Bank Corp now owns 27,648 shares of the company’s stock valued at $980,000 after buying an additional 4,989 shares during the last quarter. Pier Capital LLC lifted its stake in Sweetgreen by 0.3% in the 3rd quarter. Pier Capital LLC now owns 293,333 shares of the company’s stock valued at $10,399,000 after acquiring an additional 761 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in Sweetgreen during the 3rd quarter worth approximately $277,000. 95.75% of the stock is owned by institutional investors and hedge funds.

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.