Sweetgreen (NYSE:SG) Trading Down 2.1% After Insider Selling

Sweetgreen, Inc. (NYSE:SG) fell 2.1% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $42.19 and last traded at $42.34. 114,577 shares traded hands during 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 business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $45.00, for a total transaction of $654,795.00. Following the sale, the insider now directly owns 1,930,233 shares of the company’s stock, valued at $86,860,485. The trade was a 0.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jonathan Neman sold 14,745 shares of Sweetgreen stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $45.00, for a total value of $663,525.00. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at $86,860,260. This represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. In related news, Director Julie Bornstein sold 4,464 shares of the company’s 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 owns 32,637 shares in the company, valued at approximately $1,374,344.07. This represents a 12.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

Several research firms recently weighed in on SG. Bank of America upped their price target on Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Citigroup increased their price target on shares of Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $40.00 price objective on shares of Sweetgreen in a research note on Friday, November 8th. UBS Group lifted their target price on shares of Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Oppenheimer lifted their price objective on Sweetgreen from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Sweetgreen presently has a consensus rating of “Moderate Buy” and an average price target of $39.80.

Sweetgreen Stock Performance

The stock has a fifty day moving average price of $37.49 and a 200 day moving average price of $32.80.

Institutional Trading of Sweetgreen

Institutional investors and hedge funds have recently modified their holdings of the company. Hollencrest Capital Management acquired a new stake in Sweetgreen in the 3rd quarter valued at approximately $35,000. Quest Partners LLC bought a new stake in shares of Sweetgreen in the second quarter valued at approximately $76,000. KBC Group NV grew its stake in shares of Sweetgreen by 29.1% in the third quarter. KBC Group NV now owns 3,127 shares of the company’s stock worth $111,000 after acquiring an additional 704 shares during the last quarter. Daiwa Securities Group Inc. bought a new position in Sweetgreen during the third quarter worth $155,000. Finally, Canton Hathaway LLC acquired a new position in Sweetgreen during the 3rd quarter valued at $177,000. 95.75% of the stock is currently 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.