Sweetgreen (NYSE:SG) Trading Down 5.1% Following Insider Selling

Shares of Sweetgreen, Inc. (NYSE:SG) dropped 5.1% on Thursday after an insider sold shares in the company. The company traded as low as $19.12 and last traded at $18.79. Approximately 203,369 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 3,254,772 shares. The stock had previously closed at $19.79.

Specifically, CFO Mitch Reback sold 4,000 shares of the business’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $21.07, for a total value of $84,280.00. Following the transaction, the chief financial officer now directly owns 344,509 shares of the company’s stock, valued at approximately $7,258,804.63. The trade was a 1.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Oppenheimer dropped their price target on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $45.00 target price on shares of Sweetgreen in a research report on Tuesday, February 25th. TD Securities reduced their price target on Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group decreased their price target on Sweetgreen from $37.00 to $32.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, Citigroup cut their price objective on Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.91.

Sweetgreen Trading Down 6.3 %

The firm has a 50 day moving average price of $23.35 and a 200-day moving average price of $31.36. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of -23.77 and a beta of 2.28.

Hedge Funds Weigh In On Sweetgreen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC grew its position in shares of Sweetgreen by 3.4% in the fourth quarter. FMR LLC now owns 10,103,969 shares of the company’s stock valued at $323,933,000 after purchasing an additional 329,789 shares during the last quarter. Vanguard Group Inc. grew its holdings in Sweetgreen by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company’s stock valued at $306,009,000 after buying an additional 351,240 shares during the last quarter. Invesco Ltd. grew its holdings in Sweetgreen by 40.9% during the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock valued at $176,850,000 after buying an additional 1,601,666 shares during the last quarter. Wellington Management Group LLP increased its position in Sweetgreen by 30.1% during the fourth quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock worth $142,106,000 after buying an additional 1,025,341 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Sweetgreen by 13.3% in the third quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock worth $82,032,000 after acquiring an additional 272,340 shares during the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

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.