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

Sweetgreen, Inc. (NYSE:SG - Get Free Report) dropped 5.1% during trading on Thursday following insider selling activity. The stock 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 company's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $21.07, for a total transaction of $84,280.00. Following the completion of the transaction, the chief financial officer now directly owns 344,509 shares in the company, valued at $7,258,804.63. This represents a 1.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

SG has been the topic of a number of analyst reports. Piper Sandler dropped their price objective on shares of Sweetgreen from $39.00 to $27.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Citigroup dropped their price target on shares of Sweetgreen from $43.00 to $39.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. The Goldman Sachs Group reduced their price objective on Sweetgreen from $37.00 to $32.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Oppenheimer lowered their target price on Sweetgreen from $41.00 to $35.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $45.00 price target on shares of Sweetgreen in a research report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $35.91.

Sweetgreen Stock Up 0.9 %

The company has a 50 day moving average of $23.16 and a two-hundred day moving average of $31.19. The firm has a market cap of $2.01 billion, a P/E ratio of -21.94 and a beta of 2.28.

Hedge Funds Weigh In On Sweetgreen

Several hedge funds have recently made changes to their positions in the business. Summit Investment Advisors Inc. lifted its holdings in shares of Sweetgreen by 4.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,479 shares of the company's stock valued at $336,000 after purchasing an additional 473 shares during the last quarter. Cypress Wealth Services LLC lifted its stake in Sweetgreen by 6.1% during the fourth quarter. Cypress Wealth Services LLC now owns 8,423 shares of the company's stock valued at $270,000 after buying an additional 483 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Sweetgreen by 45.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock worth $50,000 after buying an additional 494 shares during the period. Hillsdale Investment Management Inc. increased its position in shares of Sweetgreen by 1.2% in the fourth quarter. Hillsdale Investment Management Inc. now owns 50,164 shares of the company's stock worth $1,608,000 after acquiring an additional 600 shares in the last quarter. Finally, Oberweis Asset Management Inc. increased its position in shares of Sweetgreen by 0.6% in the fourth quarter. Oberweis Asset Management Inc. now owns 96,201 shares of the company's stock worth $3,084,000 after acquiring an additional 610 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.