Sweetgreen (NYSE:SG) Shares Gap Up - Here's Why

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $12.82, but opened at $13.45. Sweetgreen shares last traded at $13.91, with a volume of 2,328,051 shares changing hands.

Wall Street Analysts Forecast Growth

SG has been the subject of a number of recent research reports. The Goldman Sachs Group dropped their target price on Sweetgreen from $23.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, June 4th. Oppenheimer reduced their target price on shares of Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Piper Sandler lowered their target price on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. UBS Group cut their price target on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $45.00 price objective on shares of Sweetgreen in a research note on Tuesday, February 25th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $28.31.

Sweetgreen Stock Up 6.6%

The company's fifty day moving average price is $15.53 and its 200 day moving average price is $23.85. The company has a market capitalization of $1.60 billion, a P/E ratio of -17.67 and a beta of 2.06.

Sweetgreen (NYSE:SG - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, meeting analysts' consensus estimates of ($0.21). The business had revenue of $166.30 million during the quarter, compared to the consensus estimate of $164.68 million. Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. Sweetgreen's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. Research analysts predict that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Mitch Reback sold 10,088 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.23, for a total transaction of $153,640.24. Following the completion of the sale, the chief financial officer now directly owns 334,421 shares in the company, valued at $5,093,231.83. This represents a 2.93% 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, Director Clifford Burrows bought 19,200 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were purchased at an average cost of $13.11 per share, with a total value of $251,712.00. Following the purchase, the director now directly owns 19,200 shares of the company's stock, valued at $251,712. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 21.52% of the company's stock.

Institutional Trading of Sweetgreen

Several large investors have recently made changes to their positions in SG. Steward Partners Investment Advisory LLC increased its position in shares of Sweetgreen by 3,571.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company's stock worth $33,000 after acquiring an additional 1,000 shares in the last quarter. Headlands Technologies LLC increased its holdings in Sweetgreen by 156.0% during the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock worth $39,000 after purchasing an additional 741 shares in the last quarter. Tower Research Capital LLC TRC raised its stake 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 purchasing an additional 494 shares during the last quarter. Spire Wealth Management raised its stake in shares of Sweetgreen by 47.1% in the first quarter. Spire Wealth Management now owns 1,983 shares of the company's stock worth $50,000 after purchasing an additional 635 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new position in shares of Sweetgreen in the fourth quarter valued at approximately $53,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

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.

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