Sweetgreen (NYSE:SG) Stock Price Up 9.5% - Here's Why

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s stock price shot up 9.5% during mid-day trading on Monday . The company traded as high as $14.64 and last traded at $14.89. 724,966 shares were traded during mid-day trading, a decline of 83% from the average session volume of 4,355,478 shares. The stock had previously closed at $13.59.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SG. TD Securities reaffirmed a "hold" rating and set a $15.00 price objective (down from $25.00) on shares of Sweetgreen in a report on Tuesday. Barclays assumed coverage on shares of Sweetgreen in a research note on Friday, June 6th. They set an "equal weight" rating and a $16.00 price target on the stock. Piper Sandler dropped their price objective on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. The Goldman Sachs Group reduced their target price on shares of Sweetgreen from $23.00 to $15.00 and set a "neutral" rating on the stock in a report on Wednesday, June 4th. Finally, UBS Group decreased their target price on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $25.23.

Sweetgreen Trading Up 2.7%

The company has a market capitalization of $1.74 billion, a PE ratio of -19.21 and a beta of 2.06. The stock's 50-day moving average is $14.79 and its two-hundred day moving average is $22.77.

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

Insiders Place Their Bets

In other news, CFO Mitch Reback sold 10,088 shares of the business's 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 directly owned 334,421 shares of the company's stock, valued at approximately $5,093,231.83. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Clifford Burrows purchased 19,200 shares of Sweetgreen stock in a transaction that occurred on Friday, May 23rd. The stock was bought at an average cost of $13.11 per share, for a total transaction of $251,712.00. Following the purchase, the director directly owned 19,200 shares in the company, valued at $251,712. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 21.52% of the company's stock.

Institutional Trading of Sweetgreen

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its stake in shares of Sweetgreen by 13.6% during the fourth quarter. Bank of New York Mellon Corp now owns 303,914 shares of the company's stock valued at $9,743,000 after buying an additional 36,281 shares during the period. Oppenheimer Asset Management Inc. grew its holdings in Sweetgreen by 11.9% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 25,696 shares of the company's stock worth $824,000 after acquiring an additional 2,737 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Sweetgreen during the 4th quarter worth about $630,000. US Bancorp DE increased its position in Sweetgreen by 135.7% during the 4th quarter. US Bancorp DE now owns 6,886 shares of the company's stock valued at $221,000 after purchasing an additional 3,965 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of Sweetgreen by 3,571.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company's stock valued at $33,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors 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.