Sweetgreen (NYSE:SG) Stock Price Up 9.8% – Time to Buy?

Sweetgreen, Inc. (NYSE:SG)’s stock price rose 9.8% during trading on Friday . The stock traded as high as $6.67 and last traded at $6.6450. Approximately 5,084,733 shares were traded during mid-day trading, a decline of 3% from the average daily volume of 5,265,705 shares. The stock had previously closed at $6.05.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Citigroup restated a “buy” rating on shares of Sweetgreen in a research note on Wednesday, November 12th. Barclays decreased their price objective on shares of Sweetgreen from $8.00 to $5.00 and set an “equal weight” rating for the company in a report on Monday, November 10th. The Goldman Sachs Group downgraded Sweetgreen from a “buy” rating to a “sell” rating and set a $5.00 price objective for the company. in a research report on Friday, November 7th. Piper Sandler cut their price target on shares of Sweetgreen from $12.00 to $9.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Finally, Sanford C. Bernstein set a $8.00 target price on Sweetgreen in a report on Wednesday, October 22nd. Five investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Sweetgreen presently has an average rating of “Hold” and a consensus target price of $11.82.

Sweetgreen Stock Performance

The firm’s 50-day simple moving average is $7.31 and its 200 day simple moving average is $10.79. The company has a market cap of $794.85 million, a P/E ratio of -6.93 and a beta of 1.94.

Sweetgreen (NYSE:SG) last announced its earnings results on Friday, November 7th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.13). The company had revenue of $172.39 million during the quarter, compared to analyst estimates of $179.29 million. Sweetgreen had a negative return on equity of 25.67% and a negative net margin of 16.55%.Sweetgreen’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.18) earnings per share. As a group, research analysts forecast that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Insider Buying and Selling at Sweetgreen

In related news, CEO Jonathan Neman acquired 179,800 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were bought at an average price of $5.56 per share, with a total value of $999,688.00. Following the transaction, the chief executive officer directly owned 179,800 shares of the company’s stock, valued at $999,688. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Nicolas Jammet purchased 18,115 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were acquired at an average price of $5.51 per share, with a total value of $99,813.65. Following the purchase, the insider directly owned 18,115 shares in the company, valued at $99,813.65. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 19.78% of the company’s stock.

Institutional Trading of Sweetgreen

Hedge funds have recently added to or reduced their stakes in the stock. Caxton Associates LLP purchased a new position in shares of Sweetgreen in the third quarter valued at $93,000. Triumph Capital Management raised its position in Sweetgreen by 142.3% during the 3rd quarter. Triumph Capital Management now owns 102,319 shares of the company’s stock valued at $817,000 after purchasing an additional 60,087 shares during the last quarter. XTX Topco Ltd lifted its position in shares of Sweetgreen by 132.8% in the 3rd quarter. XTX Topco Ltd now owns 185,500 shares of the company’s stock worth $1,480,000 after purchasing an additional 105,811 shares during the period. Voleon Capital Management LP purchased a new stake in Sweetgreen in the third quarter worth $1,685,000. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Sweetgreen by 136.0% during the third quarter. Voloridge Investment Management LLC now owns 1,079,237 shares of the company’s stock valued at $8,612,000 after purchasing an additional 621,907 shares during 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.