Sweetgreen (NYSE:SG) Trading Up 8.2% – Here’s Why

Sweetgreen, Inc. (NYSE:SG) shot up 8.2% during mid-day trading on Wednesday . The stock traded as high as $5.80 and last traded at $5.7150. 1,267,668 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 4,213,039 shares. The stock had previously closed at $5.28.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Sweetgreen from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, January 20th. Citigroup reiterated a “buy” rating on shares of Sweetgreen in a research note on Wednesday, November 12th. William Blair restated a “market perform” rating on shares of Sweetgreen in a report on Friday, November 7th. Morgan Stanley decreased their price target on Sweetgreen from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Tuesday, January 20th. Finally, Wells Fargo & Company lowered Sweetgreen from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $10.00 to $7.00 in a research report on Wednesday, December 17th. Three investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $10.83.

Sweetgreen Stock Up 12.8%

The firm has a market cap of $704.89 million, a PE ratio of -6.14 and a beta of 1.92. The company has a 50-day simple moving average of $6.73 and a two-hundred day simple moving average of $7.51.

Institutional Trading of Sweetgreen

Several hedge funds have recently added to or reduced their stakes in SG. Vanguard Group Inc. grew its position in shares of Sweetgreen by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 9,593,744 shares of the company’s stock valued at $76,558,000 after acquiring an additional 129,572 shares during the period. Woodson Capital Management LP grew its holdings in Sweetgreen by 152.6% during the fourth quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock valued at $40,560,000 after purchasing an additional 3,625,000 shares during the period. Spyglass Capital Management LLC raised its stake in shares of Sweetgreen by 4.0% in the third quarter. Spyglass Capital Management LLC now owns 4,056,570 shares of the company’s stock valued at $32,371,000 after buying an additional 156,757 shares during the period. Greenhouse Funds LLLP lifted its position in shares of Sweetgreen by 82.8% during the 3rd quarter. Greenhouse Funds LLLP now owns 3,946,884 shares of the company’s stock valued at $31,496,000 after buying an additional 1,788,175 shares during the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Sweetgreen by 1,428.8% during the 3rd quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock valued at $31,313,000 after buying an additional 3,667,306 shares during the last quarter. Institutional investors own 95.75% of the company’s stock.

About Sweetgreen

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.