Sweetgreen, Inc. (NYSE:SG) Short Interest Update

Sweetgreen, Inc. (NYSE:SG) was the recipient of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 20,120,000 shares, an increase of 23.4% from the February 13th total of 16,300,000 shares. Based on an average daily volume of 3,380,000 shares, the days-to-cover ratio is presently 6.0 days. Approximately 20.7% of the company’s shares are sold short.

Insiders Place Their Bets

In other Sweetgreen news, CFO Mitch Reback sold 8,000 shares of Sweetgreen stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $33.13, for a total transaction of $265,040.00. Following the transaction, the chief financial officer now directly owns 350,981 shares of the company’s stock, valued at $11,628,000.53. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nathaniel Ru sold 2,123 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $23.80, for a total value of $50,527.40. Following the completion of the transaction, the director now directly owns 1,785,099 shares in the company, valued at approximately $42,485,356.20. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,852 shares of company stock worth $1,052,177. 21.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. raised its stake in shares of Sweetgreen by 9.9% in the third quarter. Oppenheimer & Co. Inc. now owns 26,483 shares of the company’s stock worth $939,000 after buying an additional 2,380 shares during the period. KBC Group NV raised its stake in Sweetgreen by 29.1% during the 3rd quarter. KBC Group NV now owns 3,127 shares of the company’s stock worth $111,000 after acquiring an additional 704 shares during the period. Natixis Advisors LLC lifted its holdings in Sweetgreen by 91.9% during the third quarter. Natixis Advisors LLC now owns 30,380 shares of the company’s stock valued at $1,077,000 after purchasing an additional 14,545 shares in the last quarter. Quest Partners LLC boosted its position in shares of Sweetgreen by 68.4% in the third quarter. Quest Partners LLC now owns 4,256 shares of the company’s stock worth $151,000 after purchasing an additional 1,728 shares during the period. Finally, GLOBALT Investments LLC GA purchased a new stake in shares of Sweetgreen in the third quarter worth $591,000. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SG. Oppenheimer decreased their price objective on Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Piper Sandler lowered their target price on Sweetgreen from $39.00 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. UBS Group reduced their target price on shares of Sweetgreen from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Royal Bank of Canada reissued an “outperform” rating and issued a $45.00 target price on shares of Sweetgreen in a report on Tuesday, February 25th. Finally, KeyCorp assumed coverage on Sweetgreen in a research report on Wednesday, December 11th. They issued a “sector weight” rating for the company. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.27.

Sweetgreen Stock Up 0.3 %

SG traded up $0.06 during trading on Wednesday, hitting $23.70. The company’s stock had a trading volume of 323,461 shares, compared to its average volume of 3,075,580. The business’s 50 day simple moving average is $27.78 and its 200-day simple moving average is $33.16. The firm has a market cap of $2.78 billion, a PE ratio of -30.39 and a beta of 2.44. Sweetgreen has a one year low of $18.77 and a one year high of $45.12.

About Sweetgreen

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.