Short Interest in Sweetgreen, Inc. (NYSE:SG) Increases By 23.4%

Sweetgreen, Inc. (NYSE:SG) saw a significant increase in short interest in 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 trading volume, of 3,380,000 shares, the days-to-cover ratio is currently 6.0 days. Currently, 20.7% of the company’s shares are short sold.

Analysts Set New Price Targets

SG has been the topic of several recent research reports. UBS Group cut their price objective 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. Oppenheimer cut their price objective on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group cut their price objective on shares of Sweetgreen from $37.00 to $32.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. TD Securities cut their price objective on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a research report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.27.

Sweetgreen Trading Up 1.2 %

Shares of Sweetgreen stock opened at $23.92 on Thursday. The company’s fifty day simple moving average is $27.61 and its 200-day simple moving average is $33.10. The company has a market cap of $2.81 billion, a price-to-earnings ratio of -30.66 and a beta of 2.44. Sweetgreen has a 1 year low of $18.77 and a 1 year high of $45.12.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Sweetgreen

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC boosted its stake in Sweetgreen by 4.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,191 shares of the company’s stock worth $936,000 after buying an additional 1,278 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Sweetgreen during the fourth quarter worth $5,492,000. Forum Financial Management LP boosted its stake in Sweetgreen by 17.5% during the fourth quarter. Forum Financial Management LP now owns 8,112 shares of the company’s stock worth $260,000 after buying an additional 1,209 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Sweetgreen during the fourth quarter worth $395,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Sweetgreen by 18.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 226,552 shares of the company’s stock worth $7,263,000 after buying an additional 35,276 shares in the last quarter. Institutional investors and hedge funds 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.