Sweetgreen Inc. (SG) receives an Overweight rating from Piper Sandler


Sweetgreen Inc.’s filing revealed that its Chief Concept Officer Jammet Nicolas unloaded Company’s shares for reported $0.35 million on Aug 30. In the deal valued at $14.20 per share,25,000 shares were sold. As a result of this transaction, Jammet Nicolas now holds 0 shares worth roughly $ 0.0.

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Then, Reback Mitch sold 14,324 shares, generating $199,104 in total proceeds. Upon selling the shares at $13.90, the Chief Financial Officer now owns 448,206 shares.

Before that, Gemperle Adrienne sold 5,399 shares. Sweetgreen Inc. shares valued at $78,447 were divested by the Chief People Officer at a price of $14.53 per share. As a result of the transaction, Gemperle Adrienne now holds 134,512 shares, worth roughly $1.87 million.

Piper Sandler upgraded its Sweetgreen Inc. [SG] rating to an Overweight from a a Neutral in a research note published on Tuesday, July 31, 2023; the price target was increased to $19 from $13. PT values the company’s stock at a premium of 26.95 to its Tuesday closing price.

Price Performance Review of SG

On Tuesday, Sweetgreen Inc. [NYSE:SG] saw its stock fall -2.12% to $13.88. On the same session, the stock had its day’s lowest price of $13.77, but rose to a high of $14.195. Over the last five days, the stock has gained 1.98%. Sweetgreen Inc. shares have risen nearly 61.96% since the year began. Nevertheless, the stocks have fallen -18.83% over the past one year. While a 52-week high of $20.75 was reached on 07/27/23, a 52-week low of $6.10 was recorded on 03/28/23. SMA at 50 days reached $14.29, while 200 days put it at $10.62. A total of 1.58 million shares were traded, compared to the trading of 0.93 million shares in the previous session.

Levels Of Support And Resistance For SG Stock

The 24-hour chart illustrates a support level at 13.70, which if violated will result in even more drops to 13.52. On the upside, there is a resistance level at 14.13. A further resistance level may holdings at 14.37. The Relative Strength Index (RSI) on the 14-day chart is 48.50, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.19, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 47.04%. Stochastics %K at 64.23% indicates the stock is a holding.

How much short interest is there in Sweetgreen Inc.?

A steep rise in short interest was recorded in Sweetgreen Inc. stocks on Aug 14, 2023, dropping by 10000.0 shares to a total of 11.17 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 11.18 million shares. There was a decline of -0.09%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 13.69% of the overall stock float, the days-to-cover ratio (short ratio) fell to 4.71.

Sweetgreen Inc. [SG] – Who Are The Largest Shareholders?

In filings from Fidelity Management & Research Co, it is revealed that the company now owns 13,997,972 shares, or roughly 14.26% of the outstanding SG shares. In other words, the investor’s shares have risen by 37,316 from its previous 13-F filing of 13960656.0. Additionally, Baillie Gifford & Co. increased 33.23% of its stake after which the total value it holdings stand at $182,756,934, while The Vanguard Group, Inc. added 1.70% of its stake to hold $115.39 million in the firm. Over the last quarter, BlackRock Fund Advisors purchased 662,381 shares of Sweetgreen Inc., while Anchorage Capital Group LLC bought 0 shares. At present, Lone Pine Capital LLC is holding 4,556,503 shares valued at $68.67 million. Neuberger Berman Investment Advis owned 2,981,471 shares of the company at the time of its most recent 13F filing, worth $44.93 million.

According to FactSet, Sweetgreen Inc.’s share price will average $16.00 in the next year, based on opinions of analysts polled by the firm. This is up nearly 9.31 percent from its previous closing price of $14.18. Analysts expect Sweetgreen Inc. stock to reach the higher price of $19.00, while the lowest price estimate is $14.00. However, 9 analysts have rated SG stock as an Overweight in their predictions for 2023.


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