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Jonathan Neman, the CEO of Sweetgreen , Inc. (NYSE:SG), recently sold shares of the company’s stock, according to a recent SEC filing. On March 17, Neman sold 5,717 shares of Class A Common Stock at a price of $23.80 per share, totaling $136,064. The transaction comes amid significant stock volatility, with SG shares down about 31% over the past six months and currently trading above InvestingPro’s Fair Value estimate. This transaction was part of the company’s equity incentive plans, specifically a "sell to cover" transaction to satisfy tax withholding obligations, rather than a discretionary trade by Neman. According to InvestingPro data, Sweetgreen maintains healthy liquidity with a current ratio of 2.02, though analysts project continued losses for the upcoming year.
In addition to this sale, Neman also received a grant of 15,466 Restricted Stock Units (RSUs) on March 15. These RSUs were fully vested upon grant, representing a right to receive an equivalent number of Class A Common Stock shares upon settlement. Furthermore, Neman acquired 223,367 stock options on the same day, which vest quarterly over three years.
Following these transactions, Neman directly owns 1,810,263 shares of Sweetgreen’s Class A Common Stock. Additionally, he holds 943,991 shares indirectly through the JDRB Trust and another 50,000 shares are held by his spouse.
In other recent news, Sweetgreen Inc. reported its fourth-quarter 2024 earnings, which did not meet analyst expectations. The company’s earnings per share were -$0.25, falling short of the forecasted -$0.20, while revenue reached $160.9 million, slightly below the expected $163.4 million. Full-year sales, however, grew by 15% to $676.8 million, marking Sweetgreen’s first full year of positive adjusted EBITDA at $18.7 million. Despite these achievements, the earnings miss led to a significant drop in the company’s stock value.
In terms of analyst actions, Piper Sandler maintained a Neutral rating with a $27 price target, indicating cautious optimism about Sweetgreen’s long-term growth potential. UBS, TD Cowen, and RBC Capital revised their price targets downward to $35, $33, and $30, respectively, while maintaining Buy ratings. These revisions reflect the challenges Sweetgreen faced, including slower same-store sales growth and external factors like weather conditions and wildfires.
Sweetgreen’s strategic plans for 2025 include opening at least 40 new locations, with a focus on expanding its Infinite Kitchen concept. The company aims to enhance menu offerings and introduce a loyalty program, which are expected to drive future sales growth. Despite the current challenges, analysts from firms like UBS and RBC Capital remain optimistic about Sweetgreen’s long-term prospects, citing its growth strategy and innovation efforts as key factors.
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