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Sweetgreen , Inc. (NYSE:SG) Chief Financial Officer Mitch Reback recently sold shares of the company’s Class A Common Stock, according to a regulatory filing. On March 17, Reback sold a total of 8,109 shares in two separate transactions. The sales included 4,109 shares at a price of $23.80 each and another 4,000 shares at a weighted average price of $23.88, totaling $97,794. The transactions occurred as the stock trades significantly below its 52-week high of $45.12, with InvestingPro data showing a 31% decline over the past six months.
The sales were part of a pre-arranged trading plan and a mandatory sell-to-cover transaction to satisfy tax withholding obligations. Following these transactions, Reback’s direct ownership in Sweetgreen stands at 350,023 shares. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 2.02, though analysts have recently revised earnings expectations downward.
Additionally, Reback acquired 4,000 shares through the exercise of stock options at a price of $4.78 per share on March 17, valued at $19,120.
Sweetgreen, known for its focus on healthy, fast-casual dining, continues to expand its presence across various markets.
In other recent news, Sweetgreen Inc. reported its fourth-quarter 2024 earnings, revealing results that fell short of analyst expectations. The company posted an earnings per share (EPS) of -$0.25, missing the forecast of -$0.20, and revenue of $160.9 million, slightly below the expected $163.4 million. Despite these setbacks, Sweetgreen achieved a 15% increase in full-year sales, reaching $676.8 million, and reported its first full year of positive adjusted EBITDA at $18.7 million. In related developments, RBC Capital Markets lowered its price target for Sweetgreen to $30 from $45, maintaining an Outperform rating, due to the company’s 2025 guidance falling short of market expectations.
Similarly, UBS revised its price target for Sweetgreen to $35 from $45, citing near-term challenges such as weather conditions and California wildfires but maintaining a Buy rating. TD Cowen also adjusted its price target to $33 from $45, noting a slowdown in year-to-date traffic and same-store sales performance. Piper Sandler, on the other hand, maintained a Neutral rating with a $27 price target, acknowledging Sweetgreen’s long-term growth potential despite current market volatility.
Sweetgreen’s strategic plans include opening at least 40 new locations in 2025, with a focus on its Infinite Kitchen concept, which has shown promising results. The company is also set to enhance its menu offerings and introduce a loyalty program to boost sales. These recent developments highlight the company’s efforts to navigate challenges while focusing on long-term growth strategies.
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