LOS ANGELES—Mitch Reback, the Chief Financial Officer of Sweetgreen, Inc. (NYSE:SG), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Reback disposed of shares valued at approximately $2.7 million. The sale comes as Sweetgreen's stock has shown remarkable performance, with a 223% gain year-to-date and currently trading at $38.83.
The transactions, which took place on December 9, involved the sale of multiple blocks of Sweetgreen's Class A common stock. The shares were sold at prices ranging from $37.28 to $41.22 per share. Following these transactions, Reback holds 43,901 shares directly, with additional shares held in trust.
These sales were executed under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks. Such plans are often used to avoid conflicts of interest and accusations of insider trading.
Sweetgreen, known for its focus on healthy food options, continues to expand its presence in the fast-casual dining sector. Investors will be watching closely to see how these insider transactions might impact the company's stock performance in the coming months.
In other recent news, Sweetgreen Inc. has been making notable strides in its growth strategy. The company's third quarter 2024 earnings report showed a 13% year-over-year increase in sales, reaching $173.4 million, and a 6% growth in same-store sales. Sweetgreen also managed to decrease its net loss to $20.8 million from $25.1 million year-over-year.
In terms of expansion, Sweetgreen opened five new restaurants during the third quarter, taking the total to 236 locations. The company also announced plans to open at least 40 new restaurants in FY 2025, half of which will feature its innovative Infinite Kitchen technology.
On the analyst front, KeyBanc Capital Markets initiated coverage on Sweetgreen with a "Sector Weight" rating, acknowledging the brand's significant growth potential. Meanwhile, TD Cowen maintained its Buy rating on Sweetgreen, expressing confidence in the company's growth strategy and its Infinite Kitchen concept.
These developments highlight Sweetgreen's steady growth and strategic expansions, as well as the positive outlook from analysts.
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