Nicolas Jammet, the Chief Concept Officer at Sweetgreen, Inc. (NYSE:SG), recently made significant stock transactions involving the company's Class A Common Stock. On November 25, Jammet sold a total of 26,193 shares, resulting in a total sale value of approximately $1.18 million. The shares were sold at a weighted average price of $45.00 per share.
In addition to these sales, Jammet also executed transactions that involved acquiring shares. He acquired 14,551 shares at an exercise price of $0.96 per share. The transactions were executed under a pre-arranged 10b5-1 trading plan, ensuring compliance with insider trading regulations.
These transactions reflect Jammet's active management of his equity holdings in Sweetgreen, a company known for its focus on healthy and sustainable food options.
In other recent news, Sweetgreen maintained its Buy rating and $45.00 price target from TD Cowen, who expressed a reinforced conviction in the company's growth strategy and the potential of its Infinite Kitchen concept. This confidence is reflected in their above-consensus projections for Sweetgreen's 2025 estimated same-store sales, leading to Sweetgreen's elevation to the #2 pick by the analyst. In addition, Sweetgreen reported a 13% year-over-year increase in sales during its Third Quarter 2024 Earnings Call, reaching $173.4 million, and same-store sales grew by 6%. The company also decreased its net loss to $20.8 million from $25.1 million year-over-year. In further developments, Sweetgreen opened five new restaurants in Q3, bringing the total to 236 locations, with plans to open at least 40 new restaurants in FY 2025, half of which will feature the Infinite Kitchen technology. Despite a slight rise in general and administrative expenses to $36.8 million, Sweetgreen raised its fiscal 2024 guidance, projecting revenue between $675 million to $680 million and same-store sales growth of 6% to 7%. The company also plans for menu expansions and enhanced marketing strategies to broaden its brand beyond salads. These are the recent developments for Sweetgreen.
InvestingPro Insights
Nicolas Jammet's recent stock transactions at Sweetgreen, Inc. (NYSE:SG) align with the company's current market performance and financial position. According to InvestingPro data, Sweetgreen has experienced significant growth, with a remarkable 360.81% price total return over the past year and a 282.92% return year-to-date. This strong performance is reflected in the stock's current price, which stands at 94.82% of its 52-week high.
Despite the impressive stock performance, InvestingPro Tips highlight that Sweetgreen is not profitable over the last twelve months and analysts do not anticipate the company to be profitable this year. This aligns with the reported operating income of -$90.05 million for the last twelve months as of Q3 2023. However, the company's revenue growth of 21.72% over the same period suggests ongoing expansion.
InvestingPro Tips also indicate that Sweetgreen operates with a moderate level of debt and its liquid assets exceed short-term obligations, which could provide some financial stability as the company pursues growth. The stock's volatility, as noted by another InvestingPro Tip, is evident in its significant returns over various time frames, including a 14.17% return in the past week alone.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Sweetgreen, providing deeper insights into the company's financial health and market position.
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