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Sweetgreen chief concept officer sells shares worth $1.35 million

Published 12/10/2024, 08:04 AM
SG
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Nicolas Jammet, the Chief Concept Officer of Sweetgreen, Inc. (NYSE:SG), recently sold shares of the company valued at approximately $1.35 million. The transactions occurred on December 5, according to an SEC filing. The sale comes as Sweetgreen, with a market capitalization of $4.86 billion, has seen remarkable growth with a 233% year-to-date return according to InvestingPro data.

Jammet sold a total of 33,598 shares of Sweetgreen's Class A Common Stock. The shares were sold at a weighted average price ranging between $40.09 and $40.58. Following these transactions, Jammet no longer holds any shares directly, as per the filing.

The sales were made under a pre-arranged 10b5-1 trading plan, a common mechanism used by insiders to sell stocks. The shares were part of a trust arrangement, specifically the Nicolas Jammet Revocable Trust, as noted in the filing's footnotes.

Sweetgreen, known for its health-focused fast-casual dining, has seen fluctuating stock prices, prompting interest in insider trading activities. With analyst price targets ranging from $32 to $45 and a current FAIR financial health rating, investors often watch such moves closely, as they can signal the executive's perspective on the company's future performance.

In other recent news, Sweetgreen Incorporated demonstrated consistent growth in its Q3 2024 earnings call. The company reported 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, a reduction from the previous year's $25.1 million.

The company's expansion strategy is also noteworthy, with five new restaurants opened in Q3, bringing the total to 236 locations. Sweetgreen plans to open at least 40 new restaurants in FY 2025, half of which will feature the innovative Infinite Kitchen technology.

Simultaneously, TD Cowen maintains a Buy rating for Sweetgreen, expressing confidence in the company's growth strategy and the potential of its Infinite Kitchen concept. The firm anticipates that the expansion of average unit volume (AUV) through the Infinite Kitchen will be crucial for the company's growth narrative.

Sweetgreen's fiscal 2024 guidance has been raised, projecting revenue between $675 million to $680 million and same-store sales growth of 6% to 7%. These recent developments indicate the company's commitment to growth and innovation.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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