In a recent transaction reported to the Securities and Exchange Commission, Nicolas Jammet, Chief Concept Officer and director at Sweetgreen, Inc. (NYSE:SG), sold a significant portion of his holdings in the company. On December 13, Jammet sold 170,199 shares of Sweetgreen's Class A common stock at a price of $37.73 per share, amounting to a total transaction value of approximately $6.42 million. The transaction comes as Sweetgreen, now valued at nearly $4 billion, has seen its stock surge over 225% in the past year, according to InvestingPro data.
Following this sale, Jammet retains ownership of 1,760,034 shares, which includes 1.5 million shares subject to restricted stock units that vest over time based on the company's stock performance. The sale was executed as part of a mandated transaction to cover tax withholding obligations under Sweetgreen's equity incentive plans, and not as a discretionary trade by Jammet. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 2.59, while operating with moderate debt levels. Discover more insights and 8 additional ProTips about Sweetgreen in the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Sweetgreen Inc. has been making notable strides in its financial performance and strategic developments. The firm has reported a 13% increase in year-over-year sales, totaling $173.4 million, and a 6% growth in same-store sales. Additionally, Sweetgreen has managed to decrease its net loss to $20.8 million from $25.1 million year-over-year.
KeyBanc Capital Markets initiated coverage on Sweetgreen, assigning a "Sector Weight" rating to the company's shares. The firm identified Sweetgreen as a brand with significant growth potential, particularly in terms of its 'Infinite Kitchen' concept, which is seen as a unique advantage for the brand.
TD Cowen maintained a Buy rating on Sweetgreen's shares and elevated it to their #2 pick, expressing reinforced conviction in the company's growth strategy and the potential of its Infinite Kitchen concept. The firm's projections for Sweetgreen's 2025 estimated same-store sales have led to this optimistic stance.
On the expansion front, Sweetgreen opened five new restaurants in the third quarter, bringing the total to 236 locations. The company has ambitious plans to open at least 40 new restaurants in FY 2025, half of which will feature the Infinite Kitchen technology. These are recent developments that highlight Sweetgreen's ongoing growth trajectory and strategic expansions.
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