LOS ANGELES—Ru Nathaniel, Chief Brand Officer at Sweetgreen, Inc. (NYSE:SG), recently executed a series of stock transactions involving the company's Class A Common Stock. The transactions come as Sweetgreen's stock has shown remarkable performance, with a 279% return over the past year and a current market capitalization of $4.68 billion. Notably, Nathaniel sold a total of 42,104 shares, generating approximately $1.63 million. The shares were sold at prices ranging from $38.55 to $39.41, according to the SEC filing.
In addition to these sales, Nathaniel acquired 42,104 shares through stock option exercises at a price of $0.96 per share, amounting to a total of $40,419. Following these transactions, Nathaniel's direct ownership of Sweetgreen stock stands at 1,952,129 shares.
These transactions were part of a pre-established trading plan under Rule 10b5-1, implemented on June 10, 2024.
In other recent news, Sweetgreen Inc. has been maintaining a steady growth trajectory, as indicated in its Third Quarter 2024 Earnings Call. The company reported a 13% year-over-year increase in sales, reaching $173.4 million, with same-store sales growing by 6%. It also managed to decrease its net loss to $20.8 million from $25.1 million year-over-year. Additionally, Sweetgreen opened five new restaurants during Q3, bringing the total to 236 locations. The company plans to open at least 40 new restaurants in FY 2025, half of which will feature the innovative Infinite Kitchen technology. TD Cowen, an analyst firm, has kept Sweetgreen's Buy rating and $45.00 price target, citing confidence in the company's growth strategy and the potential of its Infinite Kitchen concept. The firm also sees the Infinite Kitchen as a key factor in margin expansion over the medium term, a detail they believe is currently underappreciated by the market. Sweetgreen's recent developments have led to TD Cowen elevating it to their #2 pick, indicating a strong belief in the company's performance potential.
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