Nicolas Jammet, Chief Concept Officer at Sweetgreen, Inc. (NYSE:SG), recently sold $1.62 million worth of Class A Common Stock. The sale, disclosed in a recent SEC filing, involved two separate transactions. The timing is notable as Sweetgreen's stock has seen remarkable performance, with a 279% return over the past year according to InvestingPro data.
On December 3, Jammet sold 35,390 shares at an average price of $38.55 per share, and an additional 6,609 shares at an average price of $39.39 per share. These transactions were executed under a pre-arranged 10b5-1 trading plan, dated June 10, 2024. The company, currently valued at $4.68 billion, maintains strong liquidity with a current ratio of 2.59.
In a related transaction, Jammet also exercised stock options to acquire 41,999 shares of Class A Common Stock at a price of $0.96 per share, which were subsequently sold as part of the transactions mentioned above.
Following these transactions, Jammet holds 1,930,233 shares of Sweetgreen's Class A Common Stock directly, with additional holdings in various trusts.
In other recent news, Sweetgreen Inc. demonstrated robust growth in its Third Quarter 2024 Earnings Call. The company reported a 13% year-over-year increase in sales, reaching $173.4 million, and same-store sales grew by 6%. Furthermore, Sweetgreen decreased its net loss to $20.8 million from $25.1 million year-over-year. The company also opened five new restaurants in Q3, bringing the total to 236 locations, and plans to open at least 40 new restaurants in FY 2025, half of which will feature the innovative Infinite Kitchen technology. TD Cowen maintained its Buy rating and $45.00 price target for Sweetgreen, reinforcing a belief in the company's growth strategy and the potential of its Infinite Kitchen concept. The firm sees the Infinite Kitchen as a key factor in margin expansion over the medium term. Lastly, Sweetgreen raised its fiscal 2024 guidance, projecting revenue between $675 million to $680 million and same-store sales growth of 6% to 7%.
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