PNC Financial Services Group Inc. Purchases 830 Shares of Sweetgreen, Inc. (NYSE:SG)

PNC Financial Services Group Inc. increased its position in Sweetgreen, Inc. (NYSE:SG) by 2.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,398 shares of the company’s stock after purchasing an additional 830 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sweetgreen were worth $468,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Sweetgreen by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 8,350,552 shares of the company’s stock worth $94,361,000 after purchasing an additional 224,522 shares in the last quarter. Conrad N. Hilton Foundation bought a new position in Sweetgreen in the fourth quarter worth approximately $434,000. Verition Fund Management LLC bought a new position in Sweetgreen in the fourth quarter worth approximately $8,452,000. Teca Partners LP bought a new position in Sweetgreen in the fourth quarter worth approximately $8,475,000. Finally, Armistice Capital LLC bought a new position in Sweetgreen in the fourth quarter worth approximately $1,412,000. Institutional investors own 95.75% of the company’s stock.

Wall Street Analysts Forecast Growth

SG has been the topic of several recent research reports. TD Cowen increased their target price on Sweetgreen from $26.00 to $31.00 and gave the company a “hold” rating in a research report on Thursday, June 13th. Piper Sandler increased their target price on Sweetgreen from $16.00 to $19.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. Citigroup increased their target price on Sweetgreen from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. Morgan Stanley increased their target price on Sweetgreen from $16.00 to $17.00 and gave the company an “underweight” rating in a research report on Friday, May 10th. Finally, Oppenheimer increased their price objective on Sweetgreen from $17.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Sweetgreen presently has an average rating of “Moderate Buy” and a consensus target price of $29.67.

Insider Buying and Selling

In related news, CEO Jonathan Neman sold 150,000 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the transaction, the chief executive officer now owns 2,100,000 shares in the company, valued at approximately $64,050,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Sweetgreen news, CEO Jonathan Neman sold 150,000 shares of Sweetgreen stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the transaction, the chief executive officer now owns 2,100,000 shares in the company, valued at approximately $64,050,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Adrienne Gemperle sold 6,808 shares of Sweetgreen stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $30.95, for a total value of $210,707.60. Following the transaction, the insider now owns 118,710 shares of the company’s stock, valued at approximately $3,674,074.50. The disclosure for this sale can be found here. Insiders sold 440,692 shares of company stock worth $13,738,038 in the last 90 days. Insiders own 21.52% of the company’s stock.

Sweetgreen Price Performance

Shares of SG stock opened at $29.47 on Friday. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -31.69 and a beta of 2.34. The business has a fifty day moving average of $28.74 and a 200 day moving average of $19.97. Sweetgreen, Inc. has a 1 year low of $8.64 and a 1 year high of $36.72.

Sweetgreen (NYSE:SG) last issued its earnings results on Thursday, May 9th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). The firm had revenue of $157.85 million during the quarter, compared to analysts’ expectations of $152.02 million. Sweetgreen had a negative return on equity of 20.74% and a negative net margin of 17.15%. The business’s revenue was up 26.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.29) EPS. As a group, equities research analysts expect that Sweetgreen, Inc. will post -0.73 earnings per share for the current year.

About Sweetgreen

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.