Quest Partners LLC Makes New Investment in Sweetgreen, Inc. (NYSE:SG)

Quest Partners LLC purchased a new stake in shares of Sweetgreen, Inc. (NYSE:SG) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,528 shares of the company’s stock, valued at approximately $76,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Versor Investments LP acquired a new position in shares of Sweetgreen during the 2nd quarter valued at $217,000. Perigon Wealth Management LLC acquired a new position in Sweetgreen during the first quarter worth about $223,000. Moloney Securities Asset Management LLC bought a new stake in Sweetgreen in the second quarter worth about $256,000. Entropy Technologies LP acquired a new stake in Sweetgreen in the 1st quarter valued at about $279,000. Finally, Commonwealth Equity Services LLC bought a new position in shares of Sweetgreen during the 2nd quarter valued at about $279,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SG. TD Cowen raised Sweetgreen from a “hold” rating to a “buy” rating and raised their price objective for the stock from $31.00 to $43.00 in a research note on Wednesday, September 4th. Royal Bank of Canada lifted their price target on Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. JPMorgan Chase & Co. upped their price objective on shares of Sweetgreen from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. UBS Group lifted their target price on shares of Sweetgreen from $31.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Morgan Stanley upped their price target on shares of Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $38.20.

Insider Activity at Sweetgreen

In related news, CFO Mitch Reback sold 9,156 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.61, for a total value of $335,201.16. Following the completion of the sale, the chief financial officer now owns 379,181 shares in the company, valued at $13,881,816.41. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Nathaniel Ru sold 9,250 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $28.74, for a total transaction of $265,845.00. Following the completion of the transaction, the insider now directly owns 1,952,129 shares of the company’s stock, valued at approximately $56,104,187.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mitch Reback sold 9,156 shares of Sweetgreen stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.61, for a total transaction of $335,201.16. Following the sale, the chief financial officer now owns 379,181 shares in the company, valued at $13,881,816.41. The disclosure for this sale can be found here. Insiders sold a total of 426,061 shares of company stock worth $15,071,720 in the last ninety days. 21.52% of the stock is currently owned by insiders.

Sweetgreen Stock Performance

Shares of SG stock opened at $33.72 on Wednesday. The stock’s 50 day simple moving average is $29.79 and its 200 day simple moving average is $27.57. Sweetgreen, Inc. has a twelve month low of $8.64 and a twelve month high of $38.53. The company has a market capitalization of $3.82 billion, a price-to-earnings ratio of -36.26 and a beta of 2.32.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $184.60 million during the quarter, compared to the consensus estimate of $180.79 million. Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The business’s revenue was up 21.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.20) EPS. On average, analysts forecast that Sweetgreen, Inc. will post -0.75 EPS for the current fiscal year.

Sweetgreen Profile

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.