Thoroughbred Financial Services LLC Acquires New Shares in Sweetgreen, Inc. (NYSE:SG)

Thoroughbred Financial Services LLC acquired a new stake in shares of Sweetgreen, Inc. (NYSE:SG) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 7,739 shares of the company’s stock, valued at approximately $233,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. PNC Financial Services Group Inc. boosted its position in Sweetgreen by 2.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 41,398 shares of the company’s stock worth $468,000 after acquiring an additional 830 shares during the period. Principal Financial Group Inc. boosted its position in Sweetgreen by 11.7% during the 1st quarter. Principal Financial Group Inc. now owns 12,762 shares of the company’s stock worth $322,000 after acquiring an additional 1,337 shares during the period. Swiss National Bank boosted its position in Sweetgreen by 0.9% during the 1st quarter. Swiss National Bank now owns 176,600 shares of the company’s stock worth $4,461,000 after acquiring an additional 1,500 shares during the period. ProShare Advisors LLC boosted its position in Sweetgreen by 9.9% during the 1st quarter. ProShare Advisors LLC now owns 17,584 shares of the company’s stock worth $444,000 after acquiring an additional 1,585 shares during the period. Finally, Panagora Asset Management Inc. boosted its position in Sweetgreen by 1.0% during the 4th quarter. Panagora Asset Management Inc. now owns 182,254 shares of the company’s stock worth $2,059,000 after acquiring an additional 1,733 shares during the period. Institutional investors and hedge funds own 95.75% of the company’s stock.

Sweetgreen Stock Down 1.3 %

Shares of Sweetgreen stock opened at $33.72 on Wednesday. The stock’s fifty day moving average is $29.79 and its 200-day moving average is $27.57. The firm has a market capitalization of $3.82 billion, a PE ratio of -36.26 and a beta of 2.32. Sweetgreen, Inc. has a 12-month low of $8.64 and a 12-month high of $38.53.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The business had revenue of $184.60 million for the quarter, compared to analyst estimates of $180.79 million. Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.34%. The firm’s quarterly revenue was up 21.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.20) earnings per share. Analysts expect that Sweetgreen, Inc. will post -0.75 EPS for the current year.

Insider Activity at Sweetgreen

In related news, insider Nicolas Jammet sold 21,275 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $35.10, for a total transaction of $746,752.50. Following the transaction, the insider now directly owns 1,930,233 shares of the company’s stock, valued at $67,751,178.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Nicolas Jammet sold 21,275 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $35.10, for a total transaction of $746,752.50. Following the transaction, the insider now directly owns 1,930,233 shares of the company’s stock, valued at $67,751,178.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jonathan Neman sold 169,772 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.77, for a total value of $6,072,744.44. Following the completion of the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at approximately $69,044,255.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 426,061 shares of company stock valued at $15,071,720. Company insiders own 21.52% of the company’s stock.

Wall Street Analyst Weigh In

SG has been the topic of a number of research reports. Bank of America boosted their price objective on Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Piper Sandler reissued a “neutral” rating and issued a $39.00 price objective (up previously from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. The Goldman Sachs Group initiated coverage on Sweetgreen in a research note on Thursday, June 13th. They issued a “buy” rating and a $39.00 price objective on the stock. Morgan Stanley boosted their price objective on Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Friday, August 9th. Finally, Royal Bank of Canada boosted their price objective on Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $38.20.

Sweetgreen Company 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.