Commonwealth Equity Services LLC Makes New Investment in Sweetgreen, Inc. (NYSE:SG)

Commonwealth Equity Services LLC bought a new position 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 (SEC). The fund bought 9,262 shares of the company’s stock, valued at approximately $279,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new stake in shares of Sweetgreen during the fourth quarter worth about $104,000. Perigon Wealth Management LLC purchased a new stake in Sweetgreen in the first quarter valued at approximately $223,000. Moloney Securities Asset Management LLC purchased a new stake in Sweetgreen in the second quarter valued at approximately $256,000. Entropy Technologies LP purchased a new stake in Sweetgreen in the first quarter valued at approximately $279,000. Finally, Counterpoint Mutual Funds LLC purchased a new stake in Sweetgreen in the first quarter valued at approximately $286,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SG. UBS Group boosted their target price on shares of Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a report on Friday, August 9th. Oppenheimer boosted their price objective on shares of Sweetgreen from $36.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Citigroup boosted their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. The Goldman Sachs Group started coverage on shares of Sweetgreen in a research note on Thursday, June 13th. They set a “buy” rating and a $39.00 price objective for the company. Finally, Piper Sandler reiterated a “neutral” rating and set a $39.00 price objective (up from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Sweetgreen has an average rating of “Moderate Buy” and an average target price of $38.20.

Sweetgreen Price Performance

SG opened at $36.51 on Wednesday. The stock has a market capitalization of $4.14 billion, a PE ratio of -39.26 and a beta of 2.32. The firm’s fifty day moving average price is $30.65 and its 200 day moving average price is $28.06. Sweetgreen, Inc. has a 12-month low of $8.64 and a 12-month high of $38.53.

Sweetgreen (NYSE:SG) last released its 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). Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.34%. The business had revenue of $184.60 million for the quarter, compared to the consensus estimate of $180.79 million. During the same quarter in the previous year, the firm earned ($0.20) EPS. The firm’s revenue for the quarter was up 21.0% on a year-over-year basis. On average, equities research analysts forecast that Sweetgreen, Inc. will post -0.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Sweetgreen

In other news, CEO Jonathan Neman sold 17,020 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $35.08, for a total transaction of $597,061.60. Following the completion of the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at $67,712,398.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Jonathan Neman sold 17,020 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $35.08, for a total transaction of $597,061.60. Following the completion of the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at $67,712,398.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mitch Reback sold 9,156 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.61, for a total transaction of $335,201.16. Following the transaction, the chief financial officer now owns 379,181 shares of the company’s stock, valued at approximately $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 over the last 90 days. Insiders own 21.52% of the company’s stock.

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.