Victory Capital Management Inc. Decreases Stock Holdings in Sweetgreen, Inc. (NYSE:SG)

Victory Capital Management Inc. lowered its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 35.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 284,683 shares of the company’s stock after selling 157,797 shares during the period. Victory Capital Management Inc. owned about 0.25% of Sweetgreen worth $10,092,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Hollencrest Capital Management acquired a new position in shares of Sweetgreen in the third quarter valued at approximately $35,000. Quest Partners LLC acquired a new position in shares of Sweetgreen in the second quarter valued at approximately $76,000. Atomi Financial Group Inc. acquired a new position in Sweetgreen during the third quarter worth approximately $216,000. Versor Investments LP acquired a new position in Sweetgreen during the second quarter worth approximately $217,000. Finally, Precision Wealth Strategies LLC acquired a new position in Sweetgreen during the third quarter worth approximately $227,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Insider Buying and Selling at Sweetgreen

In related news, insider Nicolas Jammet sold 16,751 shares of Sweetgreen stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $40.04, for a total value of $670,710.04. Following the transaction, the insider now directly owns 1,930,233 shares of the company’s stock, valued at $77,286,529.32. The trade was a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bradley E. Singer sold 42,730 shares of Sweetgreen stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $38.09, for a total value of $1,627,585.70. Following the completion of the transaction, the director now directly owns 139,052 shares in the company, valued at approximately $5,296,490.68. This represents a 23.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 503,671 shares of company stock worth $18,138,774 over the last 90 days. Insiders own 21.52% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Bank of America upped their target price on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Piper Sandler restated a “neutral” rating and set a $39.00 price target (up from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. Citigroup lifted 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. Morgan Stanley lifted their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Finally, TD Cowen reaffirmed a “buy” rating and set a $45.00 price objective on shares of Sweetgreen in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Sweetgreen has an average rating of “Moderate Buy” and an average price target of $39.80.

Sweetgreen Stock Performance

Shares of NYSE SG opened at $41.00 on Friday. Sweetgreen, Inc. has a 52 week low of $9.21 and a 52 week high of $42.77. The stock has a market capitalization of $4.74 billion, a P/E ratio of -52.56 and a beta of 2.32. The stock’s fifty day moving average is $36.76 and its 200 day moving average is $32.24.

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.