Sweetgreen, Inc. (NYSE:SG) Stake Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 37.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 671,045 shares of the company’s stock after acquiring an additional 181,805 shares during the quarter. JPMorgan Chase & Co. owned 0.58% of Sweetgreen worth $23,789,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Driehaus Capital Management LLC lifted its holdings in shares of Sweetgreen by 231.8% in the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after purchasing an additional 1,878,216 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Sweetgreen during the second quarter valued at $29,109,000. Stephens Investment Management Group LLC lifted its stake in Sweetgreen by 139.9% in the 3rd quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock worth $33,299,000 after acquiring an additional 547,816 shares in the last quarter. Hood River Capital Management LLC lifted its stake in Sweetgreen by 42.6% in the 2nd quarter. Hood River Capital Management LLC now owns 1,643,028 shares of the company’s stock worth $49,521,000 after acquiring an additional 490,806 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its position in Sweetgreen by 13.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock worth $82,032,000 after acquiring an additional 272,340 shares during the period. Institutional investors and hedge funds own 95.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Oppenheimer reduced their price target on shares of Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a research report on Tuesday. UBS Group increased their target price on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. TD Cowen restated a “buy” rating and set a $45.00 price target on shares of Sweetgreen in a report on Monday, November 18th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $40.00 price target on shares of Sweetgreen in a research note on Friday, November 8th. Finally, KeyCorp began coverage on Sweetgreen in a research report on Wednesday, December 11th. They set a “sector weight” rating for the company. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.40.

Sweetgreen Stock Performance

SG opened at $32.18 on Thursday. The company has a market cap of $3.72 billion, a PE ratio of -41.26 and a beta of 2.38. The stock has a 50-day moving average of $36.95 and a 200-day moving average of $33.60. Sweetgreen, Inc. has a 52-week low of $9.66 and a 52-week high of $45.12.

Insiders Place Their Bets

In other news, insider Nathaniel Ru sold 1,263 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $40.01, for a total transaction of $50,532.63. Following the transaction, the insider now owns 1,952,129 shares in the company, valued at approximately $78,104,681.29. The trade was a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Nicolas Jammet sold 170,199 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $37.73, for a total value of $6,421,608.27. Following the completion of the sale, the insider now owns 1,760,034 shares of the company’s stock, valued at $66,406,082.82. This represents a 8.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 640,838 shares of company stock valued at $24,800,733 over the last 90 days. 21.52% of the stock is currently owned by company insiders.

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.