Rhumbline Advisers Buys 5,301 Shares of Sweetgreen, Inc. (NYSE:SG)

Rhumbline Advisers boosted its holdings in Sweetgreen, Inc. (NYSE:SG) by 3.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 141,344 shares of the company’s stock after acquiring an additional 5,301 shares during the quarter. Rhumbline Advisers owned 0.12% of Sweetgreen worth $4,260,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Quest Partners LLC purchased a new stake in shares of Sweetgreen during the 4th quarter valued at about $104,000. Versor Investments LP bought a new stake in shares of Sweetgreen during the 2nd quarter valued at about $217,000. Perigon Wealth Management LLC purchased a new stake in shares of Sweetgreen during the 1st quarter valued at about $223,000. Moloney Securities Asset Management LLC purchased a new position in shares of Sweetgreen in the second quarter worth approximately $256,000. Finally, Entropy Technologies LP bought a new position in Sweetgreen in the 1st quarter worth $279,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Price Performance

NYSE:SG opened at $34.15 on Tuesday. Sweetgreen, Inc. has a 1-year low of $8.64 and a 1-year high of $38.53. The company has a 50-day moving average of $29.61 and a 200 day moving average of $27.44. The firm has a market cap of $3.87 billion, a PE ratio of -36.72 and a beta of 2.32.

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

Analyst Ratings Changes

SG has been the subject of several analyst reports. Morgan Stanley increased their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Oppenheimer lifted their target price on shares of Sweetgreen from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. UBS Group raised their price target on Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a report on Friday, August 9th. Citigroup increased their target price on Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Finally, TD Cowen upgraded Sweetgreen from a “hold” rating to a “buy” rating and upped their price target for the stock from $31.00 to $43.00 in a research note on Wednesday, September 4th. Three 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 stock has a consensus rating of “Moderate Buy” and a consensus target price of $38.20.

Insiders Place Their Bets

In related news, CEO Jonathan Neman sold 7,400 shares of Sweetgreen stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $28.81, for a total transaction of $213,194.00. Following the completion of the sale, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at $55,609,868.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Mitch Reback sold 9,156 shares of the stock in a transaction on 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 directly owns 379,181 shares of the company’s stock, valued at $13,881,816.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jonathan Neman sold 7,400 shares of Sweetgreen stock in a transaction on Monday, September 9th. The shares were sold at an average price of $28.81, for a total transaction of $213,194.00. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at approximately $55,609,868.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 387,766 shares of company stock valued at $13,727,906. 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.