Renaissance Technologies LLC Takes $29.11 Million Position in Sweetgreen, Inc. (NYSE:SG)

Renaissance Technologies LLC bought a new position in Sweetgreen, Inc. (NYSE:SG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 965,800 shares of the company’s stock, valued at approximately $29,109,000. Renaissance Technologies LLC owned about 0.85% of Sweetgreen at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SG. Dimensional Fund Advisors LP lifted its stake in shares of Sweetgreen by 2.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,763,572 shares of the company’s stock worth $53,151,000 after purchasing an additional 39,823 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in Sweetgreen by 32.7% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 26,079 shares of the company’s stock worth $786,000 after purchasing an additional 6,419 shares during the period. Thoroughbred Financial Services LLC purchased a new position in Sweetgreen during the second quarter valued at $233,000. Nicholas Investment Partners LP bought a new stake in Sweetgreen during the second quarter valued at about $1,143,000. Finally, American Century Companies Inc. grew its holdings in Sweetgreen by 795.0% during the second quarter. American Century Companies Inc. now owns 101,585 shares of the company’s stock valued at $3,062,000 after purchasing an additional 90,235 shares during the period. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Insider Activity

In other news, CFO Mitch Reback sold 9,156 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $36.61, for a total transaction of $335,201.16. Following the completion of the transaction, the chief financial officer now directly owns 379,181 shares in the company, valued at approximately $13,881,816.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Jonathan Neman sold 17,020 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $35.08, for a total transaction of $597,061.60. Following the sale, the chief executive officer now owns 1,930,228 shares in the company, valued at approximately $67,712,398.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $335,201.16. Following the sale, the chief financial officer now owns 379,181 shares in the company, valued at approximately $13,881,816.41. The disclosure for this sale can be found here. In the last ninety days, insiders sold 426,061 shares of company stock worth $15,071,720. 21.52% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SG shares. Bank of America lifted their price objective on Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 19th. TD Cowen raised Sweetgreen from a “hold” rating to a “buy” rating and lifted their price objective for the company from $31.00 to $43.00 in a research report on Wednesday, September 4th. Piper Sandler reaffirmed a “neutral” rating and set a $39.00 price objective (up from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. Royal Bank of Canada lifted their price objective on Sweetgreen from $35.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Finally, Citigroup lifted their price objective on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $38.20.

Sweetgreen Trading Up 5.2 %

NYSE SG opened at $35.97 on Friday. The stock’s 50 day moving average is $30.00 and its 200 day moving average is $27.61. Sweetgreen, Inc. has a 12 month low of $8.64 and a 12 month high of $38.53. The stock has a market cap of $4.11 billion, a PE ratio of -38.68 and a beta of 2.32.

Sweetgreen (NYSE:SG) last posted its earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $184.60 million for the quarter, compared to the consensus estimate 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 revenue was up 21.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.20) earnings per share. On average, analysts forecast that Sweetgreen, Inc. will post -0.75 EPS for the current fiscal year.

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.