Bank of New York Mellon Corp Increases Position in Sweetgreen, Inc. (NYSE:SG)

Bank of New York Mellon Corp lifted its holdings in Sweetgreen, Inc. (NYSE:SG) by 13.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 303,914 shares of the company’s stock after buying an additional 36,281 shares during the period. Bank of New York Mellon Corp owned approximately 0.26% of Sweetgreen worth $9,743,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SG. Denver PWM LLC purchased a new position in Sweetgreen in the fourth quarter valued at approximately $60,000. Handelsbanken Fonder AB lifted its stake in Sweetgreen by 41.2% in the fourth quarter. Handelsbanken Fonder AB now owns 24,000 shares of the company’s stock valued at $769,000 after purchasing an additional 7,000 shares during the last quarter. Csenge Advisory Group purchased a new position in Sweetgreen in the fourth quarter valued at approximately $426,000. Rhumbline Advisers lifted its stake in Sweetgreen by 2.6% in the fourth quarter. Rhumbline Advisers now owns 138,002 shares of the company’s stock valued at $4,424,000 after purchasing an additional 3,562 shares during the last quarter. Finally, Valeo Financial Advisors LLC purchased a new position in Sweetgreen in the fourth quarter valued at approximately $214,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Price Performance

SG stock opened at $23.83 on Friday. The firm has a 50 day simple moving average of $28.16 and a two-hundred day simple moving average of $33.27. The stock has a market cap of $2.79 billion, a PE ratio of -30.55 and a beta of 2.44. Sweetgreen, Inc. has a one year low of $18.77 and a one year high of $45.12.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. The Goldman Sachs Group dropped their target price on Sweetgreen from $37.00 to $32.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Royal Bank of Canada reissued an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a report on Tuesday, February 25th. Morgan Stanley reduced their target price on Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st. UBS Group lowered their price target on shares of Sweetgreen from $45.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, TD Cowen reaffirmed a “buy” rating and set a $45.00 price objective on shares of Sweetgreen in a research note on Monday, November 18th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.27.

Insider Transactions at Sweetgreen

In other news, CFO Mitch Reback sold 10,926 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $26.43, for a total value of $288,774.18. Following the completion of the sale, the chief financial officer now directly owns 344,055 shares in the company, valued at approximately $9,093,373.65. The trade was a 3.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 21.52% of the stock is currently owned by insiders.

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.