Broad Bay Capital Management LP Lowers Position in Sweetgreen, Inc. (NYSE:SG)

Broad Bay Capital Management LP cut its holdings in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) by 60.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 265,203 shares of the company's stock after selling 410,300 shares during the period. Sweetgreen comprises approximately 1.0% of Broad Bay Capital Management LP's investment portfolio, making the stock its 20th biggest position. Broad Bay Capital Management LP owned 0.23% of Sweetgreen worth $8,502,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. FMR LLC increased its position in Sweetgreen by 3.4% during the 4th quarter. FMR LLC now owns 10,103,969 shares of the company's stock worth $323,933,000 after purchasing an additional 329,789 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Sweetgreen by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company's stock worth $306,009,000 after buying an additional 351,240 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Sweetgreen by 40.9% in the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock valued at $176,850,000 after acquiring an additional 1,601,666 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Sweetgreen by 30.1% in the 4th quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company's stock valued at $142,106,000 after acquiring an additional 1,025,341 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Sweetgreen by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 2,281,671 shares of the company's stock valued at $73,167,000 after acquiring an additional 32,262 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. UBS Group dropped their target price on Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Monday. TD Securities cut their target price on shares of Sweetgreen from $45.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Morgan Stanley decreased their price target on shares of Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Friday. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $25.00 price target (down previously from $32.00) on shares of Sweetgreen in a research note on Tuesday. Finally, Oppenheimer reduced their price objective on shares of Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $32.18.

Insider Transactions at Sweetgreen

In related news, Director Nathaniel Ru sold 2,123 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $23.80, for a total transaction of $50,527.40. Following the transaction, the director now directly owns 1,785,099 shares of the company's stock, valued at approximately $42,485,356.20. This represents a 0.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mitch Reback sold 10,926 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the transaction, the chief financial officer now 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 disclosure for this sale can be found here. Insiders sold a total of 35,852 shares of company stock valued at $871,417 in the last quarter. 21.52% of the stock is currently owned by company insiders.

Sweetgreen Stock Down 15.6 %

SG traded down $2.84 during trading on Friday, reaching $15.33. 19,041,978 shares of the stock traded hands, compared to its average volume of 3,484,551. The stock's 50-day moving average is $21.86 and its 200 day moving average is $29.65. Sweetgreen, Inc. has a 12 month low of $14.62 and a 12 month high of $45.12. The stock has a market capitalization of $1.80 billion, a PE ratio of -19.65 and a beta of 2.31.

Sweetgreen (NYSE:SG - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, meeting the consensus estimate of ($0.21). The company had revenue of $166.30 million for the quarter, compared to analyst estimates of $164.68 million. Sweetgreen had a negative return on equity of 18.82% and a negative net margin of 13.27%. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.23) EPS. As a group, equities research analysts anticipate that Sweetgreen, Inc. will post -0.74 EPS for the current year.

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.