Bank of America Corp DE Boosts Stake in Sweetgreen, Inc. (NYSE:SG)

Bank of America Corp DE increased its holdings in Sweetgreen, Inc. (NYSE:SG - Free Report) by 46.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 883,157 shares of the company's stock after buying an additional 278,305 shares during the period. Bank of America Corp DE owned about 0.76% of Sweetgreen worth $28,314,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Stifel Financial Corp lifted its holdings in shares of Sweetgreen by 55.3% during the 4th quarter. Stifel Financial Corp now owns 12,562 shares of the company's stock valued at $403,000 after purchasing an additional 4,474 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Sweetgreen by 54.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company's stock valued at $523,000 after purchasing an additional 5,783 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of Sweetgreen by 400.1% during the 4th quarter. LPL Financial LLC now owns 59,592 shares of the company's stock valued at $1,911,000 after purchasing an additional 47,676 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Sweetgreen by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 849,512 shares of the company's stock valued at $27,235,000 after purchasing an additional 19,263 shares during the last quarter. Finally, Csenge Advisory Group purchased a new stake in shares of Sweetgreen during the fourth quarter worth about $426,000. Institutional investors own 95.75% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on SG. Royal Bank of Canada restated an "outperform" rating and set a $45.00 price objective on shares of Sweetgreen in a report on Tuesday, February 25th. The Goldman Sachs Group cut their price target on shares of Sweetgreen from $27.00 to $23.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. UBS Group decreased their price target on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a report on Monday, May 5th. Citigroup lowered their price objective on shares of Sweetgreen from $43.00 to $39.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, Morgan Stanley dropped their price objective on shares of Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Sweetgreen has a consensus rating of "Moderate Buy" and an average price target of $31.00.

Sweetgreen Stock Performance

Shares of NYSE SG traded down $0.45 during mid-day trading on Friday, hitting $12.81. The stock had a trading volume of 3,277,739 shares, compared to its average volume of 3,509,684. The company has a 50 day moving average of $19.83 and a two-hundred day moving average of $27.89. Sweetgreen, Inc. has a twelve month low of $12.37 and a twelve month high of $45.12. The firm has a market cap of $1.50 billion, a PE ratio of -16.42 and a beta of 2.31.

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

Insiders Place Their Bets

In other Sweetgreen news, CEO Jonathan Neman sold 5,717 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $23.80, for a total transaction of $136,064.60. Following the sale, the chief executive officer now directly owns 1,810,263 shares of the company's stock, valued at approximately $43,084,259.40. This trade represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mitch Reback sold 8,109 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $23.84, for a total value of $193,318.56. Following the sale, the chief financial officer now directly owns 350,023 shares in the company, valued at $8,344,548.32. This represents a 2.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,014 shares of company stock valued at $736,283. Company 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.