Bank of America Corp DE Has $4.78 Million Position in Sweetgreen, Inc. $SG

Bank of America Corp DE cut its stake in Sweetgreen, Inc. (NYSE:SG - Free Report) by 48.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 921,277 shares of the company's stock after selling 873,551 shares during the period. Bank of America Corp DE owned 0.78% of Sweetgreen worth $4,781,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Royal Bank of Canada increased its stake in shares of Sweetgreen by 22.4% in the 1st quarter. Royal Bank of Canada now owns 291,477 shares of the company's stock valued at $7,292,000 after buying an additional 53,427 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Sweetgreen by 6.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,572 shares of the company's stock valued at $1,516,000 after acquiring an additional 3,553 shares during the period. Prudential Financial Inc. acquired a new position in shares of Sweetgreen during the second quarter valued at $197,000. Qube Research & Technologies Ltd bought a new position in Sweetgreen in the second quarter valued at about $538,000. Finally, Frontier Capital Management Co. LLC increased its position in Sweetgreen by 121.7% in the second quarter. Frontier Capital Management Co. LLC now owns 680,255 shares of the company's stock worth $10,122,000 after purchasing an additional 373,350 shares during the period. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Sweetgreen Stock Up 2.2%

NYSE:SG opened at $6.94 on Friday. The company has a market cap of $826.14 million, a P/E ratio of 69.41 and a beta of 2.19. Sweetgreen, Inc. has a twelve month low of $4.49 and a twelve month high of $10.63. The business has a 50 day moving average price of $7.02 and a two-hundred day moving average price of $6.82.

Sweetgreen (NYSE:SG - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.09). Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The business had revenue of $192.66 million during the quarter, compared to the consensus estimate of $194.50 million. During the same period in the prior year, the firm earned ($0.20) EPS. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, analysts anticipate that Sweetgreen, Inc. will post -0.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on SG. DA Davidson cut their target price on shares of Sweetgreen from $7.00 to $5.50 and set a "neutral" rating on the stock in a research report on Monday, August 10th. Wells Fargo & Company reduced their price objective on shares of Sweetgreen from $7.00 to $6.00 and set an "equal weight" rating on the stock in a research note on Friday, August 7th. KeyCorp reaffirmed a "sector weight" rating on shares of Sweetgreen in a report on Monday, August 10th. UBS Group upgraded Sweetgreen from a "neutral" rating to a "buy" rating in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. raised Sweetgreen from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $8.00 to $13.00 in a research note on Friday, May 22nd. Four analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $7.10.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, CFO Jamie Mcconnell sold 15,033 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $93,354.93. Following the sale, the chief financial officer directly owned 210,489 shares of the company's stock, valued at $1,307,136.69. The trade was a 6.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $29,863.89. Following the sale, the chief operating officer directly owned 207,076 shares in the company, valued at $1,285,941.96. This trade represents a 2.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.19% of the stock is currently owned by insiders.

Sweetgreen Profile

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company's menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.

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