Bank of New York Mellon Corp Makes New $2.79 Million Investment in Sweetgreen, Inc. $SG

Key Points

• Bank of New York Mellon acquired 316,888 Sweetgreen shares worth approximately $2.79 million, giving it a 0.27% stake. Institutional investors collectively own 95.75% of the company.
• Analyst sentiment remains mixed, with Sweetgreen holding an overall “Hold” rating and an average price target of $7.10; several firms recently lowered their targets to between $5.50 and $6.50.
• Sweetgreen reported a quarterly loss of $0.22 per share, missing estimates by $0.09, while revenue rose 3.8% year over year to $192.66 million. Shares opened at $6.85, near their 50- and 200-day moving averages.

Bank of New York Mellon Corp purchased a new stake in Sweetgreen, Inc. (NYSE:SG - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 316,888 shares of the company's stock, valued at approximately $2,792,000. Bank of New York Mellon Corp owned 0.27% of Sweetgreen at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Woodson Capital Management LP grew its holdings in shares of Sweetgreen by 152.6% during the fourth quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company's stock worth $40,560,000 after buying an additional 3,625,000 shares in the last quarter. Marshall Wace LLP lifted its stake in Sweetgreen by 1,428.8% in the 3rd quarter. Marshall Wace LLP now owns 3,923,973 shares of the company's stock valued at $31,313,000 after acquiring an additional 3,667,306 shares in the last quarter. Federated Hermes Inc. lifted its stake in Sweetgreen by 366.8% in the 4th quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company's stock valued at $17,900,000 after acquiring an additional 2,080,628 shares in the last quarter. Geode Capital Management LLC boosted its position in Sweetgreen by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,453,564 shares of the company's stock worth $16,589,000 after acquiring an additional 16,281 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Sweetgreen by 35.6% during the 4th quarter. BNP Paribas Financial Markets now owns 2,295,867 shares of the company's stock worth $15,520,000 after acquiring an additional 603,029 shares during the last quarter. 95.75% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Sweetgreen

In other news, CFO Jamie McConnell sold 15,033 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $93,354.93. Following the transaction, the chief financial officer directly owned 210,489 shares of the company's stock, valued at $1,307,136.69. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 firm'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 owned 207,076 shares of the company's stock, valued at approximately $1,285,941.96. This represents a 2.27% decrease in their position. 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 owned by insiders.

Analyst Ratings Changes

SG has been the subject of several research reports. Royal Bank Of Canada decreased their price target on shares of Sweetgreen from $7.00 to $6.50 and set an "outperform" rating for the company in a research note on Friday, August 7th. DA Davidson cut their price objective 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 target price on shares of Sweetgreen from $7.00 to $6.00 and set an "equal weight" rating for the company in a report on Friday, August 7th. Weiss Ratings downgraded shares of Sweetgreen from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. Finally, KeyCorp reiterated a "sector weight" rating on shares of Sweetgreen in a research note on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $7.10.

Sweetgreen Trading Up 0.1%

Shares of NYSE SG opened at $6.85 on Monday. Sweetgreen, Inc. has a 12 month low of $4.49 and a 12 month high of $10.63. The stock has a 50 day moving average of $6.83 and a 200-day moving average of $6.89. The company has a market capitalization of $815.42 million, a P/E ratio of 68.51 and a beta of 2.20.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.