Clear Harbor Asset Management LLC Has $920,000 Stock Holdings in Sweetgreen, Inc. $SG

Key Points

• Clear Harbor Asset Management LLC significantly increased its stake in Sweetgreen, Inc. by 518% during the second quarter, owning 61,800 shares valued at approximately $920,000.
• Other institutional investors, including Sequoia Financial Advisors LLC and New York State Common Retirement Fund, have also ramped up their investments in Sweetgreen, reflecting a trend among large investors.
• Sweetgreen reported a quarterly loss of ($0.20) earnings per share, missing analyst expectations and revealing a negative net margin of 14.29% for the period.

Clear Harbor Asset Management LLC increased its position in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) by 518.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,800 shares of the company's stock after acquiring an additional 51,800 shares during the quarter. Clear Harbor Asset Management LLC owned about 0.05% of Sweetgreen worth $920,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Sequoia Financial Advisors LLC lifted its stake in shares of Sweetgreen by 50.8% during the first quarter. Sequoia Financial Advisors LLC now owns 13,280 shares of the company's stock valued at $332,000 after acquiring an additional 4,474 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Sweetgreen by 4.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,191 shares of the company's stock worth $936,000 after buying an additional 1,278 shares during the period. Triumph Capital Management bought a new stake in shares of Sweetgreen in the 2nd quarter valued at about $628,000. New York State Common Retirement Fund increased its stake in shares of Sweetgreen by 352.0% in the 1st quarter. New York State Common Retirement Fund now owns 242,472 shares of the company's stock valued at $6,067,000 after acquiring an additional 188,830 shares during the last quarter. Finally, Sovran Advisors LLC increased its stake in shares of Sweetgreen by 128.7% in the 2nd quarter. Sovran Advisors LLC now owns 128,240 shares of the company's stock valued at $1,908,000 after acquiring an additional 72,166 shares during the last quarter. Institutional investors and hedge funds own 95.75% of the company's stock.

Insider Activity

In other news, CFO Mitch Reback sold 11,530 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.19, for a total value of $105,960.70. Following the completion of the sale, the chief financial officer directly owned 322,891 shares of the company's stock, valued at $2,967,368.29. This trade represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 19.78% of the stock is currently owned by insiders.

Analyst Ratings Changes

SG has been the subject of a number of recent analyst reports. TD Securities reaffirmed a "hold" rating and issued a $15.00 price target (down from $25.00) on shares of Sweetgreen in a research note on Tuesday, July 1st. Royal Bank Of Canada lowered their price target on Sweetgreen from $25.00 to $13.00 and set an "outperform" rating for the company in a report on Friday, August 8th. TD Cowen lowered their price target on Sweetgreen from $15.00 to $10.00 and set a "hold" rating for the company in a report on Friday, August 8th. Wells Fargo & Company restated an "overweight" rating and issued a $19.00 price target on shares of Sweetgreen in a report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. lowered their price target on Sweetgreen from $20.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, June 25th. Seven equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Sweetgreen presently has a consensus rating of "Hold" and a consensus target price of $17.69.

Sweetgreen Stock Up 3.6%

SG stock opened at $8.90 on Tuesday. The business has a 50 day moving average price of $10.63 and a two-hundred day moving average price of $15.22. The company has a market cap of $1.05 billion, a price-to-earnings ratio of -10.59 and a beta of 2.01. Sweetgreen, Inc. has a twelve month low of $8.11 and a twelve month high of $45.12.

Sweetgreen (NYSE:SG - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.08). The company had revenue of $185.58 million during the quarter, compared to the consensus estimate of $193.47 million. Sweetgreen had a negative net margin of 14.29% and a negative return on equity of 22.21%. The firm's revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.13) earnings per share. Sweetgreen has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Sweetgreen Company Profile

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.

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