Comerica Bank Sells 91,544 Shares of Sweetgreen, Inc. $SG

Key Points

• Comerica Bank reduced its stake in Sweetgreen, Inc. by 68.0%, selling 91,544 shares and now holding 43,013 shares valued at approximately $1,076,000.
• Despite recent adjustments by various institutional investors, Sweetgreen's stock has struggled, with the company reporting a quarterly earnings miss and a significant drop in stock value.
• Equities research analysts have cut their price targets for Sweetgreen, with Goldman Sachs lowering its target from $23.00 to $15.00, reflecting a cautious outlook on the stock.

Comerica Bank lessened its holdings in Sweetgreen, Inc. (NYSE:SG - Free Report) by 68.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,013 shares of the company's stock after selling 91,544 shares during the quarter. Comerica Bank's holdings in Sweetgreen were worth $1,076,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SG. Sequoia Financial Advisors LLC grew its holdings in shares of Sweetgreen by 50.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 13,280 shares of the company's stock worth $332,000 after purchasing an additional 4,474 shares during the last quarter. Stifel Financial Corp grew its holdings in shares of Sweetgreen by 55.3% in the 4th quarter. Stifel Financial Corp now owns 12,562 shares of the company's stock worth $403,000 after purchasing an additional 4,474 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Sweetgreen by 4.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,191 shares of the company's stock worth $936,000 after purchasing an additional 1,278 shares during the last quarter. New York State Common Retirement Fund grew its holdings 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 worth $6,067,000 after purchasing an additional 188,830 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in shares of Sweetgreen in the 4th quarter worth about $739,000. Institutional investors own 95.75% of the company's stock.

Insider Buying and Selling at Sweetgreen

In related news, CFO Mitch Reback sold 11,530 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.19, for a total value of $105,960.70. Following the completion of the transaction, the chief financial officer directly owned 322,891 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 19.78% of the company's stock.

Sweetgreen Stock Performance

Shares of SG stock opened at $8.94 on Friday. The company has a market capitalization of $1.06 billion, a P/E ratio of -10.64 and a beta of 2.01. The company's 50 day moving average price is $11.83 and its two-hundred day moving average price is $16.40. Sweetgreen, Inc. has a 52 week low of $8.45 and a 52 week high of $45.12.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of Sweetgreen from $23.00 to $15.00 and set a "neutral" rating on the stock in a report on Wednesday, June 4th. Bank of America cut their target price on shares of Sweetgreen from $27.00 to $22.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. William Blair restated an "outperform" rating on shares of Sweetgreen in a research report on Friday. Piper Sandler cut their price target on shares of Sweetgreen from $20.00 to $12.00 and set a "neutral" rating on the stock in a research report on Friday, August 8th. Finally, Barclays cut their price target on shares of Sweetgreen from $17.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Friday, August 8th. Seven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $17.69.

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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