Driehaus Capital Management LLC Has $20.09 Million Stock Holdings in Sweetgreen, Inc. $SG

Key Points

• Driehaus Capital Management LLC reduced its stake in Sweetgreen, Inc. by 66.4%, now holding 802,851 shares worth approximately $20 million.
• Wellington Management Group LLP increased its holdings in Sweetgreen by 30%, making it one of the largest institutional investors with about 5.76 million shares valued at $144 million.
• Analysts have lowered their price targets for Sweetgreen, with TD Cowen setting a target of $10 and Bank of America reducing it to $22, while the consensus rating remains a "Hold".

Driehaus Capital Management LLC lowered its holdings in Sweetgreen, Inc. (NYSE:SG - Free Report) by 66.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 802,851 shares of the company's stock after selling 1,587,438 shares during the period. Driehaus Capital Management LLC owned about 0.68% of Sweetgreen worth $20,087,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SG. Tower Research Capital LLC TRC grew its stake in shares of Sweetgreen by 45.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock worth $50,000 after purchasing an additional 494 shares during the last quarter. Spire Wealth Management grew its stake in shares of Sweetgreen by 47.1% in the 1st quarter. Spire Wealth Management now owns 1,983 shares of the company's stock worth $50,000 after purchasing an additional 635 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Sweetgreen in the 1st quarter worth approximately $71,000. Generali Investments Towarzystwo Funduszy Inwestycyjnych grew its stake in shares of Sweetgreen by 70.8% in the 1st quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 4,100 shares of the company's stock worth $103,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Fund 1 Investments LLC acquired a new position in shares of Sweetgreen in the 4th quarter worth approximately $140,000. Institutional investors and hedge funds own 95.75% of the company's stock.

Sweetgreen Stock Performance

Shares of SG stock traded up $0.10 during trading on Wednesday, hitting $8.91. 3,020,019 shares of the company were exchanged, compared to its average volume of 4,850,619. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -10.60 and a beta of 2.01. The business's 50-day simple moving average is $12.09 and its 200 day simple moving average is $16.69. Sweetgreen, Inc. has a twelve month low of $8.45 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) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.08). The company had revenue of $185.58 million for the quarter, compared to analyst estimates of $193.47 million. Sweetgreen had a negative return on equity of 22.21% and a negative net margin of 14.29%.The business'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 posted ($0.13) earnings per share. Sweetgreen has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SG. The Goldman Sachs Group lowered their price objective on shares of Sweetgreen from $23.00 to $15.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 4th. Barclays decreased their target price on shares of Sweetgreen from $17.00 to $10.00 and set an "equal weight" rating for the company in a report on Friday, August 8th. Piper Sandler decreased their target price on shares of Sweetgreen from $20.00 to $12.00 and set a "neutral" rating for the company in a report on Friday, August 8th. JPMorgan Chase & Co. decreased their target price on shares of Sweetgreen from $20.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, June 25th. Finally, Bank of America decreased their target price on shares of Sweetgreen from $27.00 to $22.00 and set a "buy" rating for the company in a report on Friday, July 18th. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Sweetgreen has a consensus rating of "Hold" and an average target price of $17.69.

Insider Activity at Sweetgreen

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

Sweetgreen 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.