Durable Capital Partners LP Buys 1,030,176 Shares of Sweetgreen, Inc. $SG

Key Points

• Durable Capital Partners LP has increased its stake in Sweetgreen, Inc. by 29.5%, now owning approximately 4.5 million shares valued at $113.22 million.
• Multiple hedge funds are adjusting their investments in Sweetgreen, with significant increases from firms like Tower Research and Spire Wealth Management, indicating strong institutional interest in the company.
• Equity analysts have revised their price targets for Sweetgreen, with estimates ranging from $12.00 to $22.00, reflecting a cautious outlook amid mixed recent earnings reports.

Durable Capital Partners LP raised its stake in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) by 29.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,525,109 shares of the company's stock after purchasing an additional 1,030,176 shares during the period. Durable Capital Partners LP owned 3.86% of Sweetgreen worth $113,218,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of SG. Envestnet Asset Management Inc. raised its position in Sweetgreen by 54.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company's stock worth $523,000 after purchasing an additional 5,783 shares during the last quarter. Tower Research Capital LLC TRC raised its position 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 acquiring an additional 494 shares in the last quarter. Stifel Financial Corp raised its position 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 acquiring an additional 4,474 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Sweetgreen by 9.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 86,162 shares of the company's stock worth $2,763,000 after acquiring an additional 7,214 shares in the last quarter. Finally, Tudor Investment Corp ET AL raised its position in shares of Sweetgreen by 108.9% in the 4th quarter. Tudor Investment Corp ET AL now owns 81,489 shares of the company's stock worth $2,613,000 after acquiring an additional 42,480 shares in the last quarter. 95.75% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on SG. JPMorgan Chase & Co. lowered their price objective on Sweetgreen from $20.00 to $16.00 and set a "neutral" rating for the company in a research report on Wednesday, June 25th. UBS Group lowered their price objective on Sweetgreen from $19.00 to $13.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Morgan Stanley lowered their price objective on Sweetgreen from $22.00 to $17.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Barclays reduced their target price on Sweetgreen from $17.00 to $10.00 and set an "equal weight" rating for the company in a research note on Friday, August 8th. Finally, TD Securities restated a "hold" rating and issued a $15.00 target price (down from $25.00) on shares of Sweetgreen in a research note on Tuesday, July 1st. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $17.69.

Insider Buying and Selling

In other news, CFO Mitch Reback sold 11,530 shares of the business'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 transaction, the chief financial officer owned 322,891 shares in the company, valued at $2,967,368.29. The trade was a 3.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 19.78% of the company's stock.

Sweetgreen Stock Down 2.0%

NYSE SG traded down $0.17 on Thursday, reaching $8.74. The company had a trading volume of 4,679,533 shares, compared to its average volume of 4,856,588. The company's fifty day moving average is $12.02 and its 200 day moving average is $16.64. Sweetgreen, Inc. has a 52-week low of $8.45 and a 52-week high of $45.12. The stock has a market capitalization of $1.03 billion, a P/E ratio of -10.40 and a beta of 2.01.

Sweetgreen (NYSE:SG - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.20) earnings per share (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 firm had revenue of $185.58 million during the quarter, compared to the consensus estimate of $193.47 million. During the same quarter in the previous year, the company earned ($0.13) EPS. The business's revenue was up .5% compared to the same quarter last year. Sweetgreen has set its FY 2025 guidance at EPS. On average, research analysts expect that Sweetgreen, Inc. will post -0.74 EPS for the current year.

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.