Ibex Investors LLC Has $5.58 Million Stake in Sweetgreen, Inc. $SG

Key Points

• Ibex Investors LLC dramatically increased its Sweetgreen stake by 5,058.8% in the fourth quarter, ending with 825,400 shares worth about $5.58 million.
• Insider buying also stood out, with Goldman Sachs Group Inc. purchasing 594,553 shares at an average price of $5.69, boosting its position by 5.26%.
• Sweetgreen’s latest earnings missed expectations, with a quarterly loss of $0.27 per share on revenue of $161.52 million, while analysts currently rate the stock a Hold on average with a consensus price target of $8.04.

Ibex Investors LLC grew its position in Sweetgreen, Inc. (NYSE:SG - Free Report) by 5,058.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 825,400 shares of the company's stock after acquiring an additional 809,400 shares during the quarter. Sweetgreen accounts for about 3.9% of Ibex Investors LLC's holdings, making the stock its 6th largest position. Ibex Investors LLC owned 0.70% of Sweetgreen worth $5,580,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Sweetgreen by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 9,593,744 shares of the company's stock worth $76,558,000 after acquiring an additional 129,572 shares during the period. Spyglass Capital Management LLC lifted its position in shares of Sweetgreen by 4.0% in the 3rd quarter. Spyglass Capital Management LLC now owns 4,056,570 shares of the company's stock worth $32,371,000 after acquiring an additional 156,757 shares during the period. Greenhouse Funds LLLP lifted its position in shares of Sweetgreen by 82.8% in the 3rd quarter. Greenhouse Funds LLLP now owns 3,946,884 shares of the company's stock worth $31,496,000 after acquiring an additional 1,788,175 shares during the period. Marshall Wace LLP raised its holdings in shares of Sweetgreen by 1,428.8% in the 3rd quarter. Marshall Wace LLP now owns 3,923,973 shares of the company's stock worth $31,313,000 after buying an additional 3,667,306 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Sweetgreen by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 2,453,564 shares of the company's stock worth $16,589,000 after buying an additional 16,281 shares in the last quarter. Institutional investors own 95.75% of the company's stock.

Insider Transactions at Sweetgreen

In related news, major shareholder Goldman Sachs Group Inc bought 594,553 shares of the company's stock in a transaction that occurred on Tuesday, April 7th. The shares were acquired at an average price of $5.69 per share, for a total transaction of $3,383,006.57. Following the completion of the acquisition, the insider owned 11,900,255 shares of the company's stock, valued at approximately $67,712,450.95. The trade was a 5.26% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 18.19% of the company's stock.

Sweetgreen Price Performance

Shares of Sweetgreen stock opened at $7.40 on Monday. The firm has a market cap of $879.22 million, a price-to-earnings ratio of 61.66 and a beta of 2.15. The stock's 50-day moving average is $7.11 and its 200-day moving average is $6.64. Sweetgreen, Inc. has a one year low of $4.49 and a one year high of $16.70.

Sweetgreen (NYSE:SG - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Sweetgreen had a negative return on equity of 33.07% and a net margin of 2.49%.The company had revenue of $161.52 million for the quarter, compared to the consensus estimate of $163.95 million. During the same quarter in the previous year, the company posted ($0.21) EPS. The business's revenue was down 2.9% on a year-over-year basis. On average, equities analysts expect that Sweetgreen, Inc. will post -0.76 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Weiss Ratings raised Sweetgreen from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, May 22nd. Citizens Jmp assumed coverage on Sweetgreen in a research report on Monday, March 30th. They issued a "mkt underperform" rating and a $4.50 price target on the stock. Royal Bank Of Canada reduced their target price on Sweetgreen from $8.00 to $7.00 and set an "outperform" rating on the stock in a report on Friday, February 27th. BNP Paribas Exane lifted their target price on Sweetgreen from $4.50 to $5.00 and gave the stock an "underperform" rating in a report on Friday, May 8th. Finally, JPMorgan Chase & Co. upgraded Sweetgreen from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $8.00 to $13.00 in a report on Friday, May 22nd. Four equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $8.04.

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.

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