Neo Ivy Capital Management Buys 61,793 Shares of Sweetgreen, Inc. (NYSE:SG)

Key Points

• Neo Ivy Capital Management significantly increased its holdings in Sweetgreen, acquiring an additional 61,793 shares, representing a 500.3% rise during the first quarter.
• Sweetgreen's stock has experienced a 12.0% decrease recently, with shares currently trading at $14.32, down from its 52-week high of $45.12.
• Several analysts have set price targets for Sweetgreen, with an average target of $23.31 and a rating of "Hold" from eight analysts, while six have given a buy rating.

Neo Ivy Capital Management increased its holdings in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) by 500.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 74,144 shares of the company's stock after buying an additional 61,793 shares during the quarter. Neo Ivy Capital Management owned 0.06% of Sweetgreen worth $1,855,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Headlands Technologies LLC raised its holdings in shares of Sweetgreen by 156.0% in the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock valued at $39,000 after purchasing an additional 741 shares during the period. Tower Research Capital LLC TRC raised its stake in Sweetgreen by 45.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock valued at $50,000 after buying an additional 494 shares during the period. Spire Wealth Management lifted its position in shares of Sweetgreen by 47.1% in the first quarter. Spire Wealth Management now owns 1,983 shares of the company's stock valued at $50,000 after buying an additional 635 shares during the last quarter. Thematics Asset Management bought a new position in shares of Sweetgreen during the 4th quarter worth approximately $69,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Sweetgreen during the 1st quarter worth approximately $71,000. 95.75% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Mitch Reback sold 10,088 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.23, for a total value of $153,640.24. Following the sale, the chief financial officer directly owned 334,421 shares in the company, valued at approximately $5,093,231.83. This trade represents a 2.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Clifford Burrows purchased 19,200 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average cost of $13.11 per share, for a total transaction of $251,712.00. Following the completion of the acquisition, the director directly owned 19,200 shares in the company, valued at $251,712. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 21.52% of the company's stock.

Sweetgreen Stock Down 12.0%

SG stock opened at $14.32 on Friday. Sweetgreen, Inc. has a 52 week low of $11.86 and a 52 week high of $45.12. The business has a 50-day simple moving average of $13.62 and a 200 day simple moving average of $20.76. The company has a market cap of $1.68 billion, a PE ratio of -18.59 and a beta of 2.06.

Sweetgreen (NYSE:SG - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, meeting the consensus estimate of ($0.21). The company had revenue of $166.30 million during the quarter, compared to analysts' expectations of $164.68 million. Sweetgreen had a negative net margin of 13.04% and a negative return on equity of 19.72%. The business's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.23) EPS. On average, analysts anticipate that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SG shares. JPMorgan Chase & Co. reduced their price objective on shares of Sweetgreen from $20.00 to $16.00 and set a "neutral" rating for the company in a research report on Wednesday, June 25th. TD Cowen reaffirmed a "hold" rating and issued a $19.00 target price on shares of Sweetgreen in a research report on Tuesday, July 1st. Barclays increased their target price on Sweetgreen from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Wells Fargo & Company restated an "overweight" rating and issued a $19.00 price target on shares of Sweetgreen in a research note on Tuesday, July 1st. Finally, Piper Sandler lowered their price objective on Sweetgreen from $27.00 to $20.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $23.31.

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.

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