Panagora Asset Management Inc. Decreases Stock Position in Sweetgreen, Inc. $SG

Key Points

• Panagora Asset Management Inc. significantly reduced its stake in Sweetgreen, Inc. by 39.2%, selling 201,178 shares and now owning approximately 0.27% of the company, valued at around $7.8 million.
• Multiple Wall Street analysts have cut their price targets for Sweetgreen, with Piper Sandler lowering its target from $20.00 to $12.00 and keeping a "neutral" rating, while Bank of America reduced theirs from $27.00 to $22.00 with a "buy" rating.
• Sweetgreen reported a loss of ($0.20) earnings per share for the latest quarter, missing analyst estimates, and had revenue of $185.58 million, which was below expectations of $193.47 million.

Panagora Asset Management Inc. reduced its position in Sweetgreen, Inc. (NYSE:SG - Free Report) by 39.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 312,358 shares of the company's stock after selling 201,178 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.27% of Sweetgreen worth $7,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Sequoia Financial Advisors LLC boosted its holdings in shares of Sweetgreen by 50.8% in the first quarter. Sequoia Financial Advisors LLC now owns 13,280 shares of the company's stock worth $332,000 after acquiring an additional 4,474 shares during the period. Stifel Financial Corp boosted its holdings in shares of Sweetgreen by 55.3% in the fourth quarter. Stifel Financial Corp now owns 12,562 shares of the company's stock worth $403,000 after acquiring an additional 4,474 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Sweetgreen by 4.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,191 shares of the company's stock worth $936,000 after acquiring an additional 1,278 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Sweetgreen by 54.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company's stock worth $523,000 after acquiring an additional 5,783 shares during the period. Finally, New York State Common Retirement Fund boosted its holdings in shares of Sweetgreen by 352.0% in the first quarter. New York State Common Retirement Fund now owns 242,472 shares of the company's stock worth $6,067,000 after acquiring an additional 188,830 shares during the period. 95.75% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. TD Securities reaffirmed a "hold" rating and issued a $15.00 price target (down from $25.00) on shares of Sweetgreen in a report on Tuesday, July 1st. UBS Group cut their price target on Sweetgreen from $19.00 to $13.00 and set a "buy" rating for the company in a report on Friday, August 8th. Oppenheimer cut their price target on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Barclays cut their price target on Sweetgreen from $17.00 to $10.00 and set an "equal weight" rating for the company in a report on Friday, August 8th. Finally, Bank of America cut their price target on Sweetgreen from $27.00 to $22.00 and set a "buy" rating for the company in a report on Friday, July 18th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, Sweetgreen has a consensus rating of "Hold" and a consensus target price of $17.69.

Sweetgreen Price Performance

NYSE SG traded down $0.17 during trading hours on Thursday, reaching $8.74. 4,679,533 shares of the stock traded hands, compared to its average volume of 4,856,588. The stock has a 50 day simple moving average of $12.02 and a two-hundred day simple moving average of $16.64. Sweetgreen, Inc. has a 1 year low of $8.45 and a 1 year high of $45.12. The company has a market cap of $1.03 billion, a price-to-earnings ratio of -10.40 and a beta of 2.01.

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

Insiders Place Their Bets

In other news, CFO Mitch Reback sold 11,530 shares of Sweetgreen stock in a transaction dated 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 approximately $2,967,368.29. The trade was a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 19.78% of the stock is owned by insiders.

About Sweetgreen

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.