Sandler Capital Management Buys Shares of 129,620 Sweetgreen, Inc. $SG

Key Points

• Sandler Capital Management has acquired a new stake in Sweetgreen, Inc. during the first quarter, purchasing 129,620 shares valued at approximately $3.24 million.
• Sweetgreen reported a quarterly revenue of $185.58 million, missing analysts' estimates of $193.47 million, along with a net margin of -14.29%.
• Several large investors, including Baillie Gifford & Co. and Wellington Management Group LLP, have increased their positions in Sweetgreen, indicating strong institutional interest in the company.

Sandler Capital Management bought a new stake in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 129,620 shares of the company's stock, valued at approximately $3,243,000. Sandler Capital Management owned approximately 0.11% of Sweetgreen at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its holdings in 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. Spire Wealth Management increased its holdings in 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 acquiring an additional 635 shares in the last quarter. Forum Financial Management LP increased its holdings in Sweetgreen by 17.5% in the 4th quarter. Forum Financial Management LP now owns 8,112 shares of the company's stock worth $260,000 after acquiring an additional 1,209 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Sweetgreen by 4.6% in the 4th 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 in the last quarter. Finally, Cypress Wealth Services LLC increased its holdings in Sweetgreen by 16.3% in the 1st quarter. Cypress Wealth Services LLC now owns 9,793 shares of the company's stock worth $245,000 after acquiring an additional 1,370 shares in the last quarter. Hedge funds and other institutional investors own 95.75% of the company's stock.

Insider Buying and Selling

In other Sweetgreen news, CFO Mitch Reback sold 11,530 shares of the company's stock in a transaction dated Monday, August 18th. The shares were 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 of the company's stock, valued at $2,967,368.29. This represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 19.78% of the stock is owned by insiders.

Sweetgreen Stock Performance

Shares of SG stock traded up $0.47 on Tuesday, hitting $8.68. 10,090,793 shares of the stock traded hands, compared to its average volume of 5,449,098. The firm's 50-day moving average price is $11.57 and its two-hundred day moving average price is $16.16. The stock has a market capitalization of $1.03 billion, a PE ratio of -10.33 and a beta of 2.01. Sweetgreen, Inc. has a twelve month low of $8.11 and a twelve month high of $45.12.

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on SG shares. UBS Group lowered their target price on shares of Sweetgreen from $19.00 to $13.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. TD Securities reaffirmed a "hold" rating and set a $15.00 target price (down previously from $25.00) on shares of Sweetgreen in a research note on Tuesday, July 1st. Barclays lowered their target price on shares of Sweetgreen from $17.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Friday, August 8th. TD Cowen lowered their target price on shares of Sweetgreen from $15.00 to $10.00 and set a "hold" rating on the stock in a research note on Friday, August 8th. Finally, Bank of America lowered their target price on shares of Sweetgreen from $27.00 to $22.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Sweetgreen currently has a consensus rating of "Hold" and an average price target of $17.69.

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.