Sovran Advisors LLC Purchases New Holdings in Sweetgreen, Inc. (NYSE:SG)

Sovran Advisors LLC purchased a new stake in Sweetgreen, Inc. (NYSE:SG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 56,074 shares of the company's stock, valued at approximately $1,403,000.

Other institutional investors have also recently made changes to their positions in the company. Diversified Trust Co grew its position in shares of Sweetgreen by 12.0% in the 1st quarter. Diversified Trust Co now owns 30,373 shares of the company's stock valued at $760,000 after acquiring an additional 3,247 shares during the period. Sequoia Financial Advisors LLC raised its holdings in shares of Sweetgreen by 50.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 13,280 shares of the company's stock valued at $332,000 after purchasing an additional 4,474 shares during the period. Bessemer Group Inc. lifted its stake in Sweetgreen by 19,183.8% in the 1st quarter. Bessemer Group Inc. now owns 20,248 shares of the company's stock valued at $507,000 after purchasing an additional 20,143 shares during the last quarter. Spire Wealth Management grew its holdings in Sweetgreen by 47.1% during the first quarter. Spire Wealth Management now owns 1,983 shares of the company's stock worth $50,000 after purchasing an additional 635 shares during the period. Finally, Oppenheimer & Co. Inc. increased its position in Sweetgreen by 81.8% during the first quarter. Oppenheimer & Co. Inc. now owns 48,070 shares of the company's stock worth $1,203,000 after buying an additional 21,625 shares during the last quarter. Institutional investors and hedge funds own 95.75% of the company's stock.

Sweetgreen Stock Down 0.5%

Shares of Sweetgreen stock opened at $13.58 on Monday. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -17.64 and a beta of 2.06. Sweetgreen, Inc. has a twelve month low of $11.86 and a twelve month high of $45.12. The company has a 50-day simple moving average of $15.05 and a two-hundred day simple moving average of $23.16.

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

Insider Activity

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on SG. Piper Sandler cut their price objective on Sweetgreen from $27.00 to $20.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group dropped their price target on Sweetgreen from $23.00 to $15.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 4th. Barclays initiated coverage on shares of Sweetgreen in a research report on Friday, June 6th. They set an "equal weight" rating and a $16.00 price objective for the company. TD Securities reissued a "buy" rating and issued a $25.00 price objective on shares of Sweetgreen in a research report on Thursday, May 15th. Finally, Morgan Stanley reduced their target price on shares of Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $28.00.

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.

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