Sovran Advisors LLC Makes New Investment in Sweetgreen, Inc. (NYSE:SG)

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

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

Analysts Set New Price Targets

SG has been the topic of several recent research reports. Morgan Stanley dropped their target price on shares of Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. The Goldman Sachs Group lowered their price target on shares of Sweetgreen from $23.00 to $15.00 and set a "neutral" rating for the company in a research report on Wednesday, June 4th. UBS Group cut their price objective on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Wells Fargo & Company reissued an "overweight" rating and issued a $19.00 price objective on shares of Sweetgreen in a research note on Tuesday. Finally, Oppenheimer dropped their target price on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $25.23.

Insider Activity at Sweetgreen

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

Sweetgreen Trading Up 2.7%

Shares of SG traded up $0.40 during midday trading on Thursday, hitting $14.80. 3,435,836 shares of the company's stock traded hands, compared to its average volume of 4,438,708. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of -19.21 and a beta of 2.06. Sweetgreen, Inc. has a 1 year low of $11.86 and a 1 year high of $45.12. The firm's fifty day moving average is $14.88 and its 200-day moving average is $22.91.

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

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.