Sweetgreen, Inc. (NYSE:SG) Shares Sold by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC significantly reduced its stake in Sweetgreen, Inc., selling 1,827,289 shares, which is an 81.5% decrease to ownership of 414,522 shares, valued at approximately $10.37 million.
• Sweetgreen's earnings report for the last quarter indicated a loss of ($0.20) per share, which was below analysts' expectations of ($0.12) per share, alongside revenues of $185.58 million.
• Several major analysts have lowered their price targets for Sweetgreen, with UBS Group reducing theirs from $19 to $13 and Barclays decreasing theirs from $17 to $10, reflecting a cautionary view on the stock's future performance.

Lord Abbett & CO. LLC reduced its position in Sweetgreen, Inc. (NYSE:SG - Free Report) by 81.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 414,522 shares of the company's stock after selling 1,827,289 shares during the quarter. Lord Abbett & CO. LLC owned about 0.35% of Sweetgreen worth $10,371,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SG. Tower Research Capital LLC TRC boosted its holdings in shares of 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 acquiring an additional 494 shares during the period. Spire Wealth Management lifted its holdings in shares of 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. Thematics Asset Management acquired a new stake in shares of Sweetgreen during the fourth quarter worth $69,000. GF Fund Management CO. LTD. acquired a new stake in shares of Sweetgreen during the first quarter worth $71,000. Finally, Generali Investments Towarzystwo Funduszy Inwestycyjnych lifted its holdings in shares of Sweetgreen by 70.8% during the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 4,100 shares of the company's stock worth $103,000 after purchasing an additional 1,700 shares during the period. 95.75% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SG. UBS Group decreased 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. Barclays decreased 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. Wells Fargo & Company reaffirmed an "overweight" rating and set a $19.00 price target on shares of Sweetgreen in a report on Tuesday, July 1st. Royal Bank Of Canada decreased their price target on Sweetgreen from $25.00 to $13.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, Piper Sandler decreased their price target on Sweetgreen from $20.00 to $12.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $17.69.

Insider Buying and Selling at Sweetgreen

In other news, Director Clifford Burrows purchased 19,200 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was acquired 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 $251,712. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 19.78% of the stock is currently owned by corporate insiders.

Sweetgreen Stock Up 0.1%

Shares of SG stock opened at $9.16 on Friday. Sweetgreen, Inc. has a fifty-two week low of $8.80 and a fifty-two week high of $45.12. The stock has a market cap of $1.07 billion, a P/E ratio of -10.90 and a beta of 2.04. The business has a fifty day simple moving average of $12.99 and a 200-day simple moving average of $18.54.

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 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 during the quarter, compared to analysts' expectations of $193.47 million. During the same quarter in the prior year, the business earned ($0.13) EPS. The company's quarterly revenue was up .5% compared to the same quarter last year. On average, sell-side analysts anticipate that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Sweetgreen Company 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.

Want to see what other hedge funds are holding SG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sweetgreen, Inc. (NYSE:SG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.