Tidal Investments LLC Reduces Holdings in Sweetgreen, Inc. (NYSE:SG)

Tidal Investments LLC trimmed its position in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) by 89.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,829 shares of the company's stock after selling 242,312 shares during the quarter. Tidal Investments LLC's holdings in Sweetgreen were worth $892,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. FMR LLC raised its position in shares of Sweetgreen by 3.4% during the fourth quarter. FMR LLC now owns 10,103,969 shares of the company's stock worth $323,933,000 after acquiring an additional 329,789 shares during the last quarter. Vanguard Group Inc. increased its holdings in Sweetgreen by 3.8% in the fourth quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company's stock worth $306,009,000 after purchasing an additional 351,240 shares in the last quarter. Invesco Ltd. increased its holdings in Sweetgreen by 40.9% in the fourth quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock worth $176,850,000 after purchasing an additional 1,601,666 shares in the last quarter. Wellington Management Group LLP increased its holdings in Sweetgreen by 30.1% in the fourth quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company's stock worth $142,106,000 after purchasing an additional 1,025,341 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Sweetgreen by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 2,281,671 shares of the company's stock worth $73,167,000 after purchasing an additional 32,262 shares in the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

Sweetgreen Trading Down 5.5%

Shares of NYSE:SG traded down $0.74 during mid-day trading on Thursday, hitting $12.76. 4,379,409 shares of the company traded hands, compared to its average volume of 3,533,731. The stock has a market cap of $1.50 billion, a P/E ratio of -16.36 and a beta of 2.31. Sweetgreen, Inc. has a 12-month low of $12.37 and a 12-month high of $45.12. The stock has a 50-day moving average price of $19.14 and a two-hundred day moving average price of $27.31.

Sweetgreen (NYSE:SG - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.21). The company had revenue of $166.30 million for the quarter, compared to analysts' expectations of $164.68 million. Sweetgreen had a negative return on equity of 18.82% and a negative net margin of 13.27%. Sweetgreen's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. As a group, analysts expect that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Insider Activity at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 5,717 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $23.80, for a total value of $136,064.60. Following the transaction, the chief executive officer now owns 1,810,263 shares of the company's stock, valued at approximately $43,084,259.40. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Clifford Burrows acquired 19,200 shares of the business's stock in a transaction on Friday, May 23rd. The stock was acquired at an average cost of $13.11 per share, for a total transaction of $251,712.00. Following the transaction, the director now owns 19,200 shares of the company's stock, valued at approximately $251,712. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 35,014 shares of company stock valued at $736,283 over the last 90 days. Insiders own 21.52% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SG. Morgan Stanley lowered their target price on Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. JPMorgan Chase & Co. lowered their target price on Sweetgreen from $25.00 to $20.00 and set a "neutral" rating for the company in a report on Monday, May 12th. Oppenheimer lowered their target price on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Royal Bank of Canada restated an "outperform" rating and set a $45.00 price objective on shares of Sweetgreen in a report on Tuesday, February 25th. Finally, The Goldman Sachs Group decreased their price objective on Sweetgreen from $27.00 to $23.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Sweetgreen presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.

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.