Sweetgreen, Inc. (NYSE:SG) Position Reduced by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. significantly reduced its stake in Sweetgreen, selling 249,669 shares and retaining only 11,720, worth approximately $293,000.
• Multiple hedge funds, including FMR LLC and Invesco Ltd., have increased their investments in Sweetgreen, indicating a growing institutional interest in the company.
• Sweetgreen reported a revenue increase of 5.3% year-over-year, with earnings per share matching analyst expectations at ($0.21) for the latest quarter.

Victory Capital Management Inc. cut its holdings in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) by 95.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,720 shares of the company's stock after selling 249,669 shares during the period. Victory Capital Management Inc.'s holdings in Sweetgreen were worth $293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Headlands Technologies LLC increased its stake in shares of Sweetgreen by 156.0% during the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock worth $39,000 after purchasing an additional 741 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Sweetgreen by 45.7% during the 4th 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 in the last quarter. Spire Wealth Management grew its stake in Sweetgreen by 47.1% during the 1st quarter. Spire Wealth Management now owns 1,983 shares of the company's stock valued at $50,000 after acquiring an additional 635 shares in the last quarter. Thematics Asset Management purchased a new stake in Sweetgreen during the 4th quarter valued at about $69,000. Finally, GF Fund Management CO. LTD. acquired a new position in Sweetgreen in the 1st quarter valued at about $71,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SG has been the topic of several recent analyst reports. Oppenheimer decreased their target price on shares of Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. TD Cowen reaffirmed a "hold" rating and issued a $19.00 target price on shares of Sweetgreen in a research report on Tuesday, July 1st. Bank of America lowered their price objective on shares of Sweetgreen from $27.00 to $22.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. TD Securities reissued a "hold" rating and set a $15.00 price objective (down from $25.00) on shares of Sweetgreen in a research report on Tuesday, July 1st. Finally, The Goldman Sachs Group lowered their price objective on shares of Sweetgreen from $23.00 to $15.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 4th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Sweetgreen currently has an average rating of "Hold" and an average price target of $22.46.

Insider Transactions at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 10,088 shares of Sweetgreen stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.23, for a total transaction of $153,640.24. Following the completion of the transaction, the chief financial officer owned 334,421 shares in the company, valued at approximately $5,093,231.83. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Clifford Burrows purchased 19,200 shares of the stock in a transaction dated Friday, May 23rd. The shares were purchased at an average price of $13.11 per share, with a total value of $251,712.00. Following the completion of the acquisition, the director owned 19,200 shares of the company's stock, valued at approximately $251,712. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 21.52% of the company's stock.

Sweetgreen Price Performance

SG traded down $0.28 during midday trading on Wednesday, reaching $12.19. 1,405,787 shares of the company's stock were exchanged, compared to its average volume of 4,529,385. The stock has a market capitalization of $1.43 billion, a PE ratio of -15.82 and a beta of 2.04. The business's 50-day moving average price is $13.55 and its 200 day moving average price is $19.60. Sweetgreen, Inc. has a 1-year low of $11.84 and a 1-year high of $45.12.

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, hitting analysts' consensus estimates of ($0.21). The company had revenue of $166.30 million during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.23) earnings per share. As a group, analysts expect that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal 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.