Victory Capital Management Inc. Has $293,000 Stock Position in Sweetgreen, Inc. (NYSE:SG)

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. lowered its position in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) by 95.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,720 shares of the company's stock after selling 249,669 shares during the quarter. Victory Capital Management Inc.'s holdings in Sweetgreen were worth $293,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. FMR LLC increased its position in Sweetgreen by 3.4% in the 4th quarter. FMR LLC now owns 10,103,969 shares of the company's stock valued at $323,933,000 after acquiring an additional 329,789 shares in the last quarter. Invesco Ltd. increased its position in Sweetgreen by 40.9% in the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock valued at $176,850,000 after acquiring an additional 1,601,666 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Sweetgreen by 53.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,514,316 shares of the company's stock valued at $62,908,000 after acquiring an additional 874,942 shares in the last quarter. Spyglass Capital Management LLC increased its position in Sweetgreen by 12.0% in the 4th quarter. Spyglass Capital Management LLC now owns 2,296,894 shares of the company's stock valued at $73,638,000 after acquiring an additional 246,283 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Sweetgreen by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 2,281,671 shares of the company's stock valued at $73,167,000 after acquiring an additional 32,262 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company's stock.

Sweetgreen Price Performance

Sweetgreen stock opened at $11.93 on Friday. The company's 50 day simple moving average is $13.56 and its 200 day simple moving average is $19.89. Sweetgreen, Inc. has a fifty-two week low of $11.84 and a fifty-two week high of $45.12. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -15.49 and a beta of 2.04.

Sweetgreen (NYSE:SG - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.21) earnings per share for the quarter, hitting the consensus estimate of ($0.21). Sweetgreen had a negative net margin of 13.04% and a negative return on equity of 19.72%. The business had revenue of $166.30 million for the quarter, compared to analyst estimates of $164.68 million. During the same quarter last year, the firm earned ($0.23) EPS. Sweetgreen's quarterly revenue was up 5.3% compared to the same quarter last year. As a group, analysts predict that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Insider Activity at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 10,088 shares of Sweetgreen stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.23, for a total value of $153,640.24. Following the transaction, the chief financial officer owned 334,421 shares of the company's stock, 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 filing with the SEC, which is available through the SEC website. Also, Director Clifford Burrows purchased 19,200 shares of the business's stock in a transaction on Friday, May 23rd. The stock was bought at an average cost of $13.11 per share, for a total transaction of $251,712.00. Following the purchase, the director owned 19,200 shares of the company's stock, valued at approximately $251,712. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 21.52% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

SG has been the subject of several research reports. Morgan Stanley lowered their price objective on shares of Sweetgreen from $22.00 to $17.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Bank of America lowered their price objective on shares of Sweetgreen from $27.00 to $22.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Oppenheimer lowered their price target on shares of Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Piper Sandler lowered their price target on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, 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. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $22.46.

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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