Durable Capital Partners LP Sells 509,973 Shares of Sweetgreen, Inc. (NYSE:SG)

Durable Capital Partners LP cut its position in Sweetgreen, Inc. (NYSE:SG - Free Report) by 12.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,494,933 shares of the company's stock after selling 509,973 shares during the quarter. Durable Capital Partners LP owned about 3.02% of Sweetgreen worth $112,048,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Sweetgreen by 3.4% in the fourth quarter. FMR LLC now owns 10,103,969 shares of the company's stock valued at $323,933,000 after buying an additional 329,789 shares during the period. Vanguard Group Inc. grew its holdings in shares of Sweetgreen by 3.8% during the 4th 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. grew its holdings in shares of Sweetgreen by 40.9% during the 4th 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 position in shares of 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 during the period. Finally, Geode Capital Management LLC raised its stake in Sweetgreen by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 2,281,671 shares of the company's stock valued at $73,167,000 after purchasing an additional 32,262 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SG. UBS Group reduced their price objective on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating on the stock in a research note on Monday. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $25.00 price objective (down from $32.00) on shares of Sweetgreen in a research note on Tuesday. TD Securities cut their target price on Sweetgreen from $45.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Royal Bank of Canada reiterated an "outperform" rating and issued a $45.00 price target on shares of Sweetgreen in a research note on Tuesday, February 25th. Finally, Oppenheimer dropped their price objective on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a research report on Friday. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Sweetgreen currently has an average rating of "Moderate Buy" and an average target price of $32.18.

Sweetgreen Stock Down 15.6 %

Sweetgreen stock traded down $2.84 during trading hours on Friday, hitting $15.33. The stock had a trading volume of 19,041,978 shares, compared to its average volume of 3,482,086. The business's 50 day simple moving average is $21.74 and its 200-day simple moving average is $29.50. Sweetgreen, Inc. has a one year low of $14.61 and a one year high of $45.12. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -19.65 and a beta of 2.31.

Sweetgreen (NYSE:SG - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, hitting the consensus estimate of ($0.21). The business had revenue of $166.30 million for the quarter, compared to the consensus estimate of $164.68 million. Sweetgreen had a negative net margin of 13.27% and a negative return on equity of 18.82%. The firm's revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company earned ($0.23) EPS. Research analysts anticipate that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Insider Activity at Sweetgreen

In related news, Director Nathaniel Ru sold 2,123 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $23.80, for a total value of $50,527.40. Following the transaction, the director now owns 1,785,099 shares in the company, valued at $42,485,356.20. The trade was a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mitch Reback sold 10,926 shares of the company's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $26.43, for a total transaction of $288,774.18. Following the sale, the chief financial officer now directly owns 344,055 shares in the company, valued at $9,093,373.65. This trade represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,852 shares of company stock worth $871,417 over the last three months. Company insiders own 21.52% of the company's stock.

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.