Oppenheimer Asset Management Inc. Grows Position in Sweetgreen, Inc. (NYSE:SG)

Oppenheimer Asset Management Inc. raised its holdings in Sweetgreen, Inc. (NYSE:SG) by 51.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 38,826 shares of the company’s stock after purchasing an additional 13,130 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Sweetgreen were worth $971,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of SG. Rhumbline Advisers lifted its stake in Sweetgreen by 2.6% in the 4th quarter. Rhumbline Advisers now owns 138,002 shares of the company’s stock valued at $4,424,000 after buying an additional 3,562 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in Sweetgreen by 41.2% in the fourth quarter. Handelsbanken Fonder AB now owns 24,000 shares of the company’s stock valued at $769,000 after purchasing an additional 7,000 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Sweetgreen by 13.6% in the fourth quarter. Bank of New York Mellon Corp now owns 303,914 shares of the company’s stock valued at $9,743,000 after acquiring an additional 36,281 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Sweetgreen in the 4th quarter valued at $630,000. Finally, US Bancorp DE increased its position in Sweetgreen by 135.7% in the 4th quarter. US Bancorp DE now owns 6,886 shares of the company’s stock valued at $221,000 after acquiring an additional 3,965 shares during the period. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Price Performance

Shares of NYSE:SG opened at $13.58 on Friday. The company’s 50 day simple moving average is $15.05 and its 200 day simple moving average is $23.27. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -17.64 and a beta of 2.06. Sweetgreen, Inc. has a 1 year low of $11.86 and a 1 year high of $45.12.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, meeting analysts’ consensus estimates of ($0.21). Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. The firm had revenue of $166.30 million for the quarter, compared to analyst estimates of $164.68 million. During the same quarter in the previous year, the company posted ($0.23) EPS. The business’s revenue was up 5.3% on a year-over-year basis. As a group, analysts anticipate that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SG. JPMorgan Chase & Co. dropped their price objective on Sweetgreen from $20.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday. TD Securities reaffirmed a “buy” rating and set a $25.00 price target on shares of Sweetgreen in a research note on Thursday, May 15th. Oppenheimer lowered their target price on shares of Sweetgreen from $35.00 to $29.00 and set an “outperform” rating on the stock in a research report on Friday, May 9th. The Goldman Sachs Group lowered their target price 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. Finally, UBS Group lowered their target price on shares of Sweetgreen from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.00.

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.