New York State Common Retirement Fund Raises Stock Position in Sweetgreen, Inc. (NYSE:SG)

New York State Common Retirement Fund raised its stake in Sweetgreen, Inc. (NYSE:SG) by 352.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 242,472 shares of the company’s stock after buying an additional 188,830 shares during the period. New York State Common Retirement Fund owned approximately 0.21% of Sweetgreen worth $6,067,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SG. FMR LLC increased its stake in Sweetgreen by 3.4% during the 4th quarter. FMR LLC now owns 10,103,969 shares of the company’s stock worth $323,933,000 after buying an additional 329,789 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Sweetgreen by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company’s stock valued at $306,009,000 after buying an additional 351,240 shares during the period. Invesco Ltd. boosted its stake in Sweetgreen by 40.9% during the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock valued at $176,850,000 after purchasing an additional 1,601,666 shares during the period. Wellington Management Group LLP boosted its stake in Sweetgreen by 30.1% during the 4th quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock valued at $142,106,000 after purchasing an additional 1,025,341 shares during the period. Finally, Spyglass Capital Management LLC lifted its stake in shares of Sweetgreen by 12.0% in the 4th quarter. Spyglass Capital Management LLC now owns 2,296,894 shares of the company’s stock worth $73,638,000 after acquiring an additional 246,283 shares during the period. 95.75% of the stock is owned by hedge funds and other institutional investors.

Sweetgreen Stock Up 5.6%

NYSE SG opened at $14.35 on Monday. The stock has a market cap of $1.68 billion, a P/E ratio of -18.64 and a beta of 2.06. The company’s 50-day simple moving average is $13.66 and its 200 day simple moving average is $21.11. Sweetgreen, Inc. has a twelve month low of $11.86 and a twelve month high of $45.12.

Sweetgreen (NYSE:SG) last posted its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.21). The business had revenue of $166.30 million for 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 revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.23) earnings per share. Research analysts anticipate that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Morgan Stanley dropped their target price on shares of Sweetgreen from $22.00 to $17.00 and set an “equal weight” rating on the stock in a report on Monday, July 14th. Barclays boosted their price target on shares of Sweetgreen from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Thursday. UBS Group cut their price target on shares of Sweetgreen from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Oppenheimer cut their price target 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. Finally, Wells Fargo & Company restated an “overweight” rating and set a $19.00 price target on shares of Sweetgreen in a report on Tuesday, July 1st. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Sweetgreen currently has an average rating of “Hold” and an average price target of $23.31.

Insider Activity

In other news, CFO Mitch Reback sold 10,088 shares of the firm’s stock in a transaction dated 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. This trade represents a 2.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Clifford Burrows bought 19,200 shares of Sweetgreen stock in a transaction dated 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 purchase, the director directly owned 19,200 shares in the company, valued at approximately $251,712. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 21.52% of the company’s stock.

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.