Sweetgreen, Inc. (NYSE:SG) Holdings Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in Sweetgreen, Inc. (NYSE:SG) by 1.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 308,247 shares of the company’s stock after buying an additional 4,333 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.26% of Sweetgreen worth $7,712,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SG. Sequoia Financial Advisors LLC grew its position in Sweetgreen by 50.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 13,280 shares of the company’s stock worth $332,000 after purchasing an additional 4,474 shares during the last quarter. Stifel Financial Corp grew its position in Sweetgreen by 55.3% in the 4th quarter. Stifel Financial Corp now owns 12,562 shares of the company’s stock worth $403,000 after purchasing an additional 4,474 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Sweetgreen by 4.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,191 shares of the company’s stock worth $936,000 after purchasing an additional 1,278 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Sweetgreen by 54.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company’s stock worth $523,000 after purchasing an additional 5,783 shares during the last quarter. Finally, LPL Financial LLC grew its position in Sweetgreen by 400.1% in the 4th quarter. LPL Financial LLC now owns 59,592 shares of the company’s stock worth $1,911,000 after purchasing an additional 47,676 shares during the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group decreased their price objective on shares of Sweetgreen from $23.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, June 4th. Piper Sandler decreased their price objective on shares of Sweetgreen from $27.00 to $20.00 and set a “neutral” rating for the company in a report on Friday, May 9th. TD Securities restated a “hold” rating and set a $15.00 price objective (down previously from $25.00) on shares of Sweetgreen in a report on Tuesday, July 1st. JPMorgan Chase & Co. decreased their price objective on shares of Sweetgreen from $20.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, June 25th. Finally, Oppenheimer reduced their price target on shares of Sweetgreen from $35.00 to $29.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $23.31.

Insiders Place Their Bets

In other Sweetgreen news, CFO Mitch Reback sold 10,088 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.23, for a total transaction of $153,640.24. Following the transaction, the chief financial officer owned 334,421 shares in the company, valued at approximately $5,093,231.83. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Clifford Burrows purchased 19,200 shares of the stock in a transaction on Friday, May 23rd. The shares were acquired at an average price of $13.11 per share, for a total transaction of $251,712.00. Following the transaction, the director directly owned 19,200 shares of the company’s stock, valued at $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 insiders.

Sweetgreen Price Performance

Shares of NYSE:SG opened at $15.27 on Wednesday. Sweetgreen, Inc. has a 1-year low of $11.86 and a 1-year high of $45.12. The business has a fifty day moving average price of $13.66 and a 200-day moving average price of $21.11. The company has a market capitalization of $1.79 billion, a PE ratio of -19.83 and a beta of 2.06.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.21). Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. The business had revenue of $166.30 million for the quarter, compared to analysts’ expectations of $164.68 million. During the same period last year, the firm posted ($0.23) earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, sell-side analysts anticipate that Sweetgreen, Inc. will post -0.74 earnings per share 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.