ArrowMark Colorado Holdings LLC Sells 259,509 Shares of Sweetgreen, Inc. $SG

ArrowMark Colorado Holdings LLC lowered its holdings in shares of Sweetgreen, Inc. (NYSE:SG) by 53.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 222,157 shares of the company’s stock after selling 259,509 shares during the period. ArrowMark Colorado Holdings LLC owned approximately 0.19% of Sweetgreen worth $1,773,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of Sweetgreen by 312.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,808 shares of the company’s stock worth $42,000 after buying an additional 2,127 shares in the last quarter. Bogart Wealth LLC increased its stake in shares of Sweetgreen by 1,150.0% in the 3rd quarter. Bogart Wealth LLC now owns 5,000 shares of the company’s stock valued at $40,000 after acquiring an additional 4,600 shares in the last quarter. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Sweetgreen in the 3rd quarter valued at $82,000. Birch Financial Group LLC acquired a new position in shares of Sweetgreen during the 3rd quarter valued at $86,000. Finally, Bayesian Capital Management LP acquired a new position in shares of Sweetgreen during the 2nd quarter valued at $179,000. 95.75% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Nicolas Jammet acquired 4,428 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were purchased at an average cost of $5.71 per share, with a total value of $25,283.88. Following the acquisition, the insider directly owned 22,543 shares of the company’s stock, valued at $128,720.53. The trade was a 24.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 19.78% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. UBS Group reduced their price target on shares of Sweetgreen from $7.50 to $6.50 and set a “neutral” rating for the company in a report on Monday, February 23rd. Wolfe Research started coverage on shares of Sweetgreen in a report on Monday, March 9th. They set a “peer perform” rating on the stock. Oppenheimer cut their price objective on shares of Sweetgreen from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Morgan Stanley reduced their target price on Sweetgreen from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 20th. Finally, JPMorgan Chase & Co. boosted their target price on Sweetgreen from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 20th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.22.

Sweetgreen Stock Down 1.7%

Shares of Sweetgreen stock opened at $5.34 on Monday. Sweetgreen, Inc. has a 52 week low of $4.99 and a 52 week high of $27.15. The business has a 50 day moving average price of $6.28 and a 200-day moving average price of $6.96. The company has a market cap of $631.50 million, a PE ratio of -4.68 and a beta of 1.93.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, February 26th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.11). Sweetgreen had a negative net margin of 19.73% and a negative return on equity of 32.26%. The company had revenue of $155.19 million for the quarter, compared to analysts’ expectations of $159.59 million. During the same period in the previous year, the firm earned ($0.25) EPS. The firm’s quarterly revenue was down 3.5% on a year-over-year basis. As a group, research analysts anticipate that Sweetgreen, Inc. will post -0.74 EPS for the current year.

Sweetgreen Company Profile

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.