Boston Financial Mangement LLC Reduces Stock Position in Sweetgreen, Inc. (NYSE:SG)

by · The Markets Daily

Boston Financial Mangement LLC lowered its stake in shares of Sweetgreen, Inc. (NYSE:SG – Free Report) by 55.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,562 shares of the company’s stock after selling 12,006 shares during the period. Boston Financial Mangement LLC’s holdings in Sweetgreen were worth $339,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Baillie Gifford & Co. increased its holdings in shares of Sweetgreen by 6.2% in the second quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock worth $371,516,000 after purchasing an additional 721,740 shares during the period. Vanguard Group Inc. increased its holdings in shares of Sweetgreen by 0.8% in the first quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock worth $212,713,000 after purchasing an additional 70,395 shares during the period. Driehaus Capital Management LLC increased its holdings in shares of Sweetgreen by 231.8% in the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock worth $81,028,000 after purchasing an additional 1,878,216 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Sweetgreen by 2.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,763,572 shares of the company’s stock worth $53,151,000 after purchasing an additional 39,823 shares during the period. Finally, Hood River Capital Management LLC increased its holdings in shares of Sweetgreen by 42.6% in the second quarter. Hood River Capital Management LLC now owns 1,643,028 shares of the company’s stock worth $49,521,000 after purchasing an additional 490,806 shares during the period. Institutional investors own 95.75% of the company’s stock.

Sweetgreen Trading Down 0.8 %

Shares of NYSE:SG opened at $38.50 on Wednesday. The stock’s 50-day moving average price is $34.78 and its 200-day moving average price is $30.46. Sweetgreen, Inc. has a 12-month low of $8.64 and a 12-month high of $40.20. The stock has a market capitalization of $4.39 billion, a P/E ratio of -46.95 and a beta of 2.33.

Sweetgreen (NYSE:SG – Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.34%. The company had revenue of $184.60 million for the quarter, compared to the consensus estimate of $180.79 million. During the same period last year, the business posted ($0.20) earnings per share. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. As a group, research analysts predict that Sweetgreen, Inc. will post -0.75 EPS for the current year.

Insider Transactions at Sweetgreen

In other news, CEO Jonathan Neman sold 17,020 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $35.08, for a total transaction of $597,061.60. Following the completion of the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $67,712,398.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Sweetgreen news, insider Nicolas Jammet sold 169,767 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.77, for a total value of $6,072,565.59. Following the completion of the sale, the insider now directly owns 1,930,233 shares in the company, valued at $69,044,434.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jonathan Neman sold 17,020 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $35.08, for a total transaction of $597,061.60. Following the completion of the sale, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at $67,712,398.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 426,061 shares of company stock worth $15,071,720. Company insiders own 21.52% of the company’s stock.

Analyst Ratings Changes

SG has been the topic of several research analyst reports. Morgan Stanley upped their price target on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Citigroup increased their target price on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Oppenheimer increased their target price on Sweetgreen from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Piper Sandler reissued a “neutral” rating and issued a $39.00 target price (up previously from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Finally, TD Cowen reissued a “buy” rating and issued a $43.00 target price on shares of Sweetgreen in a research note on Friday, September 27th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.20.

Get Our Latest Report on SG

Sweetgreen Company Profile

(Free Report)

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.

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