Riverview Capital Advisers LLC Trims Stock Position in Sweetgreen, Inc. (NYSE:SG)

Riverview Capital Advisers LLC trimmed its holdings in Sweetgreen, Inc. (NYSE:SG) by 2.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 266,438 shares of the company’s stock after selling 6,903 shares during the period. Sweetgreen accounts for approximately 2.6% of Riverview Capital Advisers LLC’s holdings, making the stock its 11th largest holding. Riverview Capital Advisers LLC’s holdings in Sweetgreen were worth $8,542,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA purchased a new stake in Sweetgreen during the fourth quarter valued at about $52,558,000. Invesco Ltd. grew its holdings in shares of Sweetgreen by 40.9% during the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock worth $176,850,000 after purchasing an additional 1,601,666 shares during the period. Wellington Management Group LLP grew its holdings in shares of Sweetgreen by 30.1% during the 4th quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock worth $142,106,000 after purchasing an additional 1,025,341 shares during the period. Frontier Capital Management Co. LLC increased its position in Sweetgreen by 189.9% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,134,398 shares of the company’s stock worth $36,369,000 after purchasing an additional 743,157 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in Sweetgreen by 848.5% in the fourth quarter. Voya Investment Management LLC now owns 748,581 shares of the company’s stock valued at $24,000,000 after buying an additional 669,657 shares during the period. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Price Performance

NYSE:SG opened at $15.35 on Thursday. Sweetgreen, Inc. has a 1-year low of $14.61 and a 1-year high of $45.12. The firm has a 50-day moving average of $21.26 and a two-hundred day moving average of $29.05. The stock has a market cap of $1.80 billion, a P/E ratio of -19.68 and a beta of 2.31.

Sweetgreen (NYSE:SG) last released its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share for the quarter, hitting the consensus estimate of ($0.21). The company had revenue of $166.30 million during the quarter, compared to the consensus estimate of $164.68 million. Sweetgreen had a negative net margin of 13.27% and a negative return on equity of 18.82%. The company’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.23) EPS. As a group, equities analysts expect that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SG. Morgan Stanley reduced their price target on shares of Sweetgreen from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Friday, May 9th. JPMorgan Chase & Co. decreased their price target on shares of Sweetgreen from $25.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday. Oppenheimer lowered their price target on Sweetgreen from $35.00 to $29.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Royal Bank of Canada restated an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a research note on Tuesday, February 25th. Finally, UBS Group decreased their target price on Sweetgreen from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.73.

Insider Transactions at Sweetgreen

In related news, CFO Mitch Reback sold 4,000 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $21.07, for a total transaction of $84,280.00. Following the sale, the chief financial officer now owns 344,509 shares in the company, valued at $7,258,804.63. This represents a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Nathaniel Ru sold 2,123 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $23.80, for a total value of $50,527.40. Following the transaction, the director now directly owns 1,785,099 shares of the company’s stock, valued at $42,485,356.20. This trade represents a 0.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,852 shares of company stock worth $871,417. 21.52% of the stock is currently owned by corporate insiders.

About Sweetgreen

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.