Sovran Advisors LLC Grows Stake in Sweetgreen, Inc. $SG

Sovran Advisors LLC boosted its position in Sweetgreen, Inc. (NYSE:SG) by 128.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,240 shares of the company’s stock after purchasing an additional 72,166 shares during the period. Sovran Advisors LLC owned about 0.11% of Sweetgreen worth $1,908,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SG. Wellington Management Group LLP increased its position in Sweetgreen by 30.0% during the first quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company’s stock worth $144,180,000 after buying an additional 1,330,094 shares in the last quarter. Champlain Investment Partners LLC purchased a new position in Sweetgreen during the first quarter worth $31,558,000. Durable Capital Partners LP increased its position in Sweetgreen by 29.5% during the first quarter. Durable Capital Partners LP now owns 4,525,109 shares of the company’s stock worth $113,218,000 after buying an additional 1,030,176 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Sweetgreen by 53.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,514,316 shares of the company’s stock worth $62,908,000 after buying an additional 874,942 shares in the last quarter. Finally, RPG Investment Advisory LLC purchased a new position in Sweetgreen during the first quarter worth $18,502,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Sweetgreen

In other news, CFO Mitch Reback sold 11,530 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.19, for a total value of $105,960.70. Following the completion of the sale, the chief financial officer owned 322,891 shares of the company’s stock, valued at $2,967,368.29. This represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 19.78% of the company’s stock.

Sweetgreen Trading Down 1.0%

SG stock opened at $8.62 on Friday. The stock has a 50-day moving average price of $10.83 and a two-hundred day moving average price of $15.53. Sweetgreen, Inc. has a 12-month low of $8.11 and a 12-month high of $45.12. The company has a market cap of $1.02 billion, a PE ratio of -10.26 and a beta of 2.01.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.08). Sweetgreen had a negative net margin of 14.29% and a negative return on equity of 22.21%. The firm had revenue of $185.58 million for the quarter, compared to analysts’ expectations of $193.47 million. During the same period last year, the firm posted ($0.13) EPS. Sweetgreen’s revenue was up .5% on a year-over-year basis. Sweetgreen has set its FY 2025 guidance at EPS. Equities analysts forecast that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. TD Cowen dropped their price target on Sweetgreen from $15.00 to $10.00 and set a “hold” rating for the company in a research report on Friday, August 8th. The Goldman Sachs Group dropped their price target on Sweetgreen from $23.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, June 4th. Royal Bank Of Canada dropped their price target on Sweetgreen from $25.00 to $13.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. 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. Finally, William Blair restated an “outperform” rating on shares of Sweetgreen in a report on Friday, September 5th. Seven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.69.

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.