Deepwater Asset Management LLC Takes $13.70 Million Position in Sweetgreen, Inc. (NYSE:SG)

Deepwater Asset Management LLC acquired a new stake in shares of Sweetgreen, Inc. (NYSE:SG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 427,179 shares of the company’s stock, valued at approximately $13,695,000. Sweetgreen makes up about 4.5% of Deepwater Asset Management LLC’s holdings, making the stock its 17th largest holding. Deepwater Asset Management LLC owned about 0.37% of Sweetgreen as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Stephens Investment Management Group LLC lifted its stake in shares of Sweetgreen by 139.9% in the 3rd quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock valued at $33,299,000 after acquiring an additional 547,816 shares during the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of Sweetgreen by 13.3% during the third quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock valued at $82,032,000 after purchasing an additional 272,340 shares during the period. Tidal Investments LLC grew its holdings in shares of Sweetgreen by 848.2% in the third quarter. Tidal Investments LLC now owns 270,141 shares of the company’s stock worth $9,576,000 after purchasing an additional 241,652 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Sweetgreen by 7.5% in the third quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company’s stock worth $120,784,000 after buying an additional 236,874 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Sweetgreen by 37.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 671,045 shares of the company’s stock valued at $23,789,000 after buying an additional 181,805 shares during the last quarter. Institutional investors own 95.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Morgan Stanley dropped their target price on shares of Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st. TD Cowen reaffirmed a “buy” rating and issued a $45.00 price target on shares of Sweetgreen in a research note on Monday, November 18th. KeyCorp assumed coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They issued a “sector weight” rating on the stock. Oppenheimer decreased their price objective on shares of Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $40.00 price target on shares of Sweetgreen in a research report on Friday, November 8th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Sweetgreen currently has an average rating of “Moderate Buy” and a consensus target price of $41.20.

Sweetgreen Stock Down 2.3 %

Shares of NYSE SG opened at $32.87 on Monday. The company has a 50 day simple moving average of $34.86 and a two-hundred day simple moving average of $34.22. Sweetgreen, Inc. has a fifty-two week low of $10.35 and a fifty-two week high of $45.12.

Sweetgreen (NYSE:SG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.02). Sweetgreen had a negative net margin of 13.27% and a negative return on equity of 18.82%. The company had revenue of $173.43 million for the quarter, compared to the consensus estimate of $173.67 million. During the same period last year, the business earned ($0.22) EPS. Analysts predict that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In other news, CTO Wouleta Ayele sold 4,347 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $34.05, for a total transaction of $148,015.35. Following the sale, the chief technology officer now owns 140,302 shares of the company’s stock, valued at $4,777,283.10. This trade represents a 3.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mitch Reback sold 8,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $33.13, for a total transaction of $265,040.00. Following the transaction, the chief financial officer now owns 350,981 shares in the company, valued at approximately $11,628,000.53. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 646,565 shares of company stock valued at $24,974,830. 21.52% of the stock is owned by insiders.

Sweetgreen 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.