First Manhattan CO. LLC. Sells 21,790 Shares of Sweetgreen, Inc. (NYSE:SG)

First Manhattan CO. LLC. lowered its holdings in Sweetgreen, Inc. (NYSE:SG) by 8.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 245,955 shares of the company’s stock after selling 21,790 shares during the quarter. First Manhattan CO. LLC.’s holdings in Sweetgreen were worth $7,885,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Summit Investment Advisors Inc. increased its holdings in Sweetgreen by 4.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,479 shares of the company’s stock valued at $336,000 after buying an additional 473 shares during the period. Cypress Wealth Services LLC boosted its stake in Sweetgreen by 6.1% in the fourth quarter. Cypress Wealth Services LLC now owns 8,423 shares of the company’s stock worth $270,000 after purchasing an additional 483 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Sweetgreen by 45.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after purchasing an additional 494 shares during the last quarter. Hillsdale Investment Management Inc. increased its stake in shares of Sweetgreen by 1.2% in the fourth quarter. Hillsdale Investment Management Inc. now owns 50,164 shares of the company’s stock valued at $1,608,000 after buying an additional 600 shares in the last quarter. Finally, Oberweis Asset Management Inc. lifted its position in Sweetgreen by 0.6% during the 4th quarter. Oberweis Asset Management Inc. now owns 96,201 shares of the company’s stock worth $3,084,000 after buying an additional 610 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

Insider Buying and Selling at Sweetgreen

In related news, COO Rossann Williams sold 4,977 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $23.80, for a total transaction of $118,452.60. Following the completion of the transaction, the chief operating officer now owns 95,516 shares in the company, valued at approximately $2,273,280.80. This represents a 4.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jonathan Neman sold 5,717 shares of Sweetgreen stock in a transaction on Monday, March 17th. The shares were sold at an average price of $23.80, for a total transaction of $136,064.60. Following the completion of the sale, the chief executive officer now owns 1,810,263 shares in the company, valued at $43,084,259.40. The trade was a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,852 shares of company stock valued at $871,417 in the last 90 days. 21.52% of the stock is currently owned by company insiders.

Sweetgreen Stock Performance

NYSE SG opened at $15.33 on Friday. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -19.65 and a beta of 2.31. The business has a 50 day simple moving average of $21.74 and a 200 day simple moving average of $29.50. Sweetgreen, Inc. has a 52-week low of $14.61 and a 52-week high of $45.12.

Sweetgreen (NYSE:SG) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) 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 firm’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.23) earnings per share. On average, analysts predict that Sweetgreen, Inc. will post -0.74 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SG. Citigroup lowered their price target on shares of Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Oppenheimer lowered their price target on shares of Sweetgreen from $35.00 to $29.00 and set an “outperform” rating for the company in a research report on Friday. JPMorgan Chase & Co. restated a “neutral” rating and issued a $25.00 price objective (down from $32.00) on shares of Sweetgreen in a report on Tuesday. Piper Sandler lowered their target price on shares of Sweetgreen from $27.00 to $20.00 and set a “neutral” rating for the company in a report on Friday. Finally, The Goldman Sachs Group cut their price target on Sweetgreen from $27.00 to $23.00 and set a “neutral” rating on the stock in a research note on Friday. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.18.

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.