Invesco Ltd. Purchases 1,601,666 Shares of Sweetgreen, Inc. (NYSE:SG)

Invesco Ltd. lifted its position in Sweetgreen, Inc. (NYSE:SG) by 40.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,516,223 shares of the company’s stock after acquiring an additional 1,601,666 shares during the quarter. Invesco Ltd. owned 4.77% of Sweetgreen worth $176,850,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Cox Capital Mgt LLC raised its holdings in shares of Sweetgreen by 76.0% in the 4th quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company’s stock valued at $1,728,000 after purchasing an additional 23,278 shares in the last quarter. Geode Capital Management LLC boosted its position in Sweetgreen by 5.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company’s stock valued at $79,757,000 after acquiring an additional 116,243 shares in the last quarter. Moody National Bank Trust Division purchased a new position in shares of Sweetgreen in the 4th quarter valued at $1,182,000. Diversified Trust Co raised its position in shares of Sweetgreen by 223.2% in the 4th quarter. Diversified Trust Co now owns 27,126 shares of the company’s stock worth $870,000 after acquiring an additional 18,733 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Sweetgreen by 1,399.0% during the 3rd quarter. Franklin Resources Inc. now owns 111,074 shares of the company’s stock worth $4,365,000 after purchasing an additional 103,664 shares during the last quarter. 95.75% of the stock is owned by hedge funds and other institutional investors.

Sweetgreen Stock Performance

Sweetgreen stock opened at $21.03 on Friday. The business’s 50-day simple moving average is $24.34 and its two-hundred day simple moving average is $31.87. The company has a market cap of $2.47 billion, a PE ratio of -26.96 and a beta of 2.28. Sweetgreen, Inc. has a fifty-two week low of $18.62 and a fifty-two week high of $45.12.

Analysts Set New Price Targets

A number of equities analysts have commented on SG shares. Oppenheimer reduced their target price on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. TD Securities decreased their target price on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Piper Sandler lowered their target price on shares of Sweetgreen from $39.00 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $45.00 price target on shares of Sweetgreen in a research report on Tuesday, February 25th. Finally, The Goldman Sachs Group lowered their price objective on Sweetgreen from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.27.

Insider Buying and Selling

In other Sweetgreen news, CEO Jonathan Neman sold 5,717 shares of Sweetgreen stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $23.80, for a total transaction of $136,064.60. Following the completion of the transaction, the chief executive officer now owns 1,810,263 shares in the company, valued at approximately $43,084,259.40. This trade represents a 0.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mitch Reback sold 8,109 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $23.84, for a total value of $193,318.56. Following the completion of the transaction, the chief financial officer now directly owns 350,023 shares of the company’s stock, valued at approximately $8,344,548.32. This trade represents a 2.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,852 shares of company stock valued at $1,052,177 over the last quarter. 21.52% of the stock is currently owned by company 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.