EFG Asset Management North America Corp. Boosts Stock Position in Sweetgreen, Inc. $SG

EFG Asset Management North America Corp. lifted its stake in Sweetgreen, Inc. (NYSE:SG) by 18.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,061 shares of the company’s stock after acquiring an additional 21,734 shares during the period. EFG Asset Management North America Corp. owned approximately 0.12% of Sweetgreen worth $2,071,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Baillie Gifford & Co. boosted its stake in Sweetgreen by 3.4% in the 1st quarter. Baillie Gifford & Co. now owns 11,707,090 shares of the company’s stock worth $292,911,000 after purchasing an additional 386,141 shares during the period. Wellington Management Group LLP increased its position in shares of Sweetgreen by 30.0% during the first quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company’s stock valued at $144,180,000 after buying an additional 1,330,094 shares during the period. Durable Capital Partners LP lifted its holdings in shares of Sweetgreen by 29.5% in 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. Stephens Investment Management Group LLC boosted its position in shares of Sweetgreen by 89.5% in the second quarter. Stephens Investment Management Group LLC now owns 2,567,526 shares of the company’s stock valued at $38,205,000 after acquiring an additional 1,212,708 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake 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 valued at $62,908,000 after acquiring an additional 874,942 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors.

Sweetgreen Trading Up 0.5%

Shares of Sweetgreen stock opened at $6.44 on Thursday. The firm has a market capitalization of $761.27 million, a PE ratio of -7.67 and a beta of 1.94. Sweetgreen, Inc. has a 12 month low of $6.19 and a 12 month high of $45.12. The business’s 50-day moving average price is $7.97 and its 200-day moving average price is $11.75.

Sweetgreen (NYSE:SG) last issued its earnings results on Thursday, August 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.08). Sweetgreen had a negative return on equity of 22.21% and a negative net margin of 14.29%.The firm had revenue of $185.58 million during the quarter, compared to analysts’ expectations of $193.47 million. During the same period in the prior year, the company earned ($0.13) EPS. The firm’s quarterly revenue was up .5% compared to the same quarter last year. As a group, analysts predict that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Mitch Reback sold 11,530 shares of the company’s stock in a transaction on Monday, August 18th. The shares were 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 approximately $2,967,368.29. This represents a 3.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 19.78% of the company’s stock.

Wall Street Analysts Forecast Growth

SG has been the topic of several recent analyst reports. Morgan Stanley set a $10.00 target price on shares of Sweetgreen in a research note on Tuesday, October 21st. Royal Bank Of Canada dropped their price objective on Sweetgreen from $25.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. Piper Sandler reduced their target price on Sweetgreen from $20.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sweetgreen in a report on Wednesday, October 8th. Finally, 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. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $14.96.

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.