Panagora Asset Management Inc. Increases Stock Position in Sweetgreen, Inc. (NYSE:SG)

Panagora Asset Management Inc. boosted its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 64.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 297,327 shares of the company’s stock after buying an additional 116,459 shares during the quarter. Panagora Asset Management Inc. owned 0.26% of Sweetgreen worth $8,961,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of SG. Quest Partners LLC acquired a new stake in shares of Sweetgreen during the fourth quarter worth about $104,000. Triumph Capital Management acquired a new stake in shares of Sweetgreen during the fourth quarter worth about $126,000. Handelsbanken Fonder AB acquired a new stake in shares of Sweetgreen during the fourth quarter worth about $137,000. Perigon Wealth Management LLC acquired a new stake in shares of Sweetgreen during the first quarter worth about $223,000. Finally, Entropy Technologies LP acquired a new stake in shares of Sweetgreen during the first quarter worth about $279,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on SG. Citigroup raised their target price on shares of Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Bank of America raised their target price on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a report on Monday, August 19th. Royal Bank of Canada raised their target price on shares of Sweetgreen from $35.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, June 7th. Morgan Stanley raised their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. Finally, The Goldman Sachs Group began coverage on shares of Sweetgreen in a report on Thursday, June 13th. They issued a “buy” rating and a $39.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.00.

Insider Activity at Sweetgreen

In related news, insider Adrienne Gemperle sold 3,868 shares of Sweetgreen stock in a transaction on Friday, August 16th. The shares were sold at an average price of $36.31, for a total value of $140,447.08. Following the transaction, the insider now directly owns 114,842 shares in the company, valued at approximately $4,169,913.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Nicolas Jammet sold 169,767 shares of Sweetgreen stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.77, for a total value of $6,072,565.59. Following the transaction, the insider now directly owns 1,930,233 shares in the company, valued at approximately $69,044,434.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Adrienne Gemperle sold 3,868 shares of Sweetgreen stock in a transaction on Friday, August 16th. The shares were sold at an average price of $36.31, for a total transaction of $140,447.08. Following the completion of the transaction, the insider now owns 114,842 shares in the company, valued at $4,169,913.02. The disclosure for this sale can be found here. Insiders have sold a total of 521,116 shares of company stock worth $17,823,867 in the last three months. Insiders own 21.52% of the company’s stock.

Sweetgreen Trading Down 0.1 %

Shares of SG opened at $31.61 on Friday. The firm has a market cap of $3.58 billion, a PE ratio of -33.99 and a beta of 2.30. The company’s 50 day simple moving average is $29.06 and its 200-day simple moving average is $25.77. Sweetgreen, Inc. has a 12-month low of $8.64 and a 12-month high of $38.53.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The business had revenue of $184.60 million for the quarter, compared to analysts’ expectations of $180.79 million. Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The business’s revenue was up 21.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.20) earnings per share. As a group, equities research analysts forecast that Sweetgreen, Inc. will post -0.75 EPS for the current fiscal year.

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.