Sweetgreen, Inc. (NYSE:SG) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its holdings in Sweetgreen, Inc. (NYSE:SG) by 14.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,630 shares of the company’s stock after acquiring an additional 6,478 shares during the period. The Manufacturers Life Insurance Company’s holdings in Sweetgreen were worth $1,586,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Quest Partners LLC purchased a new position in shares of Sweetgreen in the second quarter valued at $76,000. Versor Investments LP purchased a new position in shares of Sweetgreen in the second quarter valued at $217,000. Thoroughbred Financial Services LLC purchased a new position in shares of Sweetgreen in the second quarter valued at $233,000. Nkcfo LLC purchased a new position in shares of Sweetgreen in the second quarter valued at $241,000. Finally, Moloney Securities Asset Management LLC purchased a new position in shares of Sweetgreen in the second quarter valued at $256,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Bank of America upped their target price on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Citigroup increased their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Piper Sandler reiterated a “neutral” rating and set a $39.00 price objective (up from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. UBS Group increased their price objective on shares of Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Sweetgreen from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.20.

Sweetgreen Stock Performance

Sweetgreen stock opened at $36.37 on Friday. The firm’s 50-day moving average is $33.23 and its 200-day moving average is $29.20. Sweetgreen, Inc. has a 1 year low of $8.64 and a 1 year high of $38.81. The company has a market cap of $4.15 billion, a P/E ratio of -39.11 and a beta of 2.33.

Sweetgreen (NYSE:SG) last posted its quarterly 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). Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The business had revenue of $184.60 million during the quarter, compared to the consensus estimate of $180.79 million. During the same quarter in the previous year, the business posted ($0.20) earnings per share. The company’s quarterly revenue was up 21.0% compared to the same quarter last year. As a group, sell-side analysts predict that Sweetgreen, Inc. will post -0.75 earnings per share for the current year.

Insider Transactions at Sweetgreen

In related news, insider Nicolas Jammet sold 21,275 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $35.10, for a total value of $746,752.50. Following the sale, the insider now owns 1,930,233 shares of the company’s stock, valued at $67,751,178.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CTO Wouleta Ayele sold 2,831 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.31, for a total value of $102,793.61. Following the sale, the chief technology officer now owns 144,649 shares of the company’s stock, valued at $5,252,205.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicolas Jammet sold 21,275 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $35.10, for a total transaction of $746,752.50. Following the completion of the sale, the insider now directly owns 1,930,233 shares in the company, valued at approximately $67,751,178.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 426,061 shares of company stock worth $15,071,720. 21.52% of the stock is currently owned by insiders.

Sweetgreen Company 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.