Millennium Management LLC Trims Stock Position in Sweetgreen, Inc. (NYSE:SG)

Millennium Management LLC decreased its position in shares of Sweetgreen, Inc. (NYSE:SG) by 71.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 127,419 shares of the company’s stock after selling 322,245 shares during the quarter. Millennium Management LLC’s holdings in Sweetgreen were worth $3,840,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Maverick Capital Ltd. purchased a new position in Sweetgreen during the 2nd quarter worth $1,883,000. AQR Capital Management LLC purchased a new position in shares of Sweetgreen during the second quarter worth about $346,000. Davidson Kempner Capital Management LP increased its position in Sweetgreen by 40.1% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 575,000 shares of the company’s stock valued at $17,330,000 after acquiring an additional 164,600 shares during the period. Hood River Capital Management LLC raised its stake in Sweetgreen by 42.6% during the 2nd quarter. Hood River Capital Management LLC now owns 1,643,028 shares of the company’s stock valued at $49,521,000 after acquiring an additional 490,806 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in Sweetgreen by 49.1% during the 2nd quarter. ProShare Advisors LLC now owns 26,218 shares of the company’s stock worth $790,000 after acquiring an additional 8,634 shares during the period. 95.75% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Sweetgreen

In related news, insider Adrienne Gemperle sold 3,868 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.31, for a total transaction of $140,447.08. Following the sale, the insider now directly owns 114,842 shares in the company, valued at approximately $4,169,913.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Adrienne Gemperle sold 3,868 shares of the company’s 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 completion of the transaction, the insider now directly owns 114,842 shares in the company, valued at approximately $4,169,913.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nathaniel Ru sold 9,250 shares of Sweetgreen stock in a transaction on Monday, September 9th. The stock was sold at an average price of $28.74, for a total transaction of $265,845.00. Following the sale, the insider now directly owns 1,952,129 shares in the company, valued at $56,104,187.46. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 426,061 shares of company stock valued at $15,071,720 over the last three months. 21.52% of the stock is owned by company insiders.

Sweetgreen Trading Up 4.2 %

SG stock opened at $37.88 on Monday. The company has a market cap of $4.32 billion, a PE ratio of -46.19 and a beta of 2.33. The stock has a 50-day moving average price of $33.46 and a two-hundred day moving average price of $29.35. Sweetgreen, Inc. has a 12-month low of $8.64 and a 12-month high of $39.75.

Sweetgreen (NYSE:SG) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. Sweetgreen’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. Equities analysts forecast that Sweetgreen, Inc. will post -0.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Piper Sandler reissued a “neutral” rating and issued a $39.00 target price (up previously from $33.00) on shares of Sweetgreen in a report on Monday, August 19th. Citigroup increased their price objective on Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Oppenheimer upped their price target on shares of Sweetgreen from $36.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Morgan Stanley lifted their price target on Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Friday, August 9th. Finally, UBS Group increased their target price on Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.20.

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.