Connor Clark & Lunn Investment Management Ltd. Sells 23,565 Shares of Sweetgreen, Inc. (NYSE:SG)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Sweetgreen, Inc. (NYSE:SG) by 20.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,387 shares of the company’s stock after selling 23,565 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.08% of Sweetgreen worth $3,275,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in SG. Segall Bryant & Hamill LLC acquired a new position in shares of Sweetgreen in the third quarter valued at about $6,191,000. GLOBALT Investments LLC GA purchased a new position in Sweetgreen during the third quarter worth approximately $591,000. Quest Partners LLC boosted its position in Sweetgreen by 68.4% during the third quarter. Quest Partners LLC now owns 4,256 shares of the company’s stock worth $151,000 after purchasing an additional 1,728 shares in the last quarter. Natixis Advisors LLC lifted its position in shares of Sweetgreen by 91.9% in the third quarter. Natixis Advisors LLC now owns 30,380 shares of the company’s stock valued at $1,077,000 after acquiring an additional 14,545 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Sweetgreen by 29.1% in the third quarter. KBC Group NV now owns 3,127 shares of the company’s stock valued at $111,000 after acquiring an additional 704 shares in the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

Sweetgreen Price Performance

Shares of NYSE SG opened at $43.40 on Monday. The company has a market cap of $5.02 billion, a PE ratio of -55.64 and a beta of 2.32. The stock has a fifty day moving average price of $36.93 and a 200 day moving average price of $32.51. Sweetgreen, Inc. has a 1-year low of $9.21 and a 1-year high of $44.75.

Insider Activity

In related news, insider Nathaniel Ru sold 9,250 shares of the company’s 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 transaction, the insider now owns 1,952,129 shares of the company’s stock, valued at $56,104,187.46. This represents a 0.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jonathan Neman sold 1,010 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $40.01, for a total value of $40,410.10. Following the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at $77,228,422.28. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 164,132 shares of company stock valued at $5,993,464 over the last quarter. Corporate insiders own 21.52% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SG. The Goldman Sachs Group restated a “neutral” rating and issued a $40.00 target price on shares of Sweetgreen in a research report on Friday, November 8th. Citigroup raised their price target on Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Morgan Stanley lifted their target price on Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. TD Cowen reaffirmed a “buy” rating and set a $45.00 price target on shares of Sweetgreen in a report on Monday, November 18th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $39.00 price target (up from $33.00) on shares of Sweetgreen in a report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sweetgreen presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.80.

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.