Sweetgreen, Inc. (NYSE:SG) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers boosted its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 3.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 141,344 shares of the company’s stock after purchasing an additional 5,301 shares during the quarter. Rhumbline Advisers’ holdings in Sweetgreen were worth $4,260,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new stake in shares of Sweetgreen in the fourth quarter valued at about $104,000. Versor Investments LP purchased a new position in Sweetgreen during the second quarter worth about $217,000. Perigon Wealth Management LLC acquired a new position in Sweetgreen in the 1st quarter valued at about $223,000. Moloney Securities Asset Management LLC purchased a new stake in shares of Sweetgreen in the 2nd quarter valued at approximately $256,000. Finally, Entropy Technologies LP purchased a new stake in shares of Sweetgreen in the 1st quarter valued at approximately $279,000. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

Sweetgreen Trading Down 1.2 %

Sweetgreen stock opened at $34.15 on Tuesday. The stock has a market cap of $3.87 billion, a P/E ratio of -36.72 and a beta of 2.32. The company has a fifty day simple moving average of $29.61 and a 200-day simple moving average of $27.44. Sweetgreen, Inc. has a 12-month low of $8.64 and a 12-month high of $38.53.

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

Insider Activity at Sweetgreen

In related news, CFO Mitch Reback sold 9,156 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $36.61, for a total value of $335,201.16. Following the completion of the sale, the chief financial officer now directly owns 379,181 shares of the company’s stock, valued at $13,881,816.41. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CFO Mitch Reback sold 9,156 shares of Sweetgreen stock in a transaction on Friday, August 16th. The shares were sold at an average price of $36.61, for a total value of $335,201.16. Following the transaction, the chief financial officer now directly owns 379,181 shares of the company’s stock, valued at approximately $13,881,816.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jonathan Neman sold 7,400 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $28.81, for a total transaction of $213,194.00. Following the completion of the sale, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at approximately $55,609,868.68. The disclosure for this sale can be found here. Insiders have sold 387,766 shares of company stock valued at $13,727,906 in the last ninety days. Insiders own 21.52% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on SG. Oppenheimer upped their price objective on Sweetgreen from $36.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Royal Bank of Canada upped their price target on Sweetgreen from $35.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Morgan Stanley increased their price target on Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Citigroup boosted their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Finally, Bank of America increased their target price on shares of Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $38.20.

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.