Bank of Nova Scotia Makes New $810,000 Investment in Sweetgreen, Inc. (NYSE:SG)

Bank of Nova Scotia acquired a new position in Sweetgreen, Inc. (NYSE:SG - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 25,276 shares of the company's stock, valued at approximately $810,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Invesco Ltd. grew its holdings in Sweetgreen by 40.9% in the fourth quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock worth $176,850,000 after purchasing an additional 1,601,666 shares during the last quarter. FMR LLC grew its stake in Sweetgreen by 3.4% during the 4th quarter. FMR LLC now owns 10,103,969 shares of the company's stock worth $323,933,000 after buying an additional 329,789 shares during the last quarter. MIG Capital LLC acquired a new position in Sweetgreen during the 4th quarter valued at about $310,000. Envestnet Asset Management Inc. raised its stake in Sweetgreen by 54.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company's stock valued at $523,000 after buying an additional 5,783 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Sweetgreen by 44.0% in the fourth quarter. Wells Fargo & Company MN now owns 98,212 shares of the company's stock worth $3,149,000 after acquiring an additional 30,022 shares in the last quarter. Institutional investors own 95.75% of the company's stock.

Insiders Place Their Bets

In related news, CFO Mitch Reback sold 10,926 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $26.43, for a total transaction of $288,774.18. Following the completion of the transaction, the chief financial officer now owns 344,055 shares in the company, valued at $9,093,373.65. This represents a 3.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Rossann Williams sold 4,977 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $23.80, for a total transaction of $118,452.60. Following the completion of the transaction, the chief operating officer now directly owns 95,516 shares in the company, valued at $2,273,280.80. This represents a 4.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,852 shares of company stock worth $871,417. 21.52% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Piper Sandler cut their price objective on shares of Sweetgreen from $39.00 to $27.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Morgan Stanley set a $24.00 price target on shares of Sweetgreen in a report on Monday. TD Securities dropped their price objective on shares of Sweetgreen from $45.00 to $33.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Citigroup reduced their target price on Sweetgreen from $43.00 to $39.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group dropped their price target on Sweetgreen from $37.00 to $32.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Sweetgreen presently has an average rating of "Moderate Buy" and an average target price of $35.91.

Sweetgreen Trading Down 6.3 %

Shares of Sweetgreen stock traded down $1.25 during trading hours on Friday, reaching $18.54. The stock had a trading volume of 6,538,208 shares, compared to its average volume of 3,294,159. Sweetgreen, Inc. has a twelve month low of $18.46 and a twelve month high of $45.12. The firm has a market capitalization of $2.17 billion, a PE ratio of -23.77 and a beta of 2.28. The stock's 50 day moving average is $23.35 and its 200 day moving average is $31.36.

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.