Deepwater Asset Management LLC Makes New Investment in Sweetgreen, Inc. (NYSE:SG)

Deepwater Asset Management LLC bought a new stake in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 427,179 shares of the company's stock, valued at approximately $13,695,000. Sweetgreen comprises 4.5% of Deepwater Asset Management LLC's investment portfolio, making the stock its 17th largest position. Deepwater Asset Management LLC owned approximately 0.37% of Sweetgreen as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SG. Hollencrest Capital Management purchased a new position in Sweetgreen during the third quarter valued at $35,000. KBC Group NV increased its holdings in shares of Sweetgreen by 29.1% during 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. Sachetta LLC raised its position in shares of Sweetgreen by 37.6% in the 4th quarter. Sachetta LLC now owns 4,324 shares of the company's stock worth $139,000 after purchasing an additional 1,182 shares during the last quarter. Quest Partners LLC boosted its stake in Sweetgreen by 68.4% in the 3rd 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. Finally, Daiwa Securities Group Inc. purchased a new stake in Sweetgreen during the 3rd quarter valued at about $155,000. 95.75% of the stock is owned by institutional investors.

Sweetgreen Trading Down 7.1 %

SG stock traded down $2.34 during trading on Thursday, reaching $30.72. The stock had a trading volume of 3,574,241 shares, compared to its average volume of 2,594,613. The stock's 50 day moving average is $34.01 and its two-hundred day moving average is $34.31. The firm has a market cap of $3.55 billion, a PE ratio of -39.38 and a beta of 2.37. Sweetgreen, Inc. has a 52 week low of $10.90 and a 52 week high of $45.12.

Sweetgreen (NYSE:SG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.02). The business had revenue of $173.43 million during the quarter, compared to the consensus estimate of $173.67 million. Sweetgreen had a negative return on equity of 18.82% and a negative net margin of 13.27%. During the same quarter last year, the company earned ($0.22) EPS. On average, research analysts anticipate that Sweetgreen, Inc. will post -0.74 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SG shares. The Goldman Sachs Group reiterated a "neutral" rating and issued a $40.00 target price on shares of Sweetgreen in a research note on Friday, November 8th. KeyCorp assumed coverage on Sweetgreen in a research report on Wednesday, December 11th. They issued a "sector weight" rating on the stock. Oppenheimer reduced their target price on Sweetgreen from $45.00 to $41.00 and set an "outperform" rating for the company in a report on Tuesday, January 7th. UBS Group boosted their price target on Sweetgreen from $37.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Finally, Morgan Stanley dropped their price objective on Sweetgreen from $32.00 to $28.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 21st. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Sweetgreen currently has a consensus rating of "Moderate Buy" and an average price target of $41.20.

Insiders Place Their Bets

In related news, CEO Jonathan Neman sold 14,745 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $45.00, for a total transaction of $663,525.00. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $86,860,260. The trade was a 0.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mitch Reback sold 8,000 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $33.13, for a total transaction of $265,040.00. Following the sale, the chief financial officer now owns 350,981 shares in the company, valued at approximately $11,628,000.53. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 608,877 shares of company stock worth $23,466,012. Company insiders own 21.52% of the company's stock.

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.