Portolan Capital Management LLC Cuts Stock Position in Sweetgreen, Inc. (NYSE:SG)

Portolan Capital Management LLC trimmed its holdings in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) by 44.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 307,001 shares of the company's stock after selling 248,568 shares during the period. Portolan Capital Management LLC owned approximately 0.27% of Sweetgreen worth $9,842,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC lifted its holdings in shares of Sweetgreen by 3,571.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company's stock valued at $33,000 after buying an additional 1,000 shares during the period. Headlands Technologies LLC lifted its holdings in Sweetgreen by 156.0% in the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock valued at $39,000 after acquiring an additional 741 shares during the period. Millstone Evans Group LLC purchased a new stake in Sweetgreen during the fourth quarter worth $53,000. Denver PWM LLC purchased a new stake in shares of Sweetgreen during the 4th quarter worth about $60,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Sweetgreen in the 4th quarter valued at about $62,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SG. TD Securities reduced their target price on Sweetgreen from $45.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Morgan Stanley set a $24.00 price objective on shares of Sweetgreen in a research report on Monday. Citigroup dropped their target price on shares of Sweetgreen from $43.00 to $39.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. UBS Group reduced their price target on shares of Sweetgreen from $45.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Finally, Piper Sandler lowered their price target on Sweetgreen from $39.00 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $35.91.

Sweetgreen Stock Down 6.3 %

NYSE:SG traded down $1.25 on Friday, hitting $18.54. The stock had a trading volume of 6,538,208 shares, compared to its average volume of 3,294,159. The company has a fifty day moving average price of $23.35 and a two-hundred day moving average price of $31.36. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -23.77 and a beta of 2.28. Sweetgreen, Inc. has a 1-year low of $18.46 and a 1-year high of $45.12.

Insider Activity

In related news, COO Rossann Williams sold 4,977 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $23.80, for a total value of $118,452.60. Following the sale, the chief operating officer now directly owns 95,516 shares in the company, valued at approximately $2,273,280.80. The trade was a 4.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 directly owns 344,055 shares in the company, valued at $9,093,373.65. The trade was a 3.08 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,852 shares of company stock valued at $871,417. 21.52% of the stock is currently owned by company insiders.

Sweetgreen Company 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.