Proficio Capital Partners LLC Purchases New Position in Sweetgreen, Inc. (NYSE:SG)

Proficio Capital Partners LLC purchased a new position 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 fund purchased 19,653 shares of the company's stock, valued at approximately $630,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Deepwater Asset Management LLC acquired a new stake in Sweetgreen during the 4th quarter worth $13,695,000. Lord Abbett & CO. LLC grew its stake in Sweetgreen by 13.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company's stock valued at $82,032,000 after acquiring an additional 272,340 shares in the last quarter. Tidal Investments LLC raised its holdings in Sweetgreen by 848.2% in the 3rd quarter. Tidal Investments LLC now owns 270,141 shares of the company's stock valued at $9,576,000 after acquiring an additional 241,652 shares during the last quarter. Wellington Management Group LLP lifted its stake in Sweetgreen by 7.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company's stock worth $120,784,000 after purchasing an additional 236,874 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Sweetgreen by 37.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 671,045 shares of the company's stock worth $23,789,000 after purchasing an additional 181,805 shares during the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

Sweetgreen Stock Up 0.8 %

NYSE:SG traded up $0.22 during trading hours on Thursday, reaching $26.51. 2,629,294 shares of the stock were exchanged, compared to its average volume of 3,628,656. Sweetgreen, Inc. has a twelve month low of $18.77 and a twelve month high of $45.12. The business has a 50-day moving average of $26.92 and a two-hundred day moving average of $32.96. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of -33.99 and a beta of 2.44.

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Insider Buying and Selling

In related news, COO Rossann Williams sold 4,977 shares of Sweetgreen stock in a transaction on Monday, March 17th. The stock was sold at an average price of $23.80, for a total value 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 approximately $2,273,280.80. This trade represents a 4.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mitch Reback sold 8,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $33.13, for a total value of $265,040.00. Following the completion of the sale, the chief financial officer now directly owns 350,981 shares in the company, valued at $11,628,000.53. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,852 shares of company stock valued at $1,052,177. Corporate insiders own 21.52% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on SG shares. KeyCorp began coverage on Sweetgreen in a research report on Wednesday, December 11th. They set a "sector weight" rating on the stock. Oppenheimer reduced their price target on Sweetgreen from $41.00 to $35.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. TD Securities dropped their price objective on shares of Sweetgreen from $45.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $45.00 target price on shares of Sweetgreen in a research note on Tuesday, February 25th. Finally, The Goldman Sachs Group dropped their price target on shares of Sweetgreen from $37.00 to $32.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.27.

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.