Essex Investment Management Co. LLC Has $2.47 Million Stake in Sweetgreen, Inc. (NYSE:SG)

Essex Investment Management Co. LLC reduced its position in Sweetgreen, Inc. (NYSE:SG - Free Report) by 31.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,137 shares of the company's stock after selling 35,510 shares during the period. Essex Investment Management Co. LLC owned approximately 0.07% of Sweetgreen worth $2,473,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Wellington Management Group LLP raised its holdings in Sweetgreen by 7.5% in the third quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company's stock valued at $120,784,000 after acquiring an additional 236,874 shares in the last quarter. Lord Abbett & CO. LLC increased its position in shares of Sweetgreen by 13.3% in the 3rd quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company's stock worth $82,032,000 after purchasing an additional 272,340 shares during the last quarter. State Street Corp raised its stake in shares of Sweetgreen by 3.2% in the 3rd quarter. State Street Corp now owns 2,263,025 shares of the company's stock valued at $80,224,000 after purchasing an additional 69,120 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Sweetgreen by 5.4% during the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company's stock worth $79,757,000 after purchasing an additional 116,243 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Sweetgreen by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 849,512 shares of the company's stock worth $27,235,000 after purchasing an additional 19,263 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Sweetgreen Trading Down 6.1 %

Shares of Sweetgreen stock traded down $1.53 on Thursday, reaching $23.65. 3,585,179 shares of the company were exchanged, compared to its average volume of 3,785,030. Sweetgreen, Inc. has a fifty-two week low of $18.77 and a fifty-two week high of $45.12. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -30.32 and a beta of 2.44. The stock has a fifty day moving average price of $28.51 and a 200-day moving average price of $33.42.

Insider Buying and Selling

In other news, CFO Mitch Reback sold 10,926 shares of Sweetgreen stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the transaction, the chief financial officer now owns 344,055 shares in the company, valued at approximately $9,093,373.65. The trade was a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Nicolas Jammet sold 170,199 shares of the company's stock in a transaction on Friday, December 13th. The shares were sold at an average price of $37.73, for a total value of $6,421,608.27. Following the transaction, the insider now directly owns 1,760,034 shares in the company, valued at $66,406,082.82. The trade was a 8.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 189,125 shares of company stock valued at $6,975,422. 21.52% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Oppenheimer lowered their price target on Sweetgreen from $41.00 to $35.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. TD Cowen reiterated a "buy" rating and issued a $45.00 target price on shares of Sweetgreen in a research note on Monday, November 18th. TD Securities reduced their price objective on Sweetgreen from $45.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Morgan Stanley cut their target price on Sweetgreen from $32.00 to $28.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 21st. Finally, Citigroup decreased their price objective on shares of Sweetgreen from $43.00 to $39.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price 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.