Bank of New York Mellon Corp Boosts Stock Holdings in Sweetgreen, Inc. (NYSE:SG)

Bank of New York Mellon Corp increased its position in shares of Sweetgreen, Inc. (NYSE:SG) by 12.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 361,354 shares of the company’s stock after purchasing an additional 39,757 shares during the period. Bank of New York Mellon Corp owned approximately 0.32% of Sweetgreen worth $10,891,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new position in Sweetgreen in the fourth quarter valued at about $104,000. Perigon Wealth Management LLC purchased a new position in Sweetgreen in the first quarter valued at about $223,000. Entropy Technologies LP purchased a new position in Sweetgreen in the first quarter valued at about $279,000. Counterpoint Mutual Funds LLC purchased a new position in Sweetgreen in the first quarter valued at about $286,000. Finally, Calamos Advisors LLC purchased a new position in Sweetgreen in the second quarter valued at about $289,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Mitch Reback sold 9,497 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $33.40, for a total value of $317,199.80. Following the transaction, the chief financial officer now owns 369,684 shares of the company’s stock, valued at approximately $12,347,445.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Jonathan Neman sold 169,772 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.77, for a total value of $6,072,744.44. Following the transaction, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at approximately $69,044,255.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mitch Reback sold 9,497 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $33.40, for a total transaction of $317,199.80. Following the completion of the transaction, the chief financial officer now directly owns 369,684 shares in the company, valued at approximately $12,347,445.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 371,116 shares of company stock valued at $13,248,867. Company insiders own 21.52% of the company’s stock.

Analyst Ratings Changes

SG has been the subject of a number of research analyst reports. Morgan Stanley increased their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. The Goldman Sachs Group began coverage on shares of Sweetgreen in a research report on Thursday, June 13th. They issued a “buy” rating and a $39.00 price target on the stock. Piper Sandler reiterated a “neutral” rating and issued a $39.00 price target (up from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. JPMorgan Chase & Co. increased their price target on shares of Sweetgreen from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Finally, UBS Group increased their price target on shares of Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.20.

Sweetgreen Stock Performance

Shares of NYSE SG opened at $28.66 on Tuesday. The firm has a market cap of $3.27 billion, a P/E ratio of -30.82 and a beta of 2.32. Sweetgreen, Inc. has a 1 year low of $8.64 and a 1 year high of $38.53. The firm’s 50 day moving average price is $29.07 and its 200 day moving average price is $26.70.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $184.60 million for the quarter, compared to analysts’ expectations of $180.79 million. Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The business’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.20) EPS. As a group, equities analysts predict that Sweetgreen, Inc. will post -0.75 EPS for the current year.

Sweetgreen 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.