Seven Eight Capital LP Purchases Shares of 82,397 Sweetgreen, Inc. (NYSE:SG)

Seven Eight Capital LP acquired a new stake in Sweetgreen, Inc. (NYSE:SG) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 82,397 shares of the company’s stock, valued at approximately $2,483,000. Seven Eight Capital LP owned 0.07% of Sweetgreen as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its holdings in Sweetgreen by 2.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 41,398 shares of the company’s stock worth $468,000 after buying an additional 830 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Sweetgreen by 11.7% during the first quarter. Principal Financial Group Inc. now owns 12,762 shares of the company’s stock worth $322,000 after purchasing an additional 1,337 shares during the last quarter. Swiss National Bank lifted its position in Sweetgreen by 0.9% during the first quarter. Swiss National Bank now owns 176,600 shares of the company’s stock valued at $4,461,000 after purchasing an additional 1,500 shares during the period. ProShare Advisors LLC boosted its holdings in Sweetgreen by 9.9% in the first quarter. ProShare Advisors LLC now owns 17,584 shares of the company’s stock valued at $444,000 after purchasing an additional 1,585 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its position in Sweetgreen by 1.0% during the 4th quarter. Panagora Asset Management Inc. now owns 182,254 shares of the company’s stock worth $2,059,000 after purchasing an additional 1,733 shares during the period. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

Sweetgreen Stock Performance

NYSE SG opened at $33.72 on Wednesday. The firm has a market cap of $3.82 billion, a price-to-earnings ratio of -36.26 and a beta of 2.32. The firm has a 50 day simple moving average of $29.79 and a 200-day simple moving average of $27.57. Sweetgreen, Inc. has a one year low of $8.64 and a one year high of $38.53.

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Citigroup boosted their price target on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, August 9th. JPMorgan Chase & Co. increased their price target on shares of Sweetgreen from $32.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. TD Cowen upgraded shares of Sweetgreen from a “hold” rating to a “buy” rating and upped their price objective for the stock from $31.00 to $43.00 in a research report on Wednesday, September 4th. Piper Sandler restated a “neutral” rating and set a $39.00 target price (up from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. Finally, Bank of America upped their price target on Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Three equities 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 company has an average rating of “Moderate Buy” and an average price target of $38.20.

Insider Transactions at Sweetgreen

In other news, insider Adrienne Gemperle sold 3,868 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.31, for a total transaction of $140,447.08. Following the sale, the insider now owns 114,842 shares of the company’s stock, valued at approximately $4,169,913.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Jonathan Neman sold 169,772 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.77, for a total value of $6,072,744.44. Following the completion of the sale, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at approximately $69,044,255.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Adrienne Gemperle sold 3,868 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $36.31, for a total value of $140,447.08. Following the completion of the sale, the insider now owns 114,842 shares of the company’s stock, valued at approximately $4,169,913.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 426,061 shares of company stock valued at $15,071,720. 21.52% of the stock is currently owned by corporate insiders.

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.