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

Spyglass Capital Management LLC lessened its holdings in shares of Sweetgreen, Inc. (NYSE:SG) by 18.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 2,050,611 shares of the company’s stock after selling 459,004 shares during the period. Sweetgreen comprises approximately 4.8% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 6th biggest position. Spyglass Capital Management LLC’s holdings in Sweetgreen were worth $72,694,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Oliver Luxxe Assets LLC bought a new position in shares of Sweetgreen in the third quarter valued at approximately $1,973,000. GLOBALT Investments LLC GA bought a new position in shares of Sweetgreen in the third quarter valued at approximately $591,000. Davidson Kempner Capital Management LP raised its position in shares of Sweetgreen by 40.1% in the second quarter. Davidson Kempner Capital Management LP now owns 575,000 shares of the company’s stock valued at $17,330,000 after purchasing an additional 164,600 shares during the period. Zweig DiMenna Associates LLC bought a new position in shares of Sweetgreen in the third quarter valued at approximately $3,329,000. Finally, Stephens Investment Management Group LLC raised its position in shares of Sweetgreen by 139.9% in the third quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock valued at $33,299,000 after purchasing an additional 547,816 shares during the period. Institutional investors own 95.75% of the company’s stock.

Sweetgreen Stock Down 1.9 %

SG opened at $42.43 on Friday. The firm’s 50-day simple moving average is $37.49 and its 200-day simple moving average is $32.80. Sweetgreen, Inc. has a twelve month low of $9.31 and a twelve month high of $45.12.

Insider Buying and Selling

In related news, CEO Jonathan Neman sold 7,400 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $28.81, for a total transaction of $213,194.00. Following the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at $55,609,868.68. This represents a 0.38 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nathaniel Ru sold 9,250 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $28.74, for a total transaction of $265,845.00. Following the transaction, the insider now owns 1,952,129 shares in the company, valued at approximately $56,104,187.46. This trade represents a 0.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 197,892 shares of company stock worth $7,499,763 in the last 90 days. Corporate insiders own 21.52% of the company’s stock.

Analyst Ratings Changes

SG has been the topic of a number of research reports. TD Cowen reaffirmed a “buy” rating and set a $45.00 target price on shares of Sweetgreen in a research report on Monday, November 18th. Morgan Stanley boosted their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. UBS Group boosted their target price on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Citigroup boosted their target price on shares of Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $39.00 target price (up previously from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $39.80.

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.