Sweetgreen, Inc. (NYSE:SG) Shares Sold by Bridgewater Associates LP

Bridgewater Associates LP cut its holdings in shares of Sweetgreen, Inc. (NYSE:SG) by 42.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 75,433 shares of the company’s stock after selling 56,612 shares during the quarter. Bridgewater Associates LP owned about 0.07% of Sweetgreen worth $2,674,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Driehaus Capital Management LLC raised its position in Sweetgreen by 231.8% in the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after purchasing an additional 1,878,216 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in Sweetgreen during the 2nd quarter worth about $33,449,000. Renaissance Technologies LLC purchased a new position in Sweetgreen during the 2nd quarter valued at about $29,109,000. Baillie Gifford & Co. grew its position in Sweetgreen by 6.2% in the 2nd quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock valued at $371,516,000 after acquiring an additional 721,740 shares in the last quarter. Finally, Stephens Investment Management Group LLC increased its stake in Sweetgreen by 139.9% during the third quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock worth $33,299,000 after purchasing an additional 547,816 shares during the period. 95.75% of the stock is owned by institutional investors and hedge funds.

Sweetgreen Stock Down 3.4 %

Shares of Sweetgreen stock opened at $40.98 on Friday. Sweetgreen, Inc. has a 52 week low of $9.31 and a 52 week high of $45.12. The firm’s 50 day moving average is $37.69 and its two-hundred day moving average is $32.93. The firm has a market capitalization of $4.74 billion, a P/E ratio of -52.54 and a beta of 2.32.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Morgan Stanley lifted their price objective 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. Bank of America increased their price objective on Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Piper Sandler reissued a “neutral” rating and set a $39.00 target price (up from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. UBS Group increased their price target on Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, TD Cowen reissued a “buy” rating and set a $45.00 price objective on shares of Sweetgreen in a research report on Monday, November 18th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Sweetgreen currently has a consensus rating of “Moderate Buy” and an average target price of $39.80.

Insider Buying and Selling

In related news, Director Bradley E. Singer sold 42,730 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $38.09, for a total transaction of $1,627,585.70. Following the sale, the director now owns 139,052 shares in the company, valued at approximately $5,296,490.68. This trade represents a 23.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jonathan Neman sold 14,745 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $45.00, for a total value of $663,525.00. Following the completion of the transaction, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at $86,860,260. This trade represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 197,892 shares of company stock worth $7,499,763. 21.52% of the stock is owned by corporate insiders.

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.