Invesco Ltd. Increases Stock Position in Sweetgreen, Inc. (NYSE:SG)

Invesco Ltd. grew its position in Sweetgreen, Inc. (NYSE:SG) by 40.9% in the fourth quarter, HoldingsChannel reports. The fund owned 5,516,223 shares of the company’s stock after acquiring an additional 1,601,666 shares during the quarter. Invesco Ltd.’s holdings in Sweetgreen were worth $176,850,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SG. Steward Partners Investment Advisory LLC grew its stake in Sweetgreen by 3,571.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock valued at $33,000 after acquiring an additional 1,000 shares during the period. Headlands Technologies LLC lifted its holdings in Sweetgreen by 156.0% during the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock valued at $39,000 after purchasing an additional 741 shares in the last quarter. Millstone Evans Group LLC acquired a new stake in shares of Sweetgreen in the fourth quarter valued at about $53,000. Denver PWM LLC purchased a new stake in shares of Sweetgreen during the fourth quarter worth about $60,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Sweetgreen during the 4th quarter worth about $62,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Sweetgreen

In related news, Director Nathaniel Ru sold 2,123 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $23.80, for a total value of $50,527.40. Following the sale, the director now directly owns 1,785,099 shares in the company, valued at approximately $42,485,356.20. The trade was a 0.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mitch Reback sold 8,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $33.13, for a total transaction of $265,040.00. Following the completion of the transaction, the chief financial officer now directly owns 350,981 shares in the company, valued at $11,628,000.53. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,852 shares of company stock worth $1,052,177. Insiders own 21.52% of the company’s stock.

Sweetgreen Price Performance

NYSE:SG opened at $21.03 on Friday. The company’s 50-day moving average is $24.34 and its two-hundred day moving average is $31.87. Sweetgreen, Inc. has a 1-year low of $18.62 and a 1-year high of $45.12. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -26.96 and a beta of 2.28.

Wall Street Analyst Weigh In

SG has been the topic of several research analyst reports. Oppenheimer lowered their price objective on Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Morgan Stanley lowered their price target 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. Royal Bank of Canada reiterated an “outperform” rating and set a $45.00 price target on shares of Sweetgreen in a research report on Tuesday, February 25th. TD Securities decreased their price objective on Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, The Goldman Sachs Group dropped their target price on shares of Sweetgreen from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Sweetgreen currently has an average rating of “Moderate Buy” and an average price target 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.