MIG Capital LLC Acquires New Position in Sweetgreen, Inc. (NYSE:SG)

MIG Capital LLC bought a new position in Sweetgreen, Inc. (NYSE:SG) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 9,662 shares of the company’s stock, valued at approximately $310,000.

A number of other institutional investors have also modified their holdings of SG. Envestnet Asset Management Inc. boosted its holdings in shares of Sweetgreen by 54.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company’s stock valued at $523,000 after purchasing an additional 5,783 shares during the period. Wells Fargo & Company MN raised its position in Sweetgreen by 44.0% during the 4th quarter. Wells Fargo & Company MN now owns 98,212 shares of the company’s stock valued at $3,149,000 after purchasing an additional 30,022 shares in the last quarter. Thoroughbred Financial Services LLC lifted its holdings in shares of Sweetgreen by 116.2% in the 4th quarter. Thoroughbred Financial Services LLC now owns 16,733 shares of the company’s stock worth $536,000 after buying an additional 8,994 shares during the period. Bryce Point Capital LLC bought a new position in shares of Sweetgreen during the 4th quarter worth $1,646,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of Sweetgreen during the fourth quarter valued at $52,558,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

Sweetgreen Stock Performance

NYSE:SG opened at $20.88 on Friday. The firm’s fifty day moving average is $25.95 and its two-hundred day moving average is $32.57. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -26.76 and a beta of 2.28. Sweetgreen, Inc. has a one year low of $18.62 and a one year high of $45.12.

Insider Activity

In other news, CEO Jonathan Neman sold 5,717 shares of Sweetgreen stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $23.80, for a total transaction of $136,064.60. Following the completion of the transaction, the chief executive officer now directly owns 1,810,263 shares of the company’s stock, valued at $43,084,259.40. The trade was a 0.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mitch Reback sold 10,926 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the sale, the chief financial officer now directly owns 344,055 shares in the company, valued at $9,093,373.65. This trade represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,852 shares of company stock valued at $1,052,177 in the last quarter. 21.52% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SG shares. The Goldman Sachs Group cut their price objective on shares of Sweetgreen from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Royal Bank of Canada reissued an “outperform” rating and issued a $45.00 price target on shares of Sweetgreen in a research report on Tuesday, February 25th. KeyCorp began coverage on Sweetgreen in a research report on Wednesday, December 11th. They set a “sector weight” rating on the stock. TD Securities reduced their target price on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, Citigroup decreased their price target on shares of Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus 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.