Summit Trail Advisors LLC Sells 4,580 Shares of Sweetgreen, Inc. (NYSE:SG)

Summit Trail Advisors LLC lowered its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 27.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,119 shares of the company’s stock after selling 4,580 shares during the quarter. Summit Trail Advisors LLC’s holdings in Sweetgreen were worth $389,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GLOBALT Investments LLC GA acquired a new position in shares of Sweetgreen during the 3rd quarter worth about $591,000. Verition Fund Management LLC lifted its holdings in shares of Sweetgreen by 189.6% during the third quarter. Verition Fund Management LLC now owns 173,501 shares of the company’s stock worth $6,151,000 after buying an additional 113,586 shares during the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of 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 buying an additional 547,816 shares during the last quarter. Zweig DiMenna Associates LLC bought a new stake in shares of Sweetgreen in the third quarter valued at approximately $3,329,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Sweetgreen by 13.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,258,484 shares of the company’s stock worth $44,613,000 after acquiring an additional 148,684 shares during the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on SG. Oppenheimer cut their target price on shares of Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a research note on Tuesday, January 7th. TD Cowen reaffirmed a “buy” rating and set a $45.00 price objective on shares of Sweetgreen in a research report on Monday, November 18th. KeyCorp started coverage on Sweetgreen in a research report on Wednesday, December 11th. They set a “sector weight” rating on the stock. Morgan Stanley cut their price target on Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st. Finally, UBS Group lifted their price objective on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $40.60.

Sweetgreen Price Performance

Shares of SG stock opened at $26.38 on Thursday. The stock’s fifty day simple moving average is $33.04 and its 200 day simple moving average is $34.45. Sweetgreen, Inc. has a one year low of $10.93 and a one year high of $45.12. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -33.82 and a beta of 2.37.

Insider Activity

In other news, insider Adrienne Gemperle sold 5,372 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $34.05, for a total value of $182,916.60. Following the transaction, the insider now directly owns 107,313 shares of the company’s stock, valued at $3,654,007.65. The trade was a 4.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mitch Reback sold 9,507 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $34.05, for a total value of $323,713.35. Following the sale, the chief financial officer now directly owns 360,177 shares of the company’s stock, valued at $12,264,026.85. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 601,607 shares of company stock worth $23,177,393. Corporate insiders own 21.52% of the company’s stock.

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.