Point72 Asia Singapore Pte. Ltd. Invests $193,000 in Sweetgreen, Inc. (NYSE:SG)

Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Sweetgreen, Inc. (NYSE:SG) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,451 shares of the company’s stock, valued at approximately $193,000.

A number of other hedge funds also recently made changes to their positions in the stock. Hollencrest Capital Management acquired a new stake in Sweetgreen during the third quarter worth approximately $35,000. Quest Partners LLC acquired a new stake in Sweetgreen during the second quarter worth approximately $76,000. KBC Group NV grew its stake in Sweetgreen by 29.1% during the third quarter. KBC Group NV now owns 3,127 shares of the company’s stock worth $111,000 after purchasing an additional 704 shares during the period. Daiwa Securities Group Inc. acquired a new stake in Sweetgreen during the third quarter worth approximately $155,000. Finally, Canton Hathaway LLC acquired a new stake in Sweetgreen during the third quarter worth approximately $177,000. 95.75% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SG. TD Cowen reaffirmed a “buy” rating and set a $45.00 target price on shares of Sweetgreen in a research note on Monday, November 18th. 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 note on Monday, August 19th. Oppenheimer raised their target price on Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. The Goldman Sachs Group reissued a “neutral” rating and issued a $40.00 price objective on shares of Sweetgreen in a research note on Friday, November 8th. Finally, UBS Group raised their price objective on Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.80.

Insider Activity

In related news, Director Bradley E. Singer sold 42,730 shares of Sweetgreen stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $38.09, for a total transaction of $1,627,585.70. Following the sale, the director now directly 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 SEC, which can be accessed through this link. Also, CEO Jonathan Neman sold 14,745 shares of Sweetgreen stock in a transaction on Monday, November 25th. The stock was sold at an average price of $45.00, for a total value of $663,525.00. Following the sale, the chief executive officer now owns 1,930,228 shares in the company, 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. Insiders have sold 197,892 shares of company stock worth $7,499,763 over the last 90 days. 21.52% of the stock is currently owned by corporate insiders.

Sweetgreen Stock Up 5.1 %

SG stock opened at $40.49 on Thursday. Sweetgreen, Inc. has a twelve month low of $9.59 and a twelve month high of $45.12. The stock’s 50 day moving average is $37.80 and its 200-day moving average is $33.04. The firm has a market capitalization of $4.68 billion, a PE ratio of -51.91 and a beta of 2.32.

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.