Divisadero Street Capital Management LP Takes $2.04 Million Position in Sweetgreen, Inc. $SG

Divisadero Street Capital Management LP purchased a new stake in Sweetgreen, Inc. (NYSE:SG) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 255,244 shares of the company’s stock, valued at approximately $2,037,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of SG. Skandinaviska Enskilda Banken AB publ increased its holdings in Sweetgreen by 312.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,808 shares of the company’s stock worth $42,000 after purchasing an additional 2,127 shares during the period. Bogart Wealth LLC lifted its holdings in shares of Sweetgreen by 1,150.0% in the 3rd quarter. Bogart Wealth LLC now owns 5,000 shares of the company’s stock worth $40,000 after buying an additional 4,600 shares during the period. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Sweetgreen during the 3rd quarter worth $82,000. Birch Financial Group LLC bought a new position in shares of Sweetgreen during the 3rd quarter worth $86,000. Finally, Bayesian Capital Management LP purchased a new position in shares of Sweetgreen during the second quarter valued at $179,000. Institutional investors own 95.75% of the company’s stock.

Insider Buying and Selling at Sweetgreen

In other news, insider Nicolas Jammet purchased 4,428 shares of the stock in a transaction dated Thursday, March 5th. The shares were acquired at an average cost of $5.71 per share, for a total transaction of $25,283.88. Following the acquisition, the insider owned 22,543 shares of the company’s stock, valued at approximately $128,720.53. This represents a 24.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 19.78% of the company’s stock.

Sweetgreen Price Performance

Shares of NYSE SG opened at $5.34 on Monday. Sweetgreen, Inc. has a 1-year low of $4.99 and a 1-year high of $27.15. The business has a fifty day moving average price of $6.28 and a 200 day moving average price of $6.96. The stock has a market capitalization of $631.50 million, a P/E ratio of -4.68 and a beta of 1.93.

Sweetgreen (NYSE:SG) last posted its earnings results on Thursday, February 26th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.11). The company had revenue of $155.19 million during the quarter, compared to analysts’ expectations of $159.59 million. Sweetgreen had a negative net margin of 19.73% and a negative return on equity of 32.26%. Sweetgreen’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.25) EPS. As a group, equities research analysts anticipate that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. DA Davidson started coverage on Sweetgreen in a report on Friday, March 6th. They issued a “neutral” rating and a $5.50 price objective for the company. Barclays raised their target price on shares of Sweetgreen from $5.00 to $7.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 7th. UBS Group reduced their price target on shares of Sweetgreen from $7.50 to $6.50 and set a “neutral” rating for the company in a report on Monday, February 23rd. Oppenheimer lowered their price target on shares of Sweetgreen from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Sweetgreen in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $8.22.

Sweetgreen Company Profile

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.