Moors & Cabot Inc. Takes Position in Sweetgreen, Inc. (NYSE:SG)

Moors & Cabot Inc. bought a new position in shares of Sweetgreen, Inc. (NYSE:SG) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 14,237 shares of the company’s stock, valued at approximately $505,000.

A number of other institutional investors have also made changes to their positions in the business. Hollencrest Capital Management bought a new position in Sweetgreen in the 3rd quarter valued at about $35,000. Quest Partners LLC acquired a new position in shares of Sweetgreen in the second quarter valued at approximately $76,000. KBC Group NV increased its stake in shares of 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. Atomi Financial Group Inc. acquired a new stake in Sweetgreen during the 3rd quarter worth approximately $216,000. Finally, Precision Wealth Strategies LLC bought a new stake in Sweetgreen in the 3rd quarter valued at $227,000. 95.75% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Adrienne Gemperle sold 5,372 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $34.05, for a total value of $182,916.60. Following the completion of the transaction, the insider now owns 107,313 shares of the company’s stock, valued at $3,654,007.65. This represents a 4.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jonathan Neman sold 169,772 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.77, for a total transaction of $6,072,744.44. Following the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $69,044,255.56. The trade was a 8.08 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 503,671 shares of company stock worth $18,138,774. Insiders own 21.52% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on SG shares. Oppenheimer increased their price objective on Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Bank of America lifted their price objective on shares of Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. TD Cowen restated a “buy” rating and set a $45.00 target price on shares of Sweetgreen in a research report on Monday, November 18th. Citigroup raised their target price on shares of Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Finally, Morgan Stanley boosted their price target on Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Friday, August 9th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Sweetgreen currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.80.

Sweetgreen Price Performance

Shares of SG opened at $43.44 on Friday. The firm has a 50 day simple moving average of $36.93 and a two-hundred day simple moving average of $32.38. Sweetgreen, Inc. has a one year low of $9.21 and a one year high of $44.75. The company has a market cap of $5.02 billion, a P/E ratio of -55.69 and a beta of 2.32.

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.