Federated Hermes Inc. Makes New Investment in Sweetgreen, Inc. $SG

Federated Hermes Inc. purchased a new position in Sweetgreen, Inc. (NYSE:SG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 567,271 shares of the company’s stock, valued at approximately $4,527,000. Federated Hermes Inc. owned about 0.48% of Sweetgreen at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Greenhouse Funds LLLP purchased a new position in Sweetgreen in the second quarter worth about $32,122,000. Stephens Investment Management Group LLC lifted its stake in shares of Sweetgreen by 89.5% in the 2nd quarter. Stephens Investment Management Group LLC now owns 2,567,526 shares of the company’s stock worth $38,205,000 after purchasing an additional 1,212,708 shares during the period. Blair William & Co. IL boosted its holdings in shares of Sweetgreen by 891.1% in the second quarter. Blair William & Co. IL now owns 1,157,405 shares of the company’s stock worth $17,222,000 after buying an additional 1,040,629 shares during the last quarter. Spyglass Capital Management LLC grew its position in Sweetgreen by 15.2% during the second quarter. Spyglass Capital Management LLC now owns 3,899,813 shares of the company’s stock valued at $58,029,000 after buying an additional 513,643 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in Sweetgreen by 6,495.2% during the second quarter. BNP Paribas Financial Markets now owns 496,616 shares of the company’s stock valued at $7,390,000 after buying an additional 489,086 shares during the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SG. Citigroup reiterated a “buy” rating on shares of Sweetgreen in a research note on Wednesday, November 12th. Barclays raised their target price on Sweetgreen from $5.00 to $7.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 7th. Piper Sandler lowered their target price on Sweetgreen from $12.00 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. Morgan Stanley reduced their price target on Sweetgreen from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 20th. Finally, Sanford C. Bernstein set a $7.00 price objective on Sweetgreen in a research note on Wednesday, January 7th. Three research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Sweetgreen has a consensus rating of “Hold” and a consensus price target of $10.83.

Insider Activity at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman purchased 179,800 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were bought at an average cost of $5.56 per share, with a total value of $999,688.00. Following the acquisition, the chief executive officer owned 179,800 shares in the company, valued at approximately $999,688. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Nicolas Jammet purchased 18,115 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was acquired at an average price of $5.51 per share, with a total value of $99,813.65. Following the completion of the purchase, the insider directly owned 18,115 shares in the company, valued at $99,813.65. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 19.78% of the stock is currently owned by company insiders.

Sweetgreen Stock Performance

SG opened at $6.13 on Tuesday. The stock has a market cap of $725.02 million, a price-to-earnings ratio of -6.31 and a beta of 1.92. The firm’s fifty day moving average is $6.97 and its 200 day moving average is $8.16. Sweetgreen, Inc. has a fifty-two week low of $5.14 and a fifty-two week high of $33.80.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.13). Sweetgreen had a negative net margin of 16.55% and a negative return on equity of 25.67%. The business had revenue of $172.39 million for the quarter, compared to the consensus estimate of $179.29 million. During the same period in the prior year, the business earned ($0.18) earnings per share. Sweetgreen’s revenue was down .6% compared to the same quarter last year. On average, equities research analysts predict that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Sweetgreen 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.