Artemis Investment Management LLP Sells 252,555 Shares of Sweetgreen, Inc. (NYSE:SG)

Artemis Investment Management LLP reduced its position in Sweetgreen, Inc. (NYSE:SG) by 42.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 343,168 shares of the company’s stock after selling 252,555 shares during the quarter. Artemis Investment Management LLP owned about 0.30% of Sweetgreen worth $10,343,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Boulder Hill Capital Management LP bought a new stake in Sweetgreen during the fourth quarter valued at approximately $868,000. Conrad N. Hilton Foundation bought a new stake in Sweetgreen during the fourth quarter valued at approximately $434,000. Sei Investments Co. bought a new stake in Sweetgreen during the first quarter valued at approximately $1,110,000. Vanguard Group Inc. lifted its position in Sweetgreen by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 8,350,552 shares of the company’s stock valued at $94,361,000 after purchasing an additional 224,522 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in Sweetgreen during the first quarter valued at approximately $490,000. 95.75% of the stock is currently owned by institutional investors.

Sweetgreen Price Performance

Sweetgreen stock traded down $1.32 during mid-day trading on Monday, reaching $33.69. 2,803,965 shares of the company traded hands, compared to its average volume of 2,688,352. The firm’s 50 day moving average price is $28.33 and its 200 day moving average price is $23.52. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of -35.98 and a beta of 2.30. Sweetgreen, Inc. has a 52-week low of $8.64 and a 52-week high of $36.72.

Sweetgreen (NYSE:SG) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $184.60 million for the quarter, compared to analysts’ expectations of $180.79 million. Sweetgreen had a negative net margin of 17.15% and a negative return on equity of 20.74%. The firm’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.20) earnings per share. On average, sell-side analysts anticipate that Sweetgreen, Inc. will post -0.73 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. UBS Group boosted their price objective on shares of Sweetgreen from $31.00 to $37.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank of Canada boosted their price objective on shares of Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. The Goldman Sachs Group assumed coverage on shares of Sweetgreen in a report on Thursday, June 13th. They issued a “buy” rating and a $39.00 price objective for the company. TD Cowen boosted their price objective on shares of Sweetgreen from $26.00 to $31.00 and gave the stock a “hold” rating in a report on Thursday, June 13th. Finally, Oppenheimer boosted their price objective on shares of Sweetgreen from $34.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $33.60.

Insider Buying and Selling at Sweetgreen

In other news, CEO Jonathan Neman sold 200,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $31.30, for a total transaction of $6,260,000.00. Following the sale, the chief executive officer now owns 2,100,000 shares in the company, valued at approximately $65,730,000. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Jonathan Neman sold 200,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $31.30, for a total value of $6,260,000.00. Following the transaction, the chief executive officer now owns 2,100,000 shares in the company, valued at approximately $65,730,000. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Adrienne Gemperle sold 6,808 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $30.95, for a total transaction of $210,707.60. Following the completion of the transaction, the insider now owns 118,710 shares in the company, valued at approximately $3,674,074.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 440,692 shares of company stock valued at $13,738,038. 21.52% of the stock is currently owned by company insiders.

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.