Lord Abbett & CO. LLC Grows Stake in Sweetgreen, Inc. (NYSE:SG)

Lord Abbett & CO. LLC lifted its position in Sweetgreen, Inc. (NYSE:SG) by 13.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,313,996 shares of the company’s stock after purchasing an additional 272,340 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Sweetgreen were worth $82,032,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in SG. GLOBALT Investments LLC GA bought a new position in Sweetgreen in the 3rd quarter worth about $591,000. Oliver Luxxe Assets LLC bought a new position in shares of Sweetgreen in the third quarter worth approximately $1,973,000. Verition Fund Management LLC raised its stake in Sweetgreen by 189.6% in the third quarter. Verition Fund Management LLC now owns 173,501 shares of the company’s stock valued at $6,151,000 after purchasing an additional 113,586 shares in the last quarter. Davidson Kempner Capital Management LP lifted its position in Sweetgreen by 40.1% during the second quarter. Davidson Kempner Capital Management LP now owns 575,000 shares of the company’s stock valued at $17,330,000 after purchasing an additional 164,600 shares during the last quarter. Finally, Zweig DiMenna Associates LLC purchased a new position in Sweetgreen in the 3rd quarter worth approximately $3,329,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Analyst Upgrades and Downgrades

SG has been the subject of several research reports. Bank of America upped their target price on shares of Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. TD Cowen reiterated a “buy” rating and issued a $45.00 price objective on shares of Sweetgreen in a report on Monday, November 18th. Piper Sandler reiterated a “neutral” rating and set a $39.00 price objective (up from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. Oppenheimer boosted their target price on Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $40.00 price target on shares of Sweetgreen in a research report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.80.

Sweetgreen Stock Performance

Shares of SG opened at $34.47 on Friday. Sweetgreen, Inc. has a fifty-two week low of $9.66 and a fifty-two week high of $45.12. The firm’s 50-day simple moving average is $38.37 and its two-hundred day simple moving average is $33.38. The stock has a market cap of $3.99 billion, a PE ratio of -44.19 and a beta of 2.32.

Insider Activity at Sweetgreen

In other Sweetgreen news, insider Nathaniel Ru sold 1,263 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $40.01, for a total transaction of $50,532.63. Following the transaction, the insider now owns 1,952,129 shares in the company, valued at approximately $78,104,681.29. This represents a 0.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicolas Jammet sold 16,751 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $40.04, for a total value of $670,710.04. Following the completion of the transaction, the insider now owns 1,930,233 shares in the company, valued at approximately $77,286,529.32. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 470,639 shares of company stock valued at $18,379,124 in the last 90 days. Corporate insiders own 21.52% of the company’s stock.

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.