Magnetar Financial LLC Takes $458,000 Position in Sweetgreen, Inc. (NYSE:SG)

Magnetar Financial LLC acquired a new stake in Sweetgreen, Inc. (NYSE:SG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,283 shares of the company’s stock, valued at approximately $458,000.

A number of other institutional investors have also modified their holdings of the company. Verition Fund Management LLC grew its holdings 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 during the period. Cox Capital Mgt LLC grew its holdings in Sweetgreen by 76.0% in the fourth quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company’s stock valued at $1,728,000 after purchasing an additional 23,278 shares during the period. Natixis Advisors LLC grew its holdings in Sweetgreen by 91.9% in the third quarter. Natixis Advisors LLC now owns 30,380 shares of the company’s stock valued at $1,077,000 after purchasing an additional 14,545 shares during the period. Geode Capital Management LLC grew its holdings in Sweetgreen by 5.4% in the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company’s stock valued at $79,757,000 after purchasing an additional 116,243 shares during the period. Finally, Diversified Trust Co grew its holdings in Sweetgreen by 223.2% in the fourth quarter. Diversified Trust Co now owns 27,126 shares of the company’s stock valued at $870,000 after purchasing an additional 18,733 shares during the period. Institutional investors and hedge funds own 95.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SG shares. The Goldman Sachs Group decreased their price objective on shares of Sweetgreen from $37.00 to $32.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Citigroup decreased their price objective on shares of Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Oppenheimer decreased their price objective on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a research note on Tuesday, February 25th. Finally, TD Securities decreased their target price on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.27.

Insider Activity at Sweetgreen

In related news, COO Rossann Williams sold 4,977 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $23.80, for a total value of $118,452.60. Following the sale, the chief operating officer now directly owns 95,516 shares of the company’s stock, valued at $2,273,280.80. This represents a 4.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mitch Reback sold 8,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $33.13, for a total transaction of $265,040.00. Following the completion of the sale, the chief financial officer now directly owns 350,981 shares in the company, valued at $11,628,000.53. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 39,852 shares of company stock valued at $1,052,177 over the last ninety days. Corporate insiders own 21.52% of the company’s stock.

Sweetgreen Price Performance

SG opened at $24.97 on Friday. The stock has a market capitalization of $2.93 billion, a PE ratio of -32.01 and a beta of 2.44. The firm’s fifty day moving average price is $27.30 and its 200 day moving average price is $33.02. Sweetgreen, Inc. has a 12-month low of $18.77 and a 12-month high of $45.12.

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.