Harbor Capital Advisors Inc. Sells 169,562 Shares of Sweetgreen, Inc. $SG

Harbor Capital Advisors Inc. cut its stake in Sweetgreen, Inc. (NYSE:SG) by 89.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,930 shares of the company’s stock after selling 169,562 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Sweetgreen were worth $159,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC purchased a new position in Sweetgreen in the third quarter valued at about $82,000. Liontrust Investment Partners LLP lifted its position in shares of Sweetgreen by 53.4% during the second quarter. Liontrust Investment Partners LLP now owns 187,635 shares of the company’s stock valued at $2,792,000 after buying an additional 65,310 shares during the last quarter. FORA Capital LLC bought a new stake in shares of Sweetgreen in the 2nd quarter valued at about $644,000. Tower Research Capital LLC TRC grew its position in shares of Sweetgreen by 26.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 14,362 shares of the company’s stock worth $214,000 after buying an additional 2,987 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in shares of Sweetgreen by 90.7% in the 2nd quarter. Captrust Financial Advisors now owns 27,226 shares of the company’s stock worth $405,000 after buying an additional 12,946 shares during the last quarter. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SG has been the subject of a number of analyst reports. The Goldman Sachs Group cut shares of Sweetgreen from a “buy” rating to a “sell” rating and set a $5.00 target price for the company. in a research report on Friday, November 7th. Sanford C. Bernstein set a $8.00 price objective on Sweetgreen in a research report on Wednesday, October 22nd. Barclays dropped their target price on Sweetgreen from $8.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Monday, November 10th. UBS Group decreased their price target on Sweetgreen from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, November 3rd. Finally, Morgan Stanley set a $10.00 price target on Sweetgreen in a research note on Tuesday, October 21st. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.68.

Sweetgreen Price Performance

Shares of SG stock opened at $6.79 on Tuesday. The business has a fifty day moving average of $6.64 and a 200 day moving average of $9.27. Sweetgreen, Inc. has a 1 year low of $5.14 and a 1 year high of $35.95. The firm has a market capitalization of $804.21 million, a price-to-earnings ratio of -7.00 and a beta of 1.93.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $172.39 million for the quarter, compared to analysts’ expectations of $179.29 million. During the same quarter in the previous year, the firm posted ($0.18) EPS. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, equities research analysts expect that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Insider Activity at Sweetgreen

In other Sweetgreen news, insider Nicolas Jammet acquired 18,115 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were purchased at an average price of $5.51 per share, for a total transaction of $99,813.65. Following the completion of the purchase, the insider directly owned 18,115 shares of the company’s stock, valued at $99,813.65. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jonathan Neman bought 179,800 shares of Sweetgreen stock in a transaction that occurred on Wednesday, November 12th. The shares were acquired 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 of the company’s stock, valued at $999,688. The trade was 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 corporate insiders.

About Sweetgreen

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.