Summit Trail Advisors LLC Sells 4,870 Shares of Sweetgreen, Inc. (NYSE:SG)

Summit Trail Advisors LLC cut its stake in Sweetgreen, Inc. (NYSE:SG) by 22.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,699 shares of the company’s stock after selling 4,870 shares during the period. Summit Trail Advisors LLC’s holdings in Sweetgreen were worth $592,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in shares of Sweetgreen in the 3rd quarter worth $35,000. Quest Partners LLC bought a new stake in shares of Sweetgreen in the second quarter valued at about $76,000. KBC Group NV lifted its stake in Sweetgreen by 29.1% in the third quarter. KBC Group NV now owns 3,127 shares of the company’s stock worth $111,000 after acquiring an additional 704 shares during the period. Atomi Financial Group Inc. bought a new position in Sweetgreen during the 3rd quarter worth about $216,000. Finally, Versor Investments LP purchased a new position in Sweetgreen during the 2nd quarter valued at about $217,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SG. Morgan Stanley upped their price target on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Oppenheimer increased their target price on Sweetgreen from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. TD Cowen reissued a “buy” rating and issued a $45.00 price target on shares of Sweetgreen in a research report on Monday, November 18th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $40.00 price objective on shares of Sweetgreen in a research report on Friday, November 8th. Finally, Bank of America lifted their target price on Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.80.

Insiders Place Their Bets

In related news, CTO Wouleta Ayele sold 4,347 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $34.05, for a total value of $148,015.35. Following the sale, the chief technology officer now owns 140,302 shares in the company, valued at $4,777,283.10. This represents a 3.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bradley E. Singer sold 42,730 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $38.09, for a total transaction of $1,627,585.70. Following the transaction, the director now directly owns 139,052 shares of the company’s stock, valued at $5,296,490.68. This represents a 23.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 164,132 shares of company stock valued at $5,993,464. Insiders own 21.52% of the company’s stock.

Sweetgreen Stock Down 1.6 %

SG opened at $43.27 on Wednesday. The company has a market cap of $5.01 billion, a P/E ratio of -55.47 and a beta of 2.32. Sweetgreen, Inc. has a 52-week low of $9.21 and a 52-week high of $45.12. The firm’s 50-day moving average price is $37.13 and its 200-day moving average price is $32.65.

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.