Sweetgreen (NYSE:SG) PT Raised to $32.00

Sweetgreen (NYSE:SG) had its target price upped by research analysts at Citigroup from $30.00 to $32.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective indicates a potential downside of 8.60% from the company’s current price.

Several other equities research analysts have also commented on the stock. Bank of America reduced their price target on shares of Sweetgreen from $36.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Morgan Stanley upped their target price on Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday. JPMorgan Chase & Co. increased their target price on Sweetgreen from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Royal Bank of Canada upped their price objective on Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Finally, The Goldman Sachs Group assumed coverage on Sweetgreen in a research note on Thursday, June 13th. They issued a “buy” rating and a $39.00 target price on the stock. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Sweetgreen presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.60.

Sweetgreen Trading Up 33.4 %

Shares of NYSE SG traded up $8.76 during trading hours on Friday, reaching $35.01. The stock had a trading volume of 15,864,979 shares, compared to its average volume of 2,687,511. Sweetgreen has a 52-week low of $8.64 and a 52-week high of $36.72. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of -37.65 and a beta of 2.30. The business’s fifty day moving average price is $28.33 and its two-hundred day moving average price is $23.43.

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

Insider Activity at Sweetgreen

In related news, Director Bradley E. Singer sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $32.30, for a total value of $1,938,000.00. Following the sale, the director now owns 182,567 shares in the company, valued at $5,896,914.10. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Bradley E. Singer sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $32.30, for a total transaction of $1,938,000.00. Following the sale, the director now owns 182,567 shares of the company’s stock, valued at approximately $5,896,914.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adrienne Gemperle sold 3,889 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $31.35, for a total transaction of $121,920.15. Following the completion of the transaction, the insider now owns 125,518 shares of the company’s stock, valued at $3,934,989.30. The disclosure for this sale can be found here. Insiders have sold a total of 440,692 shares of company stock valued at $13,738,038 in the last ninety days. Company insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SG. Baillie Gifford & Co. raised its position in Sweetgreen by 6.2% during the second quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock worth $371,516,000 after acquiring an additional 721,740 shares during the period. Vanguard Group Inc. increased its stake in shares of Sweetgreen by 0.8% during the first quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock worth $212,713,000 after purchasing an additional 70,395 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Sweetgreen by 2.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,763,572 shares of the company’s stock worth $53,151,000 after purchasing an additional 39,823 shares during the last quarter. Hood River Capital Management LLC purchased a new position in Sweetgreen in the 1st quarter valued at about $29,105,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Sweetgreen in the 2nd quarter worth about $33,449,000. Hedge funds and other institutional investors own 95.75% 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.