Sweetgreen, Inc. (NYSE:SG) Receives $38.20 Consensus PT from Brokerages

Sweetgreen, Inc. (NYSE:SG) has been assigned a consensus rating of “Moderate Buy” from the eleven research firms that are presently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $38.20.

A number of brokerages have commented on SG. JPMorgan Chase & Co. boosted their price objective on Sweetgreen from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Royal Bank of Canada boosted their price target on Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. William Blair reiterated an “outperform” rating on shares of Sweetgreen in a research note on Wednesday, May 15th. Oppenheimer boosted their price target on Sweetgreen from $36.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Finally, Citigroup boosted their price target on Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th.

Insider Activity at Sweetgreen

In related news, CTO Wouleta Ayele sold 2,831 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.31, for a total value of $102,793.61. Following the completion of the sale, the chief technology officer now directly owns 144,649 shares of the company’s stock, valued at $5,252,205.19. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CTO Wouleta Ayele sold 2,831 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $36.31, for a total transaction of $102,793.61. Following the completion of the transaction, the chief technology officer now directly owns 144,649 shares of the company’s stock, valued at $5,252,205.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jonathan Neman sold 169,772 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.77, for a total value of $6,072,744.44. Following the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $69,044,255.56. The disclosure for this sale can be found here. Insiders sold a total of 371,116 shares of company stock valued at $13,248,867 over the last three months. 21.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors have recently made changes to their positions in the stock. Cetera Investment Advisers grew its holdings in Sweetgreen by 62.1% in the 2nd quarter. Cetera Investment Advisers now owns 55,354 shares of the company’s stock worth $1,668,000 after buying an additional 21,203 shares in the last quarter. Algert Global LLC grew its holdings in Sweetgreen by 133.6% in the 2nd quarter. Algert Global LLC now owns 94,288 shares of the company’s stock worth $2,842,000 after buying an additional 53,928 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Sweetgreen by 231.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock worth $81,028,000 after buying an additional 1,878,216 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Sweetgreen by 14.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 52,630 shares of the company’s stock worth $1,586,000 after buying an additional 6,478 shares in the last quarter. Finally, Maverick Capital Ltd. bought a new position in Sweetgreen in the 2nd quarter worth approximately $1,883,000. 95.75% of the stock is owned by institutional investors.

Sweetgreen Price Performance

Shares of SG opened at $28.66 on Thursday. The stock’s 50-day moving average is $29.07 and its two-hundred day moving average is $26.70. The stock has a market cap of $3.27 billion, a PE ratio of -30.82 and a beta of 2.32. Sweetgreen has a 12 month low of $8.64 and a 12 month high of $38.53.

Sweetgreen (NYSE:SG) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $184.60 million for the quarter, compared to analyst estimates of $180.79 million. Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.20) EPS. On average, research analysts anticipate that Sweetgreen will post -0.75 earnings per share for the current year.

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.