Sweetgreen (NYSE:SG) Trading Up 8.4%

Sweetgreen, Inc. (NYSE:SG)’s share price rose 8.4% during mid-day trading on Thursday . The stock traded as high as $21.62 and last traded at $21.58. Approximately 2,273,563 shares traded hands during trading, an increase of 2% from the average daily volume of 2,228,745 shares. The stock had previously closed at $19.91.

Analyst Ratings Changes

A number of research analysts have issued reports on SG shares. JPMorgan Chase & Co. boosted their target price on Sweetgreen from $20.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Piper Sandler raised their target price on shares of Sweetgreen from $16.00 to $19.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. Morgan Stanley upped their price target on shares of Sweetgreen from $11.00 to $16.00 and gave the company an “underweight” rating in a report on Friday, April 12th. TD Cowen restated a “hold” rating and set a $17.00 price objective on shares of Sweetgreen in a report on Wednesday, April 10th. Finally, Royal Bank of Canada upped their target price on shares of Sweetgreen from $13.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.00.

Sweetgreen Price Performance

The firm’s 50 day moving average is $21.45 and its two-hundred day moving average is $14.41. The firm has a market capitalization of $2.50 billion, a P/E ratio of -22.10 and a beta of 2.22.

Sweetgreen (NYSE:SG) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). Sweetgreen had a negative net margin of 19.41% and a negative return on equity of 21.58%. The business had revenue of $153.00 million during the quarter, compared to analyst estimates of $152.04 million. During the same period in the previous year, the business earned ($0.44) earnings per share. The business’s quarterly revenue was up 29.0% on a year-over-year basis. Analysts anticipate that Sweetgreen, Inc. will post -0.71 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 29,475 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $21.01, for a total value of $619,269.75. Following the completion of the sale, the chief financial officer now owns 405,584 shares of the company’s stock, valued at approximately $8,521,319.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jonathan Neman sold 58,067 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $16.36, for a total transaction of $949,976.12. Following the completion of the sale, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at $34,356,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mitch Reback sold 29,475 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $21.01, for a total transaction of $619,269.75. Following the sale, the chief financial officer now owns 405,584 shares in the company, valued at $8,521,319.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 140,555 shares of company stock valued at $2,214,389. 21.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors have recently modified their holdings of SG. Baillie Gifford & Co. boosted its position in Sweetgreen by 31.9% in the third quarter. Baillie Gifford & Co. now owns 12,009,929 shares of the company’s stock valued at $141,117,000 after buying an additional 2,907,749 shares in the last quarter. Invesco Ltd. grew its position in Sweetgreen by 1,435.2% during the 3rd quarter. Invesco Ltd. now owns 1,674,791 shares of the company’s stock worth $19,679,000 after acquiring an additional 1,565,700 shares during the last quarter. Teca Partners LP bought a new position in Sweetgreen during the 4th quarter worth $8,475,000. Verition Fund Management LLC acquired a new position in Sweetgreen during the 4th quarter worth about $8,452,000. Finally, Pathstone Family Office LLC increased its stake in shares of Sweetgreen by 4,779.5% in the third quarter. Pathstone Family Office LLC now owns 694,102 shares of the company’s stock valued at $8,156,000 after buying an additional 679,877 shares during the period. Institutional investors and hedge funds own 95.75% of the company’s stock.

Sweetgreen Company Profile

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.