TD Cowen Issues Positive Forecast for Sweetgreen (NYSE:SG) Stock Price

Sweetgreen (NYSE:SG) had its target price lifted by investment analysts at TD Cowen from $7.00 to $8.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Cowen’s price target suggests a potential downside of 13.33% from the stock’s current price.

Other analysts have also issued reports about the company. DA Davidson boosted their target price on Sweetgreen from $5.50 to $7.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. BNP Paribas Exane boosted their target price on Sweetgreen from $4.50 to $5.00 and gave the company an “underperform” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. raised Sweetgreen from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $8.00 to $13.00 in a research report on Friday, May 22nd. Wall Street Zen raised Sweetgreen from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Citizens Jmp began coverage on Sweetgreen in a report on Monday, March 30th. They set a “mkt underperform” rating and a $4.50 price objective for the company. Four analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $8.04.

Sweetgreen Price Performance

Shares of Sweetgreen stock opened at $9.23 on Wednesday. Sweetgreen has a one year low of $4.49 and a one year high of $16.70. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 76.92 and a beta of 2.03. The business has a 50-day simple moving average of $6.56 and a 200 day simple moving average of $6.46.

Sweetgreen (NYSE:SG) last issued its earnings results on Thursday, May 7th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Sweetgreen had a net margin of 2.49% and a negative return on equity of 33.07%. The firm had revenue of $161.52 million during the quarter, compared to the consensus estimate of $163.95 million. During the same period in the previous year, the firm earned ($0.21) earnings per share. The business’s quarterly revenue was down 2.9% on a year-over-year basis. On average, sell-side analysts expect that Sweetgreen will post -0.76 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Goldman Sachs Group Inc acquired 594,553 shares of Sweetgreen stock in a transaction on Tuesday, April 7th. The stock was acquired at an average cost of $5.69 per share, with a total value of $3,383,006.57. Following the completion of the acquisition, the insider owned 11,900,255 shares in the company, valued at approximately $67,712,450.95. This trade represents a 5.26% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicolas Jammet acquired 4,428 shares of Sweetgreen stock in a transaction on Thursday, March 5th. The shares were purchased at an average cost of $5.71 per share, with a total value of $25,283.88. Following the completion of the acquisition, the insider owned 22,543 shares of the company’s stock, valued at $128,720.53. This trade represents a 24.44% increase in their position. The SEC filing for this purchase provides additional information. 19.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors and hedge funds have recently bought and sold shares of SG. Larson Financial Group LLC grew its holdings in Sweetgreen by 165.8% during the third quarter. Larson Financial Group LLC now owns 3,766 shares of the company’s stock valued at $30,000 after purchasing an additional 2,349 shares during the period. Fifth Third Bancorp bought a new position in Sweetgreen during the first quarter valued at $38,000. Skandinaviska Enskilda Banken AB publ grew its holdings in Sweetgreen by 124.1% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 6,292 shares of the company’s stock valued at $50,000 after purchasing an additional 3,484 shares during the period. CWM LLC grew its holdings in Sweetgreen by 212.2% during the fourth quarter. CWM LLC now owns 7,333 shares of the company’s stock valued at $50,000 after purchasing an additional 4,984 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Sweetgreen by 281.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 7,912 shares of the company’s stock valued at $53,000 after purchasing an additional 5,839 shares during the period. 95.75% of the stock is owned by institutional investors.

Sweetgreen Company Profile

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.