Sweetgreen (NYSE:SG) Price Target Raised to $8.00

Sweetgreen (NYSE:SG) had its price objective boosted by investment analysts at Morgan Stanley from $7.00 to $8.00 in a report released on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential downside of 23.77% from the stock’s current price.

A number of other research firms also recently commented on SG. Weiss Ratings downgraded shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Citigroup lowered their price target on Sweetgreen from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Royal Bank Of Canada increased their price target on Sweetgreen from $6.50 to $11.00 and gave the company an “outperform” rating in a report on Tuesday, September 29th. Oppenheimer dropped their price target on Sweetgreen from $10.00 to $8.50 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Finally, DA Davidson cut their price objective on Sweetgreen from $7.00 to $5.50 and set a “neutral” rating for the company in a report on Monday, August 10th. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.66.

Sweetgreen Stock Performance

Shares of SG stock traded up $0.35 during trading hours on Thursday, reaching $10.49. The company had a trading volume of 2,186,473 shares, compared to its average volume of 5,080,075. The business has a fifty day moving average price of $7.39 and a 200-day moving average price of $7.40. Sweetgreen has a one year low of $4.49 and a one year high of $10.63. The firm has a market cap of $1.25 billion, a PE ratio of 104.96 and a beta of 2.16.

Sweetgreen (NYSE:SG) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.09). The company had revenue of $192.66 million for the quarter, compared to analysts’ expectations of $194.50 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.20) earnings per share. Equities research analysts forecast that Sweetgreen will post -1.03 EPS for the current year.

Insider Activity

In related news, CFO Jamie McConnell sold 15,033 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $93,354.93. Following the transaction, the chief financial officer owned 210,489 shares of the company’s stock, valued at approximately $1,307,136.69. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $29,863.89. Following the sale, the chief operating officer owned 207,076 shares of the company’s stock, valued at $1,285,941.96. This trade represents a 2.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Eastern Bank boosted its stake in shares of Sweetgreen by 7.3% during the 3rd quarter. Eastern Bank now owns 27,054 shares of the company’s stock worth $240,000 after acquiring an additional 1,830 shares during the last quarter. Fifth Third Bancorp bought a new stake in shares of Sweetgreen during the 1st quarter valued at $38,000. Versant Capital Management Inc grew its position in shares of Sweetgreen by 241.5% during the 2nd quarter. Versant Capital Management Inc now owns 10,518 shares of the company’s stock valued at $93,000 after acquiring an additional 7,438 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of Sweetgreen during the 3rd quarter valued at $68,000. Finally, Aspen Grove Capital LLC increased its stake in shares of Sweetgreen by 36.4% in the 1st quarter. Aspen Grove Capital LLC now owns 30,000 shares of the company’s stock worth $156,000 after purchasing an additional 8,000 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors.

Sweetgreen Company Profile

Sweetgreen, Inc operates a fast-casual restaurant chain focused on fresh, made-to-order meals. Its menu includes salads, warm grain bowls, protein plates, sides and beverages, with an emphasis on seasonal ingredients, customizable meals and health-conscious dining.

The company serves customers through company-operated restaurants in the United States, as well as digital channels that support online ordering, delivery, pickup and its loyalty program. Sweetgreen also uses technology in restaurant operations, including automated kitchen systems at select locations, to help improve consistency and service efficiency.

Sweetgreen was founded in 2007 by Nicolas Jammet, Jonathan Neman and Nathaniel Ru while they were students at Georgetown University.