Sweetgreen (NYSE:SG) Now Covered by DA Davidson

DA Davidson initiated coverage on shares of Sweetgreen (NYSE:SG) in a report issued on Friday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $5.50 price target on the stock.

A number of other research firms have also recently issued reports on SG. UBS Group lowered their target price on Sweetgreen from $7.50 to $6.50 and set a “neutral” rating for the company in a research note on Monday, February 23rd. Royal Bank Of Canada reduced their price target on shares of Sweetgreen from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Piper Sandler lowered their price objective on shares of Sweetgreen from $12.00 to $9.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. JPMorgan Chase & Co. boosted their price objective on shares of Sweetgreen from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 20th. Finally, Barclays upped their target price on shares of Sweetgreen from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 7th. Three investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $8.22.

Sweetgreen Stock Down 1.9%

Sweetgreen stock traded down $0.11 during mid-day trading on Friday, hitting $5.64. 4,554,207 shares of the company’s stock were exchanged, compared to its average volume of 4,347,008. The company’s 50 day simple moving average is $6.39 and its 200-day simple moving average is $7.11. The firm has a market capitalization of $667.61 million, a P/E ratio of -4.95 and a beta of 1.93. Sweetgreen has a fifty-two week low of $4.99 and a fifty-two week high of $27.15.

Sweetgreen (NYSE:SG) last posted its earnings results on Thursday, February 26th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). Sweetgreen had a negative net margin of 19.73% and a negative return on equity of 32.26%. The business had revenue of $155.19 million during the quarter, compared to analyst estimates of $159.59 million. During the same period in the previous year, the firm posted ($0.25) earnings per share. The firm’s revenue was down 3.5% on a year-over-year basis. Research analysts expect that Sweetgreen will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its stake in Sweetgreen by 22.4% in the 1st quarter. Royal Bank of Canada now owns 291,477 shares of the company’s stock valued at $7,292,000 after buying an additional 53,427 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Sweetgreen by 6.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,572 shares of the company’s stock worth $1,516,000 after buying an additional 3,553 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Sweetgreen by 98.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,129 shares of the company’s stock valued at $32,000 after acquiring an additional 1,055 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of Sweetgreen by 5.8% in the second quarter. Teacher Retirement System of Texas now owns 15,981 shares of the company’s stock valued at $238,000 after acquiring an additional 877 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Sweetgreen by 2.3% in the second quarter. Geode Capital Management LLC now owns 2,420,856 shares of the company’s stock valued at $36,027,000 after acquiring an additional 54,538 shares during the last quarter. Institutional investors own 95.75% of the company’s stock.

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.