Sweetgreen (NYSE:SG) Price Target Raised to $6.00

Sweetgreen (NYSE:SG) had its price objective raised by TD Cowen from $5.00 to $6.00 in a research note published on Friday, MarketBeat reports. The brokerage currently has a hold rating on the stock.

SG has been the subject of a number of other research reports. Citigroup cut their target price on shares of Sweetgreen from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Royal Bank Of Canada dropped their price target on shares of Sweetgreen from $7.00 to $6.50 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Weiss Ratings downgraded shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 16th. Finally, KeyCorp raised shares of Sweetgreen from a “sector weight” rating to an “overweight” rating and set a $9.00 target price on the stock in a report on Tuesday, September 8th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sweetgreen currently has a consensus rating of “Hold” and an average target price of $7.27.

Sweetgreen Price Performance

Shares of NYSE SG opened at $7.11 on Friday. Sweetgreen has a one year low of $4.49 and a one year high of $10.63. The business’s fifty day moving average price is $6.64 and its 200-day moving average price is $6.93. The stock has a market capitalization of $846.85 million, a PE ratio of 71.15 and a beta of 2.20.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results 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). Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The firm had revenue of $192.66 million for the quarter, compared to the consensus estimate of $194.50 million. During the same quarter in the previous year, the company posted ($0.20) EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, equities analysts expect that Sweetgreen will post -1.03 EPS for the current fiscal year.

Insider Buying and Selling

In other Sweetgreen news, COO Jason Miles Cochran sold 4,809 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total value 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jamie McConnell sold 15,033 shares of Sweetgreen 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 $93,354.93. Following the sale, the chief financial officer owned 210,489 shares of the company’s stock, valued at approximately $1,307,136.69. The trade was a 6.67% 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. Corporate insiders own 18.19% of the company’s stock.

Institutional Trading of Sweetgreen

Large investors have recently modified their holdings of the business. Woodson Capital Management LP raised its position in shares of Sweetgreen by 152.6% in the 4th quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock worth $40,560,000 after acquiring an additional 3,625,000 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Sweetgreen by 1,428.8% during the third quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock valued at $31,313,000 after purchasing an additional 3,667,306 shares in the last quarter. Federated Hermes Inc. grew its stake in Sweetgreen by 366.8% in the fourth quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock worth $17,900,000 after purchasing an additional 2,080,628 shares during the period. Geode Capital Management LLC grew its stake in Sweetgreen by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 2,453,564 shares of the company’s stock worth $16,589,000 after purchasing an additional 16,281 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in Sweetgreen by 35.6% in the fourth quarter. BNP Paribas Financial Markets now owns 2,295,867 shares of the company’s stock worth $15,520,000 after purchasing an additional 603,029 shares in the last quarter. 95.75% of the stock is owned by institutional investors.

About Sweetgreen

Sweetgreen, Inc operates a fast-casual restaurant chain focused on fresh, plant-forward meals. Its menu includes salads, grain bowls, warm bowls, sides, beverages and seasonal offerings prepared with a focus on whole ingredients and customizable combinations.

The company serves customers through company-operated restaurants and digital channels, including its website and mobile application for ordering, pickup and delivery. Sweetgreen has also developed automated restaurant technology, including its Infinite Kitchen platform, which is designed to support food preparation and restaurant operations.

Sweetgreen was founded in 2007 in Washington, DC, by Jonathan Neman, Nicolas Jammet and Nathaniel Ru.