Zacks Research Upgrades Sweetgreen (NYSE:SG) to “Hold”

Sweetgreen (NYSE:SG) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Several other analysts have also recently commented on SG. Citigroup reiterated a “buy” rating on shares of Sweetgreen in a research report on Wednesday. The Goldman Sachs Group cut shares of Sweetgreen from a “buy” rating to a “sell” rating and set a $5.00 target price on the stock. in a research note on Friday, November 7th. Royal Bank Of Canada cut their price objective on shares of Sweetgreen from $13.00 to $7.00 and set an “outperform” rating for the company in a report on Friday, November 7th. Wells Fargo & Company lowered their target price on Sweetgreen from $13.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday, November 7th. Finally, TD Cowen dropped their price target on Sweetgreen from $15.00 to $10.00 and set a “hold” rating for the company in a research report on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Sweetgreen presently has an average rating of “Hold” and an average target price of $11.82.

Sweetgreen Stock Performance

Shares of Sweetgreen stock traded down $0.08 on Wednesday, hitting $5.86. The company’s stock had a trading volume of 672,663 shares, compared to its average volume of 5,191,023. The company has a market capitalization of $692.60 million, a price-to-earnings ratio of -6.08 and a beta of 1.94. Sweetgreen has a 1 year low of $5.14 and a 1 year high of $45.12. The firm has a fifty day moving average price of $7.57 and a 200-day moving average price of $11.27.

Sweetgreen (NYSE:SG) last issued its quarterly earnings results on Friday, November 7th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.13). Sweetgreen had a negative return on equity of 25.67% and a negative net margin of 16.55%.The company had revenue of $172.39 million during the quarter, compared to analysts’ expectations of $179.29 million. During the same period in the previous year, the firm posted ($0.18) EPS. Sweetgreen’s revenue was down .6% compared to the same quarter last year. As a group, analysts forecast that Sweetgreen will post -0.74 EPS for the current year.

Insider Buying and Selling

In other news, CFO Mitch Reback sold 11,530 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.19, for a total transaction of $105,960.70. Following the completion of the transaction, the chief financial officer directly owned 322,891 shares in the company, valued at $2,967,368.29. This trade represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Nicolas Jammet acquired 18,115 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was purchased at an average price of $5.51 per share, for a total transaction of $99,813.65. Following the acquisition, the insider directly owned 18,115 shares in the company, valued at approximately $99,813.65. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. 19.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sweetgreen

Hedge funds have recently added to or reduced their stakes in the business. Glass Jacobson Investment Advisors llc acquired a new position in Sweetgreen during the 2nd quarter worth $30,000. Nisa Investment Advisors LLC boosted its stake 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 buying an additional 1,055 shares during the period. Bogart Wealth LLC grew its position in shares of Sweetgreen by 1,150.0% during the third quarter. Bogart Wealth LLC now owns 5,000 shares of the company’s stock worth $40,000 after buying an additional 4,600 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its stake in shares of Sweetgreen by 312.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 2,808 shares of the company’s stock worth $42,000 after buying an additional 2,127 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Sweetgreen during the third quarter worth approximately $82,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

About Sweetgreen

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.