Sweetgreen (NYSE:SG) Stock Price Up 10.3% on Analyst Upgrade

Sweetgreen, Inc. (NYSE:SG)’s stock price rose 10.3% during mid-day trading on Wednesday after TD Cowen raised their price target on the stock from $7.00 to $8.00. TD Cowen currently has a hold rating on the stock. Sweetgreen traded as high as $10.34 and last traded at $10.2160. Approximately 1,508,960 shares traded hands during trading, a decline of 67% from the average daily volume of 4,579,732 shares. The stock had previously closed at $9.26.

SG has been the subject of several other research reports. The Goldman Sachs Group increased their price objective on Sweetgreen from $5.00 to $5.60 and gave the stock a “sell” rating in a report on Wednesday, January 28th. Citizens Jmp began coverage on Sweetgreen in a research note on Monday, March 30th. They set a “mkt underperform” rating and a $4.50 target price on the stock. Wolfe Research began coverage on Sweetgreen in a report on Monday, March 9th. They set a “peer perform” rating for the company. BNP Paribas Exane raised their price target on Sweetgreen from $4.50 to $5.00 and gave the stock an “underperform” rating in a research note on Friday, May 8th. Finally, Wall Street Zen raised shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a research report on Saturday. Four equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $8.04.

Insider Activity at Sweetgreen

In other news, major shareholder Goldman Sachs Group Inc purchased 594,553 shares of Sweetgreen stock in a transaction that occurred on Tuesday, April 7th. The shares were bought at an average cost of $5.69 per share, with a total value of $3,383,006.57. Following the completion of the purchase, the insider directly 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 document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nicolas Jammet acquired 4,428 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was purchased at an average price of $5.71 per share, with a total value of $25,283.88. Following the acquisition, the insider owned 22,543 shares of the company’s stock, valued at $128,720.53. This represents a 24.44% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 19.78% of the company’s stock.

Institutional Trading of Sweetgreen

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada lifted its position in Sweetgreen by 22.4% during the 1st quarter. Royal Bank of Canada now owns 291,477 shares of the company’s stock valued at $7,292,000 after acquiring an additional 53,427 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Sweetgreen by 6.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,572 shares of the company’s stock worth $1,516,000 after purchasing an additional 3,553 shares during the period. Prudential Financial Inc. bought a new position in shares of Sweetgreen during the second quarter valued at approximately $197,000. Qube Research & Technologies Ltd bought a new position in shares of Sweetgreen during the second quarter valued at approximately $538,000. Finally, Frontier Capital Management Co. LLC lifted its holdings in shares of Sweetgreen by 121.7% during the second quarter. Frontier Capital Management Co. LLC now owns 680,255 shares of the company’s stock valued at $10,122,000 after purchasing an additional 373,350 shares during the last quarter. 95.75% of the stock is owned by hedge funds and other institutional investors.

Sweetgreen Stock Performance

The business has a 50-day moving average price of $6.56 and a 200 day moving average price of $6.46. The stock has a market capitalization of $1.20 billion, a P/E ratio of 84.04 and a beta of 2.03.

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

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.