Sweetgreen (NYSE:SG) Price Target Raised to $9.00

Sweetgreen (NYSE:SG) had its target price upped by TD Cowen from $6.00 to $9.00 in a research report report published on Wednesday morning, Marketbeat.com reports. They currently have a hold rating on the stock.

Several other equities research analysts have also recently commented on the stock. UBS Group raised shares of Sweetgreen from a “neutral” rating to a “buy” rating in a research report on Friday, August 7th. 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 research note on Tuesday, September 8th. DA Davidson reduced their price target on shares of Sweetgreen from $7.00 to $5.50 and set a “neutral” rating on the stock in a research report on Monday, August 10th. Weiss Ratings cut shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Finally, Morgan Stanley increased their price target on shares of Sweetgreen from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 15th. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $8.35.

Sweetgreen Stock Down 3.6%

Shares of Sweetgreen stock opened at $9.85 on Wednesday. The business has a 50 day moving average of $8.02 and a 200 day moving average of $7.64. Sweetgreen has a 52 week low of $4.49 and a 52 week high of $10.77. The company has a market cap of $1.17 billion, a PE ratio of 98.55 and a beta of 2.16.

Sweetgreen (NYSE:SG) last released 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). The company had revenue of $192.66 million during the quarter, compared to the consensus estimate of $194.50 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.20) EPS. On average, research analysts anticipate that Sweetgreen will post -1.04 earnings per share for the current year.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, COO Jason Miles Cochran sold 4,809 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.21, for a total value of $29,863.89. Following the completion of the transaction, the chief operating officer owned 207,076 shares in the company, valued at approximately $1,285,941.96. This represents a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 the firm’s stock in a transaction 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 directly owned 210,489 shares of the company’s stock, valued at $1,307,136.69. This represents a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 Trading of Sweetgreen

Hedge funds and other institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC lifted its position in Sweetgreen by 175.2% during the 3rd quarter. Sterling Capital Management LLC now owns 2,936 shares of the company’s stock valued at $26,000 after acquiring an additional 1,869 shares during the period. State of Alaska Department of Revenue bought a new stake in Sweetgreen during the third quarter worth about $68,000. Curated Wealth Partners LLC bought a new stake in Sweetgreen during the third quarter worth about $480,000. Eastern Bank grew its holdings in Sweetgreen by 7.3% in the third quarter. Eastern Bank now owns 27,054 shares of the company’s stock worth $240,000 after purchasing an additional 1,830 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new stake in Sweetgreen in the second quarter worth about $90,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

About Sweetgreen

Sweetgreen, Inc operates a fast-casual restaurant company focused on fresh, customizable meals. Its menu includes salads, grain bowls, protein plates, sides, and beverages made with seasonal produce and other ingredients. Customers can order in restaurants or through Sweetgreen’s website and mobile application, with options for pickup and delivery.

Founded in 2007 by Nicolas Jammet, Jonathan Neman, and Nathaniel Ru, Sweetgreen began as a single restaurant in Washington, DC The company has expanded its restaurant network across metropolitan areas in the United States, with locations concentrated in major markets on the East and West coasts and in other regions.