Sweetgreen, Inc. (NYSE:SG) Stock Has Consensus Target Price of $7.66 According to Brokerages

Sweetgreen, Inc. (NYSE:SG) has received an average rating of “Hold” from the eighteen analysts that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $8.35.

Several equities analysts have commented on the stock. Weiss Ratings downgraded shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Wall Street Zen upgraded Sweetgreen from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 16th. TD Cowen lifted their target price on Sweetgreen from $6.00 to $9.00 and gave the company a “hold” rating in a report on Wednesday, October 21st. Morgan Stanley boosted their target price on Sweetgreen from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 15th. Finally, DA Davidson lowered their target price on Sweetgreen from $7.00 to $5.50 and set a “neutral” rating for the company in a research note on Monday, August 10th.

Sweetgreen Stock Performance

Shares of SG stock opened at $9.87 on Tuesday. The stock has a market capitalization of $1.17 billion, a P/E ratio of 98.66 and a beta of 2.16. The company has a 50 day moving average price of $8.08 and a 200 day moving average price of $7.14. Sweetgreen has a fifty-two week low of $4.49 and a fifty-two week high of $10.77.

Sweetgreen (NYSE:SG) last announced its 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 business had revenue of $192.66 million for the quarter, compared to analysts’ expectations of $194.50 million. Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%. Sweetgreen’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.20) earnings per share. On average, research analysts forecast that Sweetgreen will post -1.04 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other news, COO Jason Miles Cochran sold 4,809 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $29,863.89. Following the completion of the transaction, the chief operating officer directly owned 207,076 shares of the company’s stock, valued at approximately $1,285,941.96. The trade was a 2.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 company’s stock in a transaction that occurred on Monday, August 17th. The stock was 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 in the company, valued at $1,307,136.69. The trade was a 6.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in Sweetgreen during the 2nd quarter worth approximately $2,792,000. Wellington Management Group LLP purchased a new stake in shares of Sweetgreen in the 2nd quarter valued at approximately $4,557,000. Quantinno Capital Management LP increased its position in shares of Sweetgreen by 495.3% in the 1st quarter. Quantinno Capital Management LP now owns 193,757 shares of the company’s stock valued at $1,006,000 after purchasing an additional 161,209 shares during the last quarter. Granahan Investment Management LLC acquired a new stake in shares of Sweetgreen in the 1st quarter valued at $1,472,000. Finally, Curated Wealth Partners LLC acquired a new stake in shares of Sweetgreen in the 3rd quarter valued at $480,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

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.