Sweetgreen (NYSE:SG) Hits New 1-Year High on Analyst Upgrade

Sweetgreen, Inc. (NYSE:SG) shares hit a new 52-week high during mid-day trading on Friday after KeyCorp raised their price target on the stock from $12.00 to $13.00. KeyCorp currently has an overweight rating on the stock. Sweetgreen traded as high as $11.96 and last traded at $11.7690, with a volume of 1,161,431 shares changing hands. The stock had previously closed at $11.55.

Several other analysts have also weighed in on SG. UBS Group raised their price objective on Sweetgreen from $6.50 to $11.00 and gave the company a “neutral” rating in a research note on Wednesday, October 28th. Wall Street Zen raised Sweetgreen from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 16th. Wells Fargo & Company increased their target price on shares of Sweetgreen from $11.00 to $14.00 and gave the stock an “overweight” rating in a report on Friday. 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 note on Monday, August 10th. Finally, Weiss Ratings lowered shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $9.01.

Insiders Place Their Bets

In related news, COO Jason Miles Cochran sold 4,809 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $29,863.89. Following the sale, the chief operating officer owned 207,076 shares in the company, valued at $1,285,941.96. The trade was a 2.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total value of $93,354.93. Following the completion of the transaction, the chief financial officer directly 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 position. 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 currently owned by corporate insiders.

More Sweetgreen News

Here are the key news stories impacting Sweetgreen this week:

• Positive Sentiment: Wells Fargo raised its price target to $14 from $11 and reiterated an Overweight rating, signaling a more bullish view of Sweetgreen’s prospects. Wells Fargo rating
• Positive Sentiment: Q3 revenue increased 2.1% year over year to $176 million, beating analysts’ roughly $170 million estimate. Zacks also reported an adjusted loss per share narrower than expected, while the loss improved from a year earlier. Q3 financial results Zacks Q3 results
• Neutral Sentiment: Same-store sales declined 6.4%, an improvement from the 9.5% drop a year earlier. The milder decline suggests a recovery following the Cyclospora outbreak, although sales have not yet returned to growth. Same-store sales and outbreak recovery
• Negative Sentiment: TD Cowen lifted its target to $11 from $9 but kept a Hold rating; its new target is below the cited share price. This cautious stance, alongside ongoing same-store sales declines and modest revenue growth, tempers the positive earnings signals. TD Cowen rating

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Fulcrum Asset Management LLP grew its position in shares of Sweetgreen by 5,967.2% in the 3rd quarter. Fulcrum Asset Management LLP now owns 13,894 shares of the company’s stock valued at $121,000 after buying an additional 13,665 shares during the last quarter. Sterling Capital Management LLC boosted its stake in shares of Sweetgreen by 175.2% in the 3rd quarter. Sterling Capital Management LLC now owns 2,936 shares of the company’s stock valued at $26,000 after purchasing an additional 1,869 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Sweetgreen in the 3rd quarter valued at $68,000. Curated Wealth Partners LLC acquired a new stake in shares of Sweetgreen during the third quarter worth $480,000. Finally, Eastern Bank increased its position in shares of Sweetgreen by 7.3% during the third quarter. Eastern Bank now owns 27,054 shares of the company’s stock worth $240,000 after buying an additional 1,830 shares during the period. Institutional investors own 95.75% of the company’s stock.

Sweetgreen Stock Up 1.7%

The business’s 50 day moving average is $8.83 and its two-hundred day moving average is $7.28. The firm has a market cap of $1.40 billion, a P/E ratio of 118.06 and a beta of 2.11.

Sweetgreen (NYSE:SG) last issued its quarterly earnings results on Friday, November 6th. The company reported ($0.26) EPS for the quarter, meeting analysts’ consensus estimates of ($0.26). The business had revenue of $176.02 million for the quarter, compared to analysts’ expectations of $170.07 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.31) earnings per share. Equities research analysts anticipate that Sweetgreen, Inc. will post -1.04 EPS for the current year.

Sweetgreen Company Profile

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.