Sweetgreen (NYSE:SG) Coverage Initiated at Citizens Jmp

Research analysts at Citizens Jmp assumed coverage on shares of Sweetgreen (NYSE:SG) in a note issued to investors on Monday. The brokerage set a “mkt underperform” rating and a $4.50 price target on the stock. Citizens Jmp’s target price suggests a potential downside of 4.56% from the stock’s current price.

A number of other analysts also recently issued reports on SG. Wells Fargo & Company downgraded Sweetgreen from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $10.00 to $7.00 in a research report on Wednesday, December 17th. Piper Sandler cut their price objective on shares of Sweetgreen from $9.00 to $7.00 and set a “neutral” rating on the stock in a research report on Friday. Oppenheimer reduced their target price on shares of Sweetgreen from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Sanford C. Bernstein set a $7.00 target price on shares of Sweetgreen in a report on Wednesday, January 7th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Sweetgreen from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 20th. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $7.84.

Sweetgreen Price Performance

Shares of SG stock opened at $4.72 on Monday. The company has a market cap of $558.11 million, a PE ratio of -4.14 and a beta of 1.93. Sweetgreen has a 1 year low of $4.61 and a 1 year high of $26.40. The stock’s 50 day simple moving average is $5.81 and its two-hundred day simple moving average is $6.71.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, February 26th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). The company had revenue of $155.19 million during the quarter, compared to analysts’ expectations of $159.59 million. Sweetgreen had a negative return on equity of 32.26% and a negative net margin of 19.73%.Sweetgreen’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.25) EPS. Equities research analysts expect that Sweetgreen will post -0.74 EPS for the current year.

Insider Transactions at Sweetgreen

In other Sweetgreen news, insider Nicolas Jammet acquired 4,428 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was bought at an average price of $5.71 per share, for a total transaction of $25,283.88. Following the acquisition, the insider directly owned 22,543 shares in the company, valued at $128,720.53. The trade was a 24.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 19.78% of the stock is currently owned by insiders.

Institutional Trading of Sweetgreen

Institutional investors and hedge funds have recently made changes to their positions in the business. Marshall Wace LLP grew its holdings in shares of Sweetgreen by 1,428.8% in the third quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock worth $31,313,000 after purchasing an additional 3,667,306 shares during the last quarter. Woodson Capital Management LP increased its stake in Sweetgreen by 152.6% in the 4th quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock worth $40,560,000 after buying an additional 3,625,000 shares during the period. Greenhouse Funds LLLP bought a new stake in Sweetgreen during the 2nd quarter valued at about $32,122,000. Federated Hermes Inc. lifted its holdings in Sweetgreen by 366.8% during the 4th quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock valued at $17,900,000 after buying an additional 2,080,628 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Sweetgreen by 240.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,692,838 shares of the company’s stock valued at $13,509,000 after buying an additional 1,196,222 shares during the period. 95.75% of the stock is currently owned by institutional investors.

About Sweetgreen

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.