Sweetgreen (NYSE:SG) Shares Gap Up Following Analyst Upgrade

Sweetgreen, Inc. (NYSE:SG) gapped up prior to trading on Friday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $8.98, but opened at $9.92. JPMorgan Chase & Co. now has a $13.00 price target on the stock, up from their previous price target of $8.00. Sweetgreen shares last traded at $9.6780, with a volume of 2,387,178 shares trading hands.

SG has been the subject of several other research reports. Piper Sandler reduced their target price on shares of Sweetgreen from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Friday, March 27th. Wolfe Research initiated coverage on shares of Sweetgreen in a report on Monday, March 9th. They set a “peer perform” rating on the stock. DA Davidson upped their price objective on shares of Sweetgreen from $5.50 to $7.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Citizens Jmp assumed coverage on shares of Sweetgreen in a research note on Monday, March 30th. They issued a “mkt underperform” rating and a $4.50 price objective for the company. Finally, Weiss Ratings raised shares of Sweetgreen from a “sell (e+)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Four investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.98.

Insider Transactions at Sweetgreen

In related news, major shareholder Goldman Sachs Group Inc acquired 594,553 shares of the stock in a transaction on Tuesday, April 7th. The shares were acquired at an average price of $5.69 per share, with a total value of $3,383,006.57. Following the completion of the transaction, the insider owned 11,900,255 shares in the company, valued at approximately $67,712,450.95. The trade was a 5.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Nicolas Jammet bought 4,428 shares of the company’s stock in a transaction 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 completion of the purchase, the insider owned 22,543 shares of the company’s stock, valued at approximately $128,720.53. The trade was a 24.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 19.78% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors have recently bought and sold shares of the company. Quantinno Capital Management LP increased its position in Sweetgreen by 495.3% in the first quarter. Quantinno Capital Management LP now owns 193,757 shares of the company’s stock worth $1,006,000 after buying an additional 161,209 shares during the last quarter. SummitTX Capital L.P. bought a new stake in shares of Sweetgreen in the first quarter valued at $98,000. Granahan Investment Management LLC purchased a new position in shares of Sweetgreen during the 1st quarter valued at $1,472,000. Aspen Grove Capital LLC grew its stake in shares of Sweetgreen by 36.4% during the 1st quarter. Aspen Grove Capital LLC now owns 30,000 shares of the company’s stock worth $156,000 after acquiring an additional 8,000 shares during the period. Finally, Fifth Third Bancorp bought a new position in shares of Sweetgreen during the 1st quarter worth $38,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Trading Up 6.1%

The firm has a fifty day moving average of $6.31 and a two-hundred day moving average of $6.39. The company has a market cap of $1.13 billion, a PE ratio of 79.89 and a beta of 2.03.

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

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.