Sweetgreen (NYSE:SG) Price Target Raised to $11.00

Sweetgreen (NYSE:SG) had its price target increased by Royal Bank Of Canada from $6.50 to $11.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts also recently issued reports 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. DA Davidson dropped their price objective on shares of Sweetgreen from $7.00 to $5.50 and set a “neutral” rating for the company in a research note on Monday, August 10th. Wells Fargo & Company upgraded shares of Sweetgreen from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $6.00 to $11.00 in a report on Monday. Citigroup decreased their target price on shares of Sweetgreen from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Finally, Wall Street Zen raised shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a report on Sunday, August 16th. Six research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Sweetgreen has an average rating of “Hold” and a consensus target price of $7.83.

Sweetgreen Price Performance

NYSE:SG opened at $8.66 on Tuesday. Sweetgreen has a 1 year low of $4.49 and a 1 year high of $10.63. The stock’s 50 day simple moving average is $6.79 and its two-hundred day simple moving average is $7.14. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 86.58 and a beta of 2.16.

Sweetgreen (NYSE:SG) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.09). Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The firm had revenue of $192.66 million for the quarter, compared to analysts’ expectations of $194.50 million. During the same period last year, the company earned ($0.20) earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. As a group, analysts anticipate that Sweetgreen will post -1.03 EPS for the current year.

Insider Buying and Selling at Sweetgreen

In other news, CFO Jamie McConnell sold 15,033 shares of the 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 sale, the chief financial officer owned 210,489 shares of the company’s stock, valued at approximately $1,307,136.69. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $29,863.89. Following the completion of the sale, the chief operating officer directly owned 207,076 shares in the company, valued at approximately $1,285,941.96. This represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Sweetgreen

Several hedge funds have recently added to or reduced their stakes in the company. Ibex Investors LLC lifted its stake in shares of Sweetgreen by 5,058.7% during the 4th quarter. Ibex Investors LLC now owns 825,400 shares of the company’s stock worth $5,580,000 after purchasing an additional 809,400 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Sweetgreen by 35.6% in the fourth quarter. BNP Paribas Financial Markets now owns 2,295,867 shares of the company’s stock valued at $15,520,000 after purchasing an additional 603,029 shares during the last quarter. Wellington Management Group LLP purchased a new position in Sweetgreen in the second quarter valued at about $4,557,000. Bank of New York Mellon Corp bought a new position in Sweetgreen in the second quarter worth about $2,792,000. Finally, Granahan Investment Management LLC bought a new position in Sweetgreen in the first quarter worth about $1,472,000. 95.75% of the stock is currently owned by institutional investors.

Sweetgreen Company Profile

Sweetgreen, Inc operates a fast-casual restaurant chain focused on fresh, plant-forward meals. Its menu includes salads, grain bowls, warm bowls, sides, beverages and seasonal offerings prepared with a focus on whole ingredients and customizable combinations.

The company serves customers through company-operated restaurants and digital channels, including its website and mobile application for ordering, pickup and delivery. Sweetgreen has also developed automated restaurant technology, including its Infinite Kitchen platform, which is designed to support food preparation and restaurant operations.

Sweetgreen was founded in 2007 in Washington, DC, by Jonathan Neman, Nicolas Jammet and Nathaniel Ru.