KeyCorp Forecasts Strong Price Appreciation for Sweetgreen (NYSE:SG) Stock

Sweetgreen (NYSE:SG) had its price objective lifted by investment analysts at KeyCorp from $9.00 to $12.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp‘s price objective would indicate a potential upside of 17.61% from the company’s current price.

Other analysts have also issued research reports about the company. Wall Street Zen upgraded Sweetgreen from a “strong sell” rating to a “sell” rating in a report on Sunday, August 16th. Weiss Ratings lowered Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Oppenheimer dropped their price objective on Sweetgreen from $10.00 to $8.50 and set an “outperform” rating on the stock in a research note on Friday, August 7th. TD Cowen upped their price objective on Sweetgreen from $6.00 to $9.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Citigroup cut their price objective on Sweetgreen from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Sweetgreen presently has an average rating of “Hold” and an average price target of $8.04.

Sweetgreen Trading Up 0.4%

Shares of SG stock opened at $10.20 on Friday. The firm’s fifty day moving average price is $7.94 and its two-hundred day moving average price is $7.62. Sweetgreen has a 1 year low of $4.49 and a 1 year high of $10.77. The firm has a market capitalization of $1.21 billion, a P/E ratio of 102.04 and a beta of 2.16.

Sweetgreen (NYSE:SG) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.09). The business had revenue of $192.66 million for the quarter, compared to analyst estimates of $194.50 million. Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.20) earnings per share. As a group, equities research analysts forecast that Sweetgreen will post -1.04 EPS for the current fiscal year.

Insider Activity at Sweetgreen

In other Sweetgreen news, CFO Jamie McConnell sold 15,033 shares of the firm’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 $93,354.93. Following the completion of the sale, the chief financial officer owned 210,489 shares of the company’s stock, valued at $1,307,136.69. This trade represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $29,863.89. Following the sale, the chief operating officer directly owned 207,076 shares of the company’s stock, valued at $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. Insiders own 18.19% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in Sweetgreen in the 2nd quarter valued at about $2,792,000. Wellington Management Group LLP bought a new position in Sweetgreen in the 2nd quarter valued at about $4,557,000. Quantinno Capital Management LP lifted its position in Sweetgreen by 495.3% during the first quarter. Quantinno Capital Management LP now owns 193,757 shares of the company’s stock worth $1,006,000 after acquiring an additional 161,209 shares during the last quarter. Granahan Investment Management LLC acquired a new stake in Sweetgreen during the first quarter worth approximately $1,472,000. Finally, Curated Wealth Partners LLC acquired a new stake in Sweetgreen during the third quarter worth approximately $480,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

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.