Sweetgreen (NYSE:SG) Given New $11.00 Price Target at TD Cowen

Sweetgreen (NYSE:SG) had its target price raised by analysts at TD Cowen from $9.00 to $11.00 in a report released on Friday, Benzinga reports. The firm currently has a “hold” rating on the stock. TD Cowen‘s price target would suggest a potential downside of 4.55% from the company’s current price.

SG has been the subject of several other research reports. Wall Street Zen upgraded shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a report on Sunday, August 16th. Morgan Stanley raised their price target on shares of Sweetgreen from $7.00 to $8.00 and gave the company an “equal weight” rating in a research report on Thursday, October 15th. Weiss Ratings cut shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Royal Bank Of Canada upped their price objective on shares of Sweetgreen from $6.50 to $11.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 29th. Finally, DA Davidson reduced their price objective on shares of Sweetgreen from $7.00 to $5.50 and set a “neutral” rating for the company in a research report on Monday, August 10th. Six equities research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $8.76.

Sweetgreen Trading Down 2.3%

NYSE SG opened at $11.52 on Friday. The firm has a market capitalization of $1.37 billion, a P/E ratio of 115.25 and a beta of 2.11. The business has a fifty day simple moving average of $8.83 and a 200 day simple moving average of $7.28. Sweetgreen has a 12 month low of $4.49 and a 12 month high of $11.95.

Sweetgreen (NYSE:SG) last issued its quarterly earnings data on Friday, November 6th. The company reported ($0.26) earnings per share for the quarter, meeting the consensus estimate 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 negative return on equity of 32.94% and a net margin of 2.01%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the business earned ($0.31) EPS. As a group, sell-side analysts predict that Sweetgreen will post -1.04 EPS for the current fiscal year.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, CFO Jamie McConnell sold 15,033 shares of the company’s stock in a transaction on 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 owned 210,489 shares in the company, valued at $1,307,136.69. This represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 approximately $1,285,941.96. This represents a 2.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 insiders.

Hedge Funds Weigh In On Sweetgreen

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

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.