Sweetgreen’s (SG) Buy Rating Reaffirmed at TD Cowen

TD Cowen reaffirmed their buy rating on shares of Sweetgreen (NYSE:SG) in a research report report published on Friday morning, Benzinga reports. TD Cowen currently has a $43.00 price objective on the stock.

Other research analysts also recently issued reports about the company. Bank of America lifted their price target on Sweetgreen from $39.00 to $43.00 and gave the company a buy rating in a report on Monday, August 19th. UBS Group lifted their target price on Sweetgreen from $31.00 to $37.00 and gave the company a buy rating in a research note on Friday, August 9th. Morgan Stanley boosted their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an equal weight rating in a report on Friday, August 9th. Piper Sandler reiterated a neutral rating and set a $39.00 price objective (up previously from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Finally, The Goldman Sachs Group started coverage on shares of Sweetgreen in a research note on Thursday, June 13th. They issued a buy rating and a $39.00 target price for the company. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $38.20.

Sweetgreen Price Performance

Shares of SG opened at $35.45 on Friday. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of -38.12 and a beta of 2.32. Sweetgreen has a 1-year low of $8.64 and a 1-year high of $38.53. The company has a 50-day moving average of $31.73 and a 200 day moving average of $28.61.

Sweetgreen (NYSE:SG) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The firm had revenue of $184.60 million for the quarter, compared to analysts’ expectations of $180.79 million. During the same quarter in the previous year, the business earned ($0.20) earnings per share. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. On average, equities analysts anticipate that Sweetgreen will post -0.75 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In related news, CFO Mitch Reback sold 9,156 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $36.61, for a total value of $335,201.16. Following the completion of the transaction, the chief financial officer now directly owns 379,181 shares in the company, valued at approximately $13,881,816.41. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Mitch Reback sold 9,156 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.61, for a total transaction of $335,201.16. Following the sale, the chief financial officer now directly owns 379,181 shares in the company, valued at approximately $13,881,816.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jonathan Neman sold 169,772 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.77, for a total value of $6,072,744.44. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at approximately $69,044,255.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 426,061 shares of company stock worth $15,071,720. 21.52% of the stock is owned by corporate insiders.

Institutional Trading of Sweetgreen

Several institutional investors have recently modified their holdings of SG. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Sweetgreen during the second quarter valued at approximately $4,969,000. Cetera Investment Advisers raised its stake in Sweetgreen by 62.1% in the 2nd quarter. Cetera Investment Advisers now owns 55,354 shares of the company’s stock valued at $1,668,000 after purchasing an additional 21,203 shares during the last quarter. Algert Global LLC lifted its holdings in Sweetgreen by 133.6% in the 2nd quarter. Algert Global LLC now owns 94,288 shares of the company’s stock valued at $2,842,000 after purchasing an additional 53,928 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in Sweetgreen by 231.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after purchasing an additional 1,878,216 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Sweetgreen by 14.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 52,630 shares of the company’s stock worth $1,586,000 after purchasing an additional 6,478 shares during the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

Sweetgreen Company Profile

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.