Sweetgreen (NYSE:SG) Stock Price Expected to Rise, TD Cowen Analyst Says

Sweetgreen (NYSE:SG) had its price target boosted by equities research analysts at TD Cowen from $43.00 to $45.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s target price would indicate a potential upside of 13.38% from the company’s current price.

A number of other analysts have also commented on the stock. UBS Group boosted their price target on shares of Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Friday. Morgan Stanley raised their price target on shares of Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. The Goldman Sachs Group reissued a “neutral” rating and set a $40.00 price objective on shares of Sweetgreen in a report on Friday. Bank of America lifted their target price on Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Finally, Citigroup raised their price objective on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Sweetgreen presently has a consensus rating of “Moderate Buy” and an average price target of $39.80.

Sweetgreen Price Performance

SG stock opened at $39.69 on Friday. The company’s 50-day moving average is $35.59 and its 200-day moving average is $31.40. The stock has a market capitalization of $4.53 billion, a PE ratio of -48.40 and a beta of 2.32. Sweetgreen has a 1 year low of $8.64 and a 1 year high of $42.77.

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

Insider Buying and Selling at Sweetgreen

In other news, CTO Wouleta Ayele sold 2,831 shares of Sweetgreen stock in a transaction on Friday, August 16th. The stock was sold at an average price of $36.31, for a total value of $102,793.61. Following the completion of the transaction, the chief technology officer now directly owns 144,649 shares in the company, valued at approximately $5,252,205.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Jonathan Neman sold 20,937 shares of Sweetgreen stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $40.03, for a total transaction of $838,108.11. Following the completion of the sale, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at approximately $77,267,026.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Wouleta Ayele sold 2,831 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.31, for a total value of $102,793.61. Following the transaction, the chief technology officer now owns 144,649 shares in the company, valued at $5,252,205.19. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 466,022 shares of company stock valued at $16,671,481 in the last 90 days. 21.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors and hedge funds have recently made changes to their positions in SG. Essex Investment Management Co. LLC lifted its holdings in Sweetgreen by 0.3% in the 3rd quarter. Essex Investment Management Co. LLC now owns 112,647 shares of the company’s stock worth $3,993,000 after buying an additional 314 shares during the period. Evolutionary Tree Capital Management LLC increased its position in Sweetgreen by 0.7% during the 2nd quarter. Evolutionary Tree Capital Management LLC now owns 65,756 shares of the company’s stock valued at $1,982,000 after purchasing an additional 474 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Sweetgreen by 2.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 27,913 shares of the company’s stock worth $990,000 after purchasing an additional 537 shares in the last quarter. KBC Group NV lifted its position in shares of Sweetgreen by 29.1% in the 3rd quarter. KBC Group NV now owns 3,127 shares of the company’s stock worth $111,000 after purchasing an additional 704 shares during the period. Finally, Hollencrest Capital Management bought a new stake in shares of Sweetgreen during the 3rd quarter valued at about $35,000. Institutional investors own 95.75% of the company’s stock.

About Sweetgreen

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.