Sweetgreen (NYSE:SG) Price Target Raised to $43.00

Sweetgreen (NYSE:SG) had its price target upped by Bank of America from $39.00 to $43.00 in a research note published on Monday, Benzinga reports. They currently have a buy rating on the stock.

SG has been the subject of several other research reports. Oppenheimer lifted their target price on shares of Sweetgreen from $36.00 to $40.00 and gave the stock an outperform rating in a report on Thursday, August 15th. TD Cowen boosted their price objective on shares of Sweetgreen from $26.00 to $31.00 and gave the company a hold rating in a report on Thursday, June 13th. Piper Sandler reissued a neutral rating and issued a $39.00 price objective (up previously from $33.00) on shares of Sweetgreen in a report on Monday. Royal Bank of Canada boosted their price objective on shares of Sweetgreen from $35.00 to $45.00 and gave the company an outperform rating in a report on Friday, June 7th. Finally, Morgan Stanley boosted their price objective on shares of Sweetgreen from $25.00 to $27.00 and gave the company an equal weight rating in a report on Friday, August 9th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $37.00.

Sweetgreen Stock Performance

Shares of SG stock opened at $34.47 on Monday. The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of -37.06 and a beta of 2.30. The company has a 50-day simple moving average of $28.64 and a 200 day simple moving average of $24.78. Sweetgreen has a 52 week low of $8.64 and a 52 week high of $37.88.

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

Insider Transactions at Sweetgreen

In related news, insider Adrienne Gemperle sold 3,868 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $36.31, for a total transaction of $140,447.08. Following the completion of the transaction, the insider now directly owns 114,842 shares in the company, valued at approximately $4,169,913.02. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Adrienne Gemperle sold 3,868 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $36.31, for a total transaction of $140,447.08. Following the completion of the transaction, the insider now directly owns 114,842 shares in the company, valued at approximately $4,169,913.02. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jonathan Neman sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the transaction, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at $64,050,000. The disclosure for this sale can be found here. In the last 90 days, insiders sold 181,577 shares of company stock valued at $5,678,557. Company insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors have recently added to or reduced their stakes in the stock. Boulder Hill Capital Management LP acquired a new position in Sweetgreen in the 4th quarter valued at approximately $868,000. Conrad N. Hilton Foundation acquired a new position in Sweetgreen in the 4th quarter valued at approximately $434,000. Sei Investments Co. acquired a new position in Sweetgreen in the 1st quarter valued at approximately $1,110,000. Vanguard Group Inc. increased its position in Sweetgreen by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 8,350,552 shares of the company’s stock valued at $94,361,000 after acquiring an additional 224,522 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Sweetgreen in the 1st quarter valued at approximately $490,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

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.