TD Cowen Upgrades Sweetgreen (NYSE:SG) to “Buy”

TD Cowen upgraded shares of Sweetgreen (NYSE:SG) from a hold rating to a buy rating in a report issued on Wednesday morning, Marketbeat Ratings reports. They currently have $43.00 price target on the stock, up from their prior price target of $31.00.

A number of other research analysts have also commented on the company. UBS Group upped 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. Bank of America upped their target price on Sweetgreen from $39.00 to $43.00 and gave the company a buy rating in a research note on Monday, August 19th. William Blair reiterated an outperform rating on shares of Sweetgreen in a research note on Wednesday, May 15th. Morgan Stanley increased their price objective on Sweetgreen from $25.00 to $27.00 and gave the stock an equal weight rating in a research note on Friday, August 9th. Finally, Piper Sandler reiterated a neutral rating and set a $39.00 price objective (up from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Sweetgreen currently has an average rating of Moderate Buy and a consensus price target of $38.20.

Sweetgreen Trading Down 2.0 %

Shares of NYSE SG opened at $27.87 on Wednesday. The business has a fifty day simple moving average of $29.08 and a 200 day simple moving average of $26.47. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -29.97 and a beta of 2.32. Sweetgreen has a one year low of $8.64 and a one year high of $38.53.

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

Insider Transactions at Sweetgreen

In other news, CTO Wouleta Ayele sold 2,831 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $36.31, for a total transaction of $102,793.61. Following the sale, the chief technology officer now owns 144,649 shares in the company, valued at $5,252,205.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CTO Wouleta Ayele sold 2,831 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was 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. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mitch Reback sold 9,156 shares of the firm’s stock in a transaction dated 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 owns 379,181 shares in the company, valued at approximately $13,881,816.41. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 371,116 shares of company stock worth $13,248,867. Insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Several hedge funds have recently added to or reduced their stakes in SG. Evolutionary Tree Capital Management LLC raised its holdings in Sweetgreen by 0.7% in the second quarter. Evolutionary Tree Capital Management LLC now owns 65,756 shares of the company’s stock worth $1,982,000 after purchasing an additional 474 shares during the period. PNC Financial Services Group Inc. raised its stake in Sweetgreen by 2.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 41,398 shares of the company’s stock worth $468,000 after buying an additional 830 shares during the period. Principal Financial Group Inc. raised its stake in Sweetgreen by 11.7% during the 1st quarter. Principal Financial Group Inc. now owns 12,762 shares of the company’s stock worth $322,000 after buying an additional 1,337 shares during the period. Swiss National Bank lifted its holdings in Sweetgreen by 0.9% during the first quarter. Swiss National Bank now owns 176,600 shares of the company’s stock worth $4,461,000 after acquiring an additional 1,500 shares in the last quarter. Finally, ProShare Advisors LLC grew its stake in Sweetgreen by 9.9% in the first quarter. ProShare Advisors LLC now owns 17,584 shares of the company’s stock valued at $444,000 after acquiring an additional 1,585 shares during the period. Institutional investors 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.