Sweetgreen (NYSE:SG) PT Raised to $17.00

Sweetgreen (NYSE:SG) had its price target raised by Morgan Stanley from $16.00 to $17.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 45.57% from the company’s current price.

SG has been the topic of a number of other research reports. Royal Bank of Canada upped their target price on shares of Sweetgreen from $20.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday. Oppenheimer increased their price objective on Sweetgreen from $17.00 to $34.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. TD Cowen increased their price objective on Sweetgreen from $22.00 to $26.00 and gave the company a “hold” rating in a research note on Friday. JPMorgan Chase & Co. increased their price objective on Sweetgreen from $20.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Finally, Citigroup increased their price objective on Sweetgreen from $16.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.13.

Sweetgreen Stock Performance

Shares of Sweetgreen stock traded up $7.67 on Friday, reaching $31.23. 16,724,129 shares of the company’s stock were exchanged, compared to its average volume of 2,406,293. The company has a market capitalization of $3.53 billion, a P/E ratio of -31.48 and a beta of 2.22. Sweetgreen has a 52 week low of $8.64 and a 52 week high of $34.45. The firm’s 50-day moving average is $22.34 and its two-hundred day moving average is $14.74.

Sweetgreen (NYSE:SG) last issued its earnings results on Thursday, May 9th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). Sweetgreen had a negative return on equity of 21.58% and a negative net margin of 19.41%. The firm had revenue of $157.85 million during the quarter, compared to the consensus estimate of $152.02 million. During the same quarter in the prior year, the business earned ($0.29) earnings per share. Sweetgreen’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, analysts expect that Sweetgreen will post -0.71 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jonathan Neman sold 58,067 shares of Sweetgreen stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $16.36, for a total value of $949,976.12. Following the completion of the transaction, the chief executive officer now owns 2,100,000 shares in the company, valued at approximately $34,356,000. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Jonathan Neman sold 58,067 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $16.36, for a total transaction of $949,976.12. Following the completion of the transaction, the chief executive officer now owns 2,100,000 shares in the company, valued at approximately $34,356,000. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mitch Reback sold 29,475 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $21.01, for a total value of $619,269.75. Following the completion of the sale, the chief financial officer now owns 405,584 shares of the company’s stock, valued at $8,521,319.84. The disclosure for this sale can be found here. Insiders have sold a total of 130,267 shares of company stock valued at $2,090,933 in the last quarter. 21.52% of the stock is currently owned by insiders.

Institutional Trading of Sweetgreen

A number of hedge funds have recently modified their holdings of SG. SG Americas Securities LLC acquired a new position in shares of Sweetgreen during the third quarter valued at approximately $241,000. Bank of New York Mellon Corp boosted its holdings in Sweetgreen by 6.0% in the third quarter. Bank of New York Mellon Corp now owns 343,549 shares of the company’s stock valued at $4,037,000 after purchasing an additional 19,538 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Sweetgreen by 31.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,505 shares of the company’s stock worth $570,000 after buying an additional 11,500 shares during the last quarter. Summit Trail Advisors LLC increased its position in shares of Sweetgreen by 88.1% during the third quarter. Summit Trail Advisors LLC now owns 20,975 shares of the company’s stock worth $246,000 after purchasing an additional 9,823 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Sweetgreen by 867.6% during the third quarter. Panagora Asset Management Inc. now owns 180,521 shares of the company’s stock worth $2,121,000 after purchasing an additional 161,865 shares in the last quarter. Hedge funds and other 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.