Sweetgreen (NYSE:SG) Price Target Raised to $37.00

Sweetgreen (NYSE:SG) had its price target boosted by JPMorgan Chase & Co. from $32.00 to $37.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also weighed in on the stock. Piper Sandler increased their price objective on shares of Sweetgreen from $16.00 to $19.00 and gave the stock an overweight rating in a research note on Friday, March 1st. TD Cowen increased their price objective on shares of Sweetgreen from $26.00 to $31.00 and gave the stock a hold rating in a research note on Thursday. Royal Bank of Canada increased their price objective on shares of Sweetgreen from $35.00 to $45.00 and gave the stock an outperform rating in a research note on Friday, June 7th. Citigroup increased their price objective on shares of Sweetgreen from $25.00 to $28.00 and gave the stock a neutral rating in a research note on Friday, May 10th. Finally, Morgan Stanley increased their price objective on shares of Sweetgreen from $16.00 to $17.00 and gave the stock an underweight rating in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Sweetgreen has an average rating of Moderate Buy and an average target price of $29.67.

Sweetgreen Stock Down 6.4 %

NYSE:SG opened at $31.54 on Friday. Sweetgreen has a 52 week low of $8.64 and a 52 week high of $36.72. The firm has a 50 day moving average of $27.42 and a 200 day moving average of $18.81. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of -33.91 and a beta of 2.34.

Sweetgreen (NYSE:SG) last issued its quarterly 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 net margin of 17.15% and a negative return on equity of 20.74%. The company had revenue of $157.85 million for the quarter, compared to analyst estimates of $152.02 million. During the same quarter in the previous year, the company posted ($0.29) EPS. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. As a group, analysts expect that Sweetgreen will post -0.73 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jonathan Neman sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $31.30, for a total transaction of $6,260,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,100,000 shares in the company, valued at $65,730,000. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Jonathan Neman sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $31.30, for a total transaction of $6,260,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,100,000 shares in the company, valued at $65,730,000. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Adrienne Gemperle sold 3,889 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $31.35, for a total transaction of $121,920.15. Following the sale, the insider now owns 125,518 shares of the company’s stock, valued at $3,934,989.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 440,692 shares of company stock worth $13,738,038. Insiders own 21.52% of the company’s stock.

Institutional Investors Weigh In On Sweetgreen

A number of institutional investors have recently made changes to their positions in the stock. Quest Partners LLC acquired a new position in shares of Sweetgreen in the fourth quarter valued at approximately $104,000. Clear Harbor Asset Management LLC acquired a new position in shares of Sweetgreen in the fourth quarter valued at approximately $113,000. Triumph Capital Management acquired a new position in shares of Sweetgreen in the fourth quarter valued at approximately $126,000. Handelsbanken Fonder AB acquired a new position in shares of Sweetgreen in the fourth quarter valued at approximately $137,000. Finally, Graham Capital Wealth Management LLC acquired a new position in shares of Sweetgreen in the fourth quarter valued at approximately $139,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

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.