Bank of America Raises Sweetgreen (NYSE:SG) Price Target to $43.00

Sweetgreen (NYSE:SG) had its target price upped by equities researchers at Bank of America from $39.00 to $43.00 in a report released on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 22.72% from the company’s current price.

Several other research analysts have also issued reports on SG. Oppenheimer lifted their price target on shares of Sweetgreen from $36.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday. Morgan Stanley lifted their price target on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. The Goldman Sachs Group began coverage on shares of Sweetgreen in a research report on Thursday, June 13th. They issued a “buy” rating and a $39.00 price target on the stock. TD Cowen lifted their price target on shares of Sweetgreen from $26.00 to $31.00 and gave the stock a “hold” rating in a research report on Thursday, June 13th. Finally, UBS Group lifted their price target on shares of Sweetgreen from $31.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Sweetgreen Trading Down 6.2 %

NYSE:SG traded down $2.33 during midday trading on Monday, hitting $35.04. 2,614,780 shares of the stock were exchanged, compared to its average volume of 2,740,647. Sweetgreen has a one year low of $8.64 and a one year high of $37.88. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of -37.68 and a beta of 2.30. The business has a 50-day moving average price of $28.60 and a two-hundred day moving average price of $24.38.

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). Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The firm had revenue of $184.60 million for the quarter, compared to the consensus estimate of $180.79 million. During the same period in the previous year, the firm earned ($0.20) EPS. Sweetgreen’s revenue for the quarter was up 21.0% on a year-over-year basis. Sell-side analysts forecast that Sweetgreen will post -0.75 EPS for the current fiscal year.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 8,837 shares of Sweetgreen stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $31.98, for a total transaction of $282,607.26. Following the completion of the sale, the chief financial officer now owns 388,337 shares of the company’s stock, valued at approximately $12,419,017.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Jonathan Neman sold 150,000 shares of Sweetgreen stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the sale, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at approximately $64,050,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Mitch Reback sold 8,837 shares of Sweetgreen stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $31.98, for a total transaction of $282,607.26. Following the completion of the sale, the chief financial officer now directly owns 388,337 shares of the company’s stock, valued at approximately $12,419,017.26. The disclosure for this sale can be found here. Insiders sold 165,645 shares of company stock valued at $5,068,315 in the last quarter. Company insiders own 21.52% of the company’s stock.

Institutional Investors Weigh In On Sweetgreen

Institutional investors and hedge funds have recently modified their holdings of the business. Quest Partners LLC acquired a new stake in shares of Sweetgreen in the 2nd quarter valued at $76,000. Versor Investments LP acquired a new position in Sweetgreen during the 2nd quarter worth $217,000. Thoroughbred Financial Services LLC acquired a new position in Sweetgreen during the 2nd quarter worth $233,000. Nkcfo LLC acquired a new position in Sweetgreen during the 2nd quarter worth $241,000. Finally, Moloney Securities Asset Management LLC acquired a new position in Sweetgreen during the 2nd quarter worth $256,000. Institutional investors and hedge funds 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.