Sweetgreen (NYSE:SG) Reaches New 1-Year High – Time to Buy?

Sweetgreen, Inc. (NYSE:SG)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $38.81 and last traded at $37.82, with a volume of 401782 shares trading hands. The stock had previously closed at $38.20.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SG. The Goldman Sachs Group started coverage on Sweetgreen in a research note on Thursday, June 13th. They set a “buy” rating and a $39.00 target price on the stock. Piper Sandler reissued a “neutral” rating and set a $39.00 price objective (up previously from $33.00) on shares of Sweetgreen in a report on Monday, August 19th. JPMorgan Chase & Co. upped their target price on Sweetgreen from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Morgan Stanley upped their target price on Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. Finally, TD Cowen restated a “buy” rating and set a $43.00 target price on shares of Sweetgreen in a report on Friday, September 27th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Sweetgreen presently has an average rating of “Moderate Buy” and an average target price of $38.20.

Sweetgreen Stock Down 3.1 %

The business has a 50 day moving average price of $33.23 and a 200 day moving average price of $29.20.

Sweetgreen (NYSE:SG) last released its quarterly earnings data 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 net margin of 14.33% and a negative return on equity of 19.34%. The business had revenue of $184.60 million for the quarter, compared to analysts’ expectations of $180.79 million. During the same period last year, the business earned ($0.20) earnings per share. The company’s quarterly revenue was up 21.0% on a year-over-year basis. As a group, equities research analysts anticipate that Sweetgreen, Inc. will post -0.75 EPS for the current year.

Insider Activity at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 169,772 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.77, for a total value of $6,072,744.44. Following the transaction, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at approximately $69,044,255.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 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 of the company’s stock, valued at $5,252,205.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jonathan Neman sold 169,772 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.77, for a total value of $6,072,744.44. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at $69,044,255.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 426,061 shares of company stock valued at $15,071,720 over the last ninety days. Insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SG. Sei Investments Co. bought a new stake in Sweetgreen during the 1st quarter valued at approximately $1,110,000. Vanguard Group Inc. lifted its stake in shares of Sweetgreen by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 8,350,552 shares of the company’s stock worth $94,361,000 after acquiring an additional 224,522 shares during the last quarter. Davidson Kempner Capital Management LP lifted its stake in shares of Sweetgreen by 40.1% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 575,000 shares of the company’s stock worth $17,330,000 after acquiring an additional 164,600 shares during the last quarter. Quantbot Technologies LP bought a new stake in Sweetgreen during the 1st quarter valued at $490,000. Finally, Lisanti Capital Growth LLC bought a new stake in Sweetgreen during the 1st quarter valued at $3,554,000. Institutional investors 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.