Sweetgreen (NYSE:SG) Trading Up 6.6% on Analyst Upgrade

Sweetgreen, Inc. (NYSE:SG) was up 6.6% during trading on Friday after TD Cowen raised their price target on the stock from $5.00 to $6.00. TD Cowen currently has a hold rating on the stock. Sweetgreen traded as high as $7.29 and last traded at $7.2050. Approximately 4,174,787 shares traded hands during trading, a decline of 18% from the average session volume of 5,088,802 shares. The stock had previously closed at $6.76.

Several other equities analysts have also issued reports on the stock. UBS Group raised shares of Sweetgreen from a “neutral” rating to a “buy” rating in a report on Friday, August 7th. KeyCorp raised Sweetgreen from a “sector weight” rating to an “overweight” rating and set a $9.00 target price on the stock in a research report on Tuesday. Weiss Ratings cut Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Oppenheimer dropped their price target on Sweetgreen from $10.00 to $8.50 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Finally, Wells Fargo & Company decreased their price objective on shares of Sweetgreen from $7.00 to $6.00 and set an “equal weight” rating for the company in a research report on Friday, August 7th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.27.

Insider Activity at Sweetgreen

In other Sweetgreen news, COO Jason Miles Cochran sold 4,809 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $29,863.89. Following the completion of the transaction, the chief operating officer owned 207,076 shares of the company’s stock, valued at $1,285,941.96. This trade represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jamie McConnell sold 15,033 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $93,354.93. Following the transaction, the chief financial officer owned 210,489 shares of the company’s stock, valued at $1,307,136.69. This trade represents a 6.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 18.19% of the company’s stock.

Institutional Investors Weigh In On Sweetgreen

Large investors have recently modified their holdings of the company. Larson Financial Group LLC increased its stake in Sweetgreen by 165.8% in the third quarter. Larson Financial Group LLC now owns 3,766 shares of the company’s stock valued at $30,000 after purchasing an additional 2,349 shares during the last quarter. Fifth Third Bancorp purchased a new stake in Sweetgreen in the first quarter valued at $38,000. Caitong International Asset Management Co. Ltd lifted its position in Sweetgreen by 281.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 7,912 shares of the company’s stock valued at $53,000 after acquiring an additional 5,839 shares during the last quarter. Onyx Bridge Wealth Group LLC acquired a new stake in shares of Sweetgreen during the first quarter worth about $56,000. Finally, Dorsey & Whitney Trust CO LLC purchased a new stake in shares of Sweetgreen in the 4th quarter valued at about $77,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

Sweetgreen Stock Performance

The business has a 50-day moving average of $6.67 and a 200-day moving average of $6.92. The stock has a market capitalization of $857.68 million, a price-to-earnings ratio of 72.06 and a beta of 2.20.

Sweetgreen (NYSE:SG) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.09). The firm had revenue of $192.66 million during the quarter, compared to analyst estimates of $194.50 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. Sweetgreen’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.20) earnings per share. On average, research analysts predict that Sweetgreen, Inc. will post -1.03 earnings per share for the current fiscal year.

Sweetgreen Company Profile

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.