KeyCorp Issues Positive Forecast for Sweetgreen (NYSE:SG) Stock Price

Sweetgreen (NYSE:SG) had its price target boosted by equities research analysts at KeyCorp from $9.00 to $12.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp‘s target price indicates a potential upside of 17.61% from the stock’s current price.

Several other analysts have also recently weighed in on SG. DA Davidson dropped their price objective on shares of Sweetgreen from $7.00 to $5.50 and set a “neutral” rating for the company in a research note on Monday, August 10th. UBS Group upgraded shares of Sweetgreen from a “neutral” rating to a “buy” rating in a research report on Friday, August 7th. Royal Bank Of Canada raised their target price on shares of Sweetgreen from $6.50 to $11.00 and gave the stock an “outperform” rating in a report on Tuesday, September 29th. Citigroup dropped their price target on shares of Sweetgreen from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Finally, Weiss Ratings downgraded shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Sweetgreen has a consensus rating of “Hold” and a consensus price target of $8.04.

Sweetgreen Price Performance

SG stock opened at $10.20 on Friday. Sweetgreen has a fifty-two week low of $4.49 and a fifty-two week high of $10.77. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 102.04 and a beta of 2.16. The business’s fifty day moving average price is $7.94 and its two-hundred day moving average price is $7.62.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, August 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.09). Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. The business had revenue of $192.66 million during the quarter, compared to the consensus estimate of $194.50 million. During the same period in the previous year, the firm posted ($0.20) EPS. The company’s revenue was up 3.8% compared to the same quarter last year. Research analysts expect that Sweetgreen will post -1.04 EPS for the current year.

Insider Activity

In related news, COO Jason Miles Cochran sold 4,809 shares of the company’s 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 sale, the chief operating officer owned 207,076 shares of the company’s stock, valued at $1,285,941.96. This represents a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $93,354.93. Following the sale, the chief financial officer owned 210,489 shares in the company, valued at $1,307,136.69. The trade was a 6.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 18.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SG. Sterling Capital Management LLC raised its position in Sweetgreen by 175.2% during the third quarter. Sterling Capital Management LLC now owns 2,936 shares of the company’s stock valued at $26,000 after purchasing an additional 1,869 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in Sweetgreen during the third quarter worth $68,000. Curated Wealth Partners LLC bought a new stake in Sweetgreen during the third quarter worth $480,000. Eastern Bank lifted its stake in Sweetgreen by 7.3% during the third quarter. Eastern Bank now owns 27,054 shares of the company’s stock worth $240,000 after purchasing an additional 1,830 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Sweetgreen in the 2nd quarter valued at $90,000. 95.75% of the stock is owned by institutional investors.

Sweetgreen Company Profile

Sweetgreen, Inc operates a fast-casual restaurant company focused on fresh, customizable meals. Its menu includes salads, grain bowls, protein plates, sides, and beverages made with seasonal produce and other ingredients. Customers can order in restaurants or through Sweetgreen’s website and mobile application, with options for pickup and delivery.

Founded in 2007 by Nicolas Jammet, Jonathan Neman, and Nathaniel Ru, Sweetgreen began as a single restaurant in Washington, DC The company has expanded its restaurant network across metropolitan areas in the United States, with locations concentrated in major markets on the East and West coasts and in other regions.