Sweetgreen (NYSE:SG) Given New $11.00 Price Target at TD Cowen

Sweetgreen (NYSE:SG) had its price target upped by equities researchers at TD Cowen from $9.00 to $11.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Cowen‘s price target would indicate a potential downside of 4.55% from the stock’s current price.

Several other equities analysts also recently weighed in on the stock. Wall Street Zen upgraded shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 16th. Royal Bank Of Canada upped their price target on shares of Sweetgreen from $6.50 to $11.00 and gave the company an “outperform” rating in a research note on Tuesday, September 29th. UBS Group raised their price objective on shares of Sweetgreen from $6.50 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, October 28th. Weiss Ratings lowered shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, Morgan Stanley lifted their price objective on shares of Sweetgreen from $7.00 to $8.00 and gave the company an “equal weight” rating in a research note on Thursday, October 15th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $8.76.

Sweetgreen Stock Performance

Shares of SG opened at $11.52 on Friday. Sweetgreen has a fifty-two week low of $4.49 and a fifty-two week high of $11.95. The business has a 50-day moving average of $8.83 and a 200 day moving average of $7.28. The firm has a market cap of $1.37 billion, a P/E ratio of 115.25 and a beta of 2.11.

Sweetgreen (NYSE:SG) last released its quarterly earnings data on Friday, November 6th. The company reported ($0.26) EPS for the quarter, meeting the consensus estimate of ($0.26). The business had revenue of $176.02 million for the quarter, compared to the consensus estimate of $170.07 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.31) earnings per share. As a group, research analysts predict that Sweetgreen will post -1.04 earnings per share for the current fiscal year.

Insider Transactions at Sweetgreen

In other Sweetgreen news, CFO Jamie McConnell sold 15,033 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total value of $93,354.93. Following the completion of the transaction, the chief financial officer owned 210,489 shares in the company, valued at $1,307,136.69. This trade represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total value 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 approximately $1,285,941.96. This represents a 2.27% decrease in their position. 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. Corporate insiders own 18.19% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Large investors have recently modified their holdings of the company. Sterling Capital Management LLC grew its stake 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 acquiring an additional 1,869 shares in the last quarter. Fifth Third Bancorp bought a new stake in Sweetgreen during the 1st quarter worth approximately $38,000. State of Alaska Department of Revenue bought a new stake in Sweetgreen during the 3rd quarter worth approximately $68,000. Sequoia Financial Advisors LLC purchased a new stake in Sweetgreen in the 2nd quarter worth approximately $90,000. Finally, Versant Capital Management Inc lifted its stake in Sweetgreen by 241.5% in the 2nd quarter. Versant Capital Management Inc now owns 10,518 shares of the company’s stock worth $93,000 after purchasing an additional 7,438 shares in the last quarter. 95.75% of the stock is currently 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.