Sweetgreen (NYSE:SG) Trading 10.3% Higher After Analyst Upgrade

Sweetgreen, Inc. (NYSE:SG) shares rose 10.3% during mid-day trading on Wednesday after TD Cowen raised their price target on the stock from $7.00 to $8.00. TD Cowen currently has a hold rating on the stock. Sweetgreen traded as high as $10.34 and last traded at $10.2160. Approximately 1,508,960 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 4,579,732 shares. The stock had previously closed at $9.26.

Other analysts have also issued reports about the stock. Royal Bank Of Canada reduced their price objective on shares of Sweetgreen from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Friday, February 27th. Wolfe Research began coverage on shares of Sweetgreen in a research note on Monday, March 9th. They issued a “peer perform” rating on the stock. UBS Group increased their price target on shares of Sweetgreen from $6.50 to $7.00 and gave the company a “neutral” rating in a report on Friday, May 8th. The Goldman Sachs Group raised their price target on shares of Sweetgreen from $5.00 to $5.60 and gave the company a “sell” rating in a research report on Wednesday, January 28th. Finally, BNP Paribas Exane boosted their price objective on shares of Sweetgreen from $4.50 to $5.00 and gave the stock an “underperform” rating in a report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $8.04.

Insider Activity

In related news, insider Nicolas Jammet purchased 4,428 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were purchased at an average price of $5.71 per share, with a total value of $25,283.88. Following the acquisition, the insider directly owned 22,543 shares in the company, valued at $128,720.53. The trade was a 24.44% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Goldman Sachs Group Inc purchased 594,553 shares of Sweetgreen stock in a transaction dated Tuesday, April 7th. The stock was bought at an average price of $5.69 per share, with a total value of $3,383,006.57. Following the completion of the purchase, the insider directly owned 11,900,255 shares of the company’s stock, valued at approximately $67,712,450.95. This trade represents a 5.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 19.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantinno Capital Management LP grew its position in Sweetgreen by 495.3% in the 1st quarter. Quantinno Capital Management LP now owns 193,757 shares of the company’s stock worth $1,006,000 after purchasing an additional 161,209 shares during the period. SummitTX Capital L.P. bought a new position in shares of Sweetgreen during the 1st quarter valued at $98,000. Granahan Investment Management LLC purchased a new position in shares of Sweetgreen in the 1st quarter worth $1,472,000. Aspen Grove Capital LLC boosted its stake in shares of Sweetgreen by 36.4% in the 1st quarter. Aspen Grove Capital LLC now owns 30,000 shares of the company’s stock worth $156,000 after buying an additional 8,000 shares during the last quarter. Finally, Fifth Third Bancorp bought a new stake in shares of Sweetgreen in the first quarter worth $38,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Stock Up 8.9%

The company has a market cap of $1.20 billion, a P/E ratio of 84.04 and a beta of 2.03. The company has a fifty day moving average of $6.56 and a 200 day moving average of $6.46.

Sweetgreen (NYSE:SG) last posted its earnings results on Thursday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The firm had revenue of $161.52 million during the quarter, compared to the consensus estimate of $163.95 million. Sweetgreen had a net margin of 2.49% and a negative return on equity of 33.07%. The firm’s revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.21) EPS. As a group, research analysts forecast that Sweetgreen, Inc. will post -0.76 EPS for the current 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.