Sweetgreen (NYSE:SG) Trading Up 9.3% – Time to Buy?

Sweetgreen, Inc. (NYSE:SG)’s stock price traded up 9.3% during trading on Wednesday . The company traded as high as $6.31 and last traded at $6.3590. 724,897 shares changed hands during trading, a decline of 86% from the average daily volume of 5,089,451 shares. The stock had previously closed at $5.82.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SG. KeyCorp reiterated a “sector weight” rating on shares of Sweetgreen in a report on Monday, August 10th. Wall Street Zen upgraded Sweetgreen from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 16th. Royal Bank Of Canada decreased their price objective on shares of Sweetgreen from $7.00 to $6.50 and set an “outperform” rating for the company in a report on Friday, August 7th. JPMorgan Chase & Co. upgraded shares of Sweetgreen from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $8.00 to $13.00 in a research note on Friday, May 22nd. Finally, BNP Paribas Exane increased their target price 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 given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $7.10.

Sweetgreen Price Performance

The company has a market capitalization of $783.28 million, a P/E ratio of 65.81 and a beta of 2.19. The company has a fifty day moving average price of $7.26 and a 200 day moving average price of $6.80.

Sweetgreen (NYSE:SG) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.09). Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The company had revenue of $192.66 million during the quarter, compared to the consensus estimate of $194.50 million. During the same period last year, the business posted ($0.20) EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, equities research analysts predict that Sweetgreen, Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Sweetgreen

In other news, CFO Jamie Mcconnell sold 15,033 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $93,354.93. Following the completion of the transaction, the chief financial officer owned 210,489 shares of the company’s stock, valued at approximately $1,307,136.69. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $29,863.89. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Larson Financial Group LLC grew its position in Sweetgreen by 165.8% in the 3rd quarter. Larson Financial Group LLC now owns 3,766 shares of the company’s stock worth $30,000 after purchasing an additional 2,349 shares during the last quarter. Fifth Third Bancorp bought a new stake in shares of Sweetgreen during the first quarter valued at approximately $38,000. CWM LLC raised its holdings in shares of Sweetgreen by 212.2% during the fourth quarter. CWM LLC now owns 7,333 shares of the company’s stock valued at $50,000 after buying an additional 4,984 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Sweetgreen by 281.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 7,912 shares of the company’s stock worth $53,000 after buying an additional 5,839 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of Sweetgreen by 241.5% during the second quarter. Versant Capital Management Inc now owns 10,518 shares of the company’s stock worth $93,000 after buying an additional 7,438 shares during the period. 95.75% of the stock is owned by institutional investors and hedge funds.

About Sweetgreen

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.