Sweetgreen (NYSE:SG) Upgraded at TD Cowen

Sweetgreen (NYSE:SG) was upgraded by analysts at TD Cowen from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Benzinga reports. The firm currently has a $43.00 price target on the stock, up from their previous price target of $31.00. TD Cowen’s price target suggests a potential upside of 47.01% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Piper Sandler reaffirmed a “neutral” rating and set a $39.00 price target (up previously from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Royal Bank of Canada lifted their target price on Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. UBS Group increased their price target on Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. increased their price objective on shares of Sweetgreen from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Finally, Bank of America boosted their target price on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a report on Monday, August 19th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.20.

Sweetgreen Stock Down 7.5 %

SG stock opened at $29.25 on Wednesday. The company’s 50-day moving average price is $29.12 and its two-hundred day moving average price is $26.22. Sweetgreen has a 12 month low of $8.64 and a 12 month high of $38.53. The firm has a market cap of $3.34 billion, a P/E ratio of -31.45 and a beta of 2.32.

Sweetgreen (NYSE:SG) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $184.60 million during the quarter, compared to the consensus estimate of $180.79 million. Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.34%. Sweetgreen’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.20) EPS. Equities analysts predict that Sweetgreen will post -0.75 EPS for the current year.

Insider Activity

In related news, CFO Mitch Reback sold 9,156 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.61, for a total transaction of $335,201.16. Following the completion of the transaction, the chief financial officer now owns 379,181 shares in the company, valued at $13,881,816.41. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Adrienne Gemperle sold 3,868 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $36.31, for a total transaction of $140,447.08. Following the transaction, the insider now owns 114,842 shares of the company’s stock, valued at approximately $4,169,913.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mitch Reback sold 9,156 shares of Sweetgreen stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.61, for a total value of $335,201.16. Following the completion of the sale, the chief financial officer now directly owns 379,181 shares of the company’s stock, valued at approximately $13,881,816.41. The disclosure for this sale can be found here. Insiders sold a total of 371,116 shares of company stock valued at $13,248,867 over the last three months. Corporate insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Boulder Hill Capital Management LP purchased a new stake in shares of Sweetgreen during the 4th quarter valued at $868,000. Conrad N. Hilton Foundation purchased a new position in shares of Sweetgreen in the 4th quarter worth about $434,000. Sei Investments Co. bought a new position in shares of Sweetgreen during the 1st quarter valued at about $1,110,000. Vanguard Group Inc. raised its holdings in shares of Sweetgreen by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 8,350,552 shares of the company’s stock valued at $94,361,000 after buying an additional 224,522 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Sweetgreen in the first quarter worth approximately $490,000. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

Sweetgreen Company Profile

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.