Sweetgreen (NYSE:SG) Price Target Raised to $43.00

Sweetgreen (NYSE:SG) had its target price raised by Bank of America from $39.00 to $43.00 in a report released on Monday, Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages also recently issued reports on SG. Piper Sandler reiterated a neutral rating and set a $39.00 price objective (up from $33.00) on shares of Sweetgreen in a research report on Monday. Morgan Stanley boosted their price objective on Sweetgreen from $25.00 to $27.00 and gave the stock an equal weight rating in a research report on Friday, August 9th. Royal Bank of Canada boosted their price objective on Sweetgreen from $35.00 to $45.00 and gave the stock an outperform rating in a research report on Friday, June 7th. William Blair reiterated an outperform rating on shares of Sweetgreen in a research report on Wednesday, May 15th. Finally, The Goldman Sachs Group started coverage on Sweetgreen in a research report on Thursday, June 13th. They set a buy rating and a $39.00 price objective for the company. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $37.00.

Sweetgreen Trading Up 4.0 %

NYSE:SG opened at $34.47 on Monday. The firm has a market capitalization of $3.93 billion, a PE ratio of -37.06 and a beta of 2.30. The stock has a 50 day moving average of $28.64 and a 200-day moving average of $24.78. Sweetgreen has a 52 week low of $8.64 and a 52 week high of $37.88.

Sweetgreen (NYSE:SG) last posted its earnings results 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 for 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%. The firm’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same period last year, the company posted ($0.20) earnings per share. As a group, analysts predict that Sweetgreen will post -0.75 EPS for the current fiscal year.

Insider Activity

In other Sweetgreen news, CTO Wouleta Ayele sold 2,831 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $36.31, for a total transaction of $102,793.61. Following the sale, the chief technology officer now directly owns 144,649 shares of the company’s stock, valued at approximately $5,252,205.19. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Adrienne Gemperle sold 6,225 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $33.40, for a total value of $207,915.00. Following the transaction, the insider now directly owns 112,685 shares of the company’s stock, valued at $3,763,679. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Wouleta Ayele sold 2,831 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.31, for a total transaction of $102,793.61. Following the sale, the chief technology officer now owns 144,649 shares of the company’s stock, valued at $5,252,205.19. The disclosure for this sale can be found here. In the last 90 days, insiders sold 181,577 shares of company stock worth $5,678,557. Insiders own 21.52% of the company’s stock.

Institutional Investors Weigh In On Sweetgreen

A number of hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. boosted its holdings in Sweetgreen by 6.2% during the second quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock valued at $371,516,000 after acquiring an additional 721,740 shares during the period. Vanguard Group Inc. boosted its holdings in Sweetgreen by 0.8% during the first quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock valued at $212,713,000 after acquiring an additional 70,395 shares during the period. Driehaus Capital Management LLC lifted its stake in shares of Sweetgreen by 231.8% in the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after buying an additional 1,878,216 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Sweetgreen by 2.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,763,572 shares of the company’s stock valued at $53,151,000 after buying an additional 39,823 shares during the period. Finally, Hood River Capital Management LLC lifted its stake in shares of Sweetgreen by 42.6% in the second quarter. Hood River Capital Management LLC now owns 1,643,028 shares of the company’s stock valued at $49,521,000 after buying an additional 490,806 shares during the period. 95.75% of the stock is currently owned by 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.