Sweetgreen (NYSE:SG) Price Target Raised to $45.00

Sweetgreen (NYSE:SG) had its target price lifted by investment analysts at TD Cowen from $43.00 to $45.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 12.00% from the company’s previous close.

Other research analysts also recently issued research reports about the company. UBS Group boosted their price target on Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Friday. Bank of America lifted their target price on Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Citigroup lifted their target price on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Piper Sandler reiterated a “neutral” rating and issued a $39.00 target price (up previously from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. Finally, Oppenheimer lifted their target price on Sweetgreen from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Sweetgreen presently has an average rating of “Moderate Buy” and an average target price of $39.80.

Sweetgreen Price Performance

SG stock traded down $2.02 during midday trading on Friday, reaching $40.18. The company had a trading volume of 7,285,306 shares, compared to its average volume of 2,851,693. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of -49.00 and a beta of 2.32. The stock has a 50 day moving average price of $35.43 and a 200-day moving average price of $31.21. Sweetgreen has a 1-year low of $8.64 and a 1-year high of $42.77.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $184.60 million during the quarter, compared to analyst estimates 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 firm earned ($0.20) EPS. As a group, research analysts anticipate that Sweetgreen will post -0.75 earnings per share for the current year.

Insiders Place Their Bets

In other Sweetgreen news, CEO Jonathan Neman sold 20,937 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $40.03, for a total transaction of $838,108.11. Following the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $77,267,026.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO Wouleta Ayele sold 2,831 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $36.31, for a total value of $102,793.61. Following the transaction, the chief technology officer now directly owns 144,649 shares in the company, valued at $5,252,205.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jonathan Neman sold 20,937 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $40.03, for a total value of $838,108.11. Following the completion of the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at approximately $77,267,026.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 466,022 shares of company stock worth $16,671,481. Corporate insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

A number of large investors have recently modified their holdings of SG. Driehaus Capital Management LLC lifted its holdings in shares of Sweetgreen by 231.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock worth $81,028,000 after purchasing an additional 1,878,216 shares in the last quarter. Hood River Capital Management LLC bought a new position in Sweetgreen during the 1st quarter valued at $29,105,000. Allspring Global Investments Holdings LLC bought a new position in Sweetgreen during the 2nd quarter valued at $33,449,000. Renaissance Technologies LLC purchased a new stake in shares of Sweetgreen during the 2nd quarter valued at $29,109,000. Finally, Baillie Gifford & Co. increased its position in shares of Sweetgreen by 6.2% during the 2nd quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock valued at $371,516,000 after purchasing an additional 721,740 shares during the last quarter. 95.75% of the stock is currently owned by institutional investors.

About Sweetgreen

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.