Sweetgreen (NYSE:SG) PT Raised to $35.00 at Royal Bank of Canada

Sweetgreen (NYSE:SG) had its price target increased by equities research analysts at Royal Bank of Canada from $20.00 to $35.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 6.74% from the company’s current price.

Several other equities research analysts have also commented on the stock. Citigroup boosted their price target on shares of Sweetgreen from $16.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. TD Cowen upped their price objective on shares of Sweetgreen from $22.00 to $26.00 and gave the company a “hold” rating in a report on Friday. Piper Sandler boosted their target price on shares of Sweetgreen from $16.00 to $19.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. boosted their target price on shares of Sweetgreen from $20.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Finally, Morgan Stanley boosted their target price on shares of Sweetgreen from $11.00 to $16.00 and gave the company an “underweight” rating in a research note on Friday, April 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Sweetgreen presently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sweetgreen Trading Up 39.2 %

Shares of SG stock traded up $9.23 during trading hours on Friday, reaching $32.79. 11,568,801 shares of the stock were exchanged, compared to its average volume of 2,339,172. Sweetgreen has a 12-month low of $8.64 and a 12-month high of $34.45. The company’s 50-day moving average price is $22.34 and its 200-day moving average price is $14.74. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of -33.07 and a beta of 2.22.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). Sweetgreen had a negative return on equity of 21.58% and a negative net margin of 19.41%. The firm had revenue of $157.85 million for the quarter, compared to analysts’ expectations of $152.02 million. During the same period in the prior year, the firm posted ($0.29) earnings per share. Sweetgreen’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, sell-side analysts expect that Sweetgreen will post -0.71 EPS for the current year.

Insider Activity

In other news, CEO Jonathan Neman sold 5,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $11.55, for a total value of $57,750.00. Following the completion of the sale, the chief executive officer now directly owns 2,100,000 shares in the company, valued at $24,255,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Jonathan Neman sold 5,000 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $11.55, for a total value of $57,750.00. Following the completion of the sale, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at $24,255,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mitch Reback sold 29,475 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $21.01, for a total transaction of $619,269.75. Following the completion of the sale, the chief financial officer now directly owns 405,584 shares of the company’s stock, valued at approximately $8,521,319.84. The disclosure for this sale can be found here. Insiders sold 130,267 shares of company stock worth $2,090,933 over the last three months. Insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Bourgeon Capital Management LLC purchased a new position in shares of Sweetgreen in the third quarter valued at approximately $29,000. Perigon Wealth Management LLC acquired a new stake in Sweetgreen in the first quarter valued at approximately $223,000. Quest Partners LLC acquired a new stake in Sweetgreen in the fourth quarter valued at approximately $104,000. Clear Harbor Asset Management LLC acquired a new stake in Sweetgreen in the fourth quarter valued at approximately $113,000. Finally, Entropy Technologies LP acquired a new stake in Sweetgreen in the first quarter valued at approximately $279,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

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.