Sweetgreen (NYSE:SG) Lifted to Buy at TD Cowen

TD Cowen upgraded shares of Sweetgreen (NYSE:SG) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Marketbeat.com reports. They currently have $43.00 price target on the stock, up from their previous price target of $31.00.

Other analysts also recently issued reports about the company. The Goldman Sachs Group assumed coverage on Sweetgreen in a research note on Thursday, June 13th. They issued a buy rating and a $39.00 target price for the company. JPMorgan Chase & Co. raised 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. 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. Piper Sandler restated a neutral rating and set a $39.00 price target (up previously from $33.00) on shares of Sweetgreen in a report on Monday, August 19th. Finally, UBS Group upped their price objective on Sweetgreen from $31.00 to $37.00 and gave the company a buy rating in a report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $38.20.

Sweetgreen Stock Down 2.0 %

Shares of NYSE SG opened at $27.89 on Wednesday. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of -29.99 and a beta of 2.32. Sweetgreen has a 52 week low of $8.64 and a 52 week high of $38.53. The firm has a 50-day simple moving average of $29.08 and a 200-day simple moving average of $26.37.

Sweetgreen (NYSE:SG) last released its earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The business had revenue of $184.60 million during the quarter, compared to analysts’ expectations of $180.79 million. During the same period last year, the business earned ($0.20) earnings per share. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. As a group, equities research analysts expect that Sweetgreen will post -0.75 EPS for the current year.

Insider Activity at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 9,497 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $33.40, for a total transaction of $317,199.80. Following the sale, the chief financial officer now directly owns 369,684 shares in the company, valued at $12,347,445.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Sweetgreen news, CFO Mitch Reback sold 9,497 shares of the business’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 $317,199.80. Following the completion of the transaction, the chief financial officer now owns 369,684 shares in the company, valued at $12,347,445.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Adrienne Gemperle sold 3,868 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $36.31, for a total value of $140,447.08. Following the completion of the sale, the insider now owns 114,842 shares in the company, valued at $4,169,913.02. The disclosure for this sale can be found here. Insiders sold 371,116 shares of company stock worth $13,248,867 in the last three months. 21.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors and hedge funds have recently modified their holdings of the company. Quest Partners LLC purchased a new stake in Sweetgreen during the 2nd quarter worth about $76,000. Versor Investments LP purchased a new stake in Sweetgreen during the second quarter worth approximately $217,000. Perigon Wealth Management LLC purchased a new position in Sweetgreen in the first quarter valued at approximately $223,000. Thoroughbred Financial Services LLC acquired a new stake in Sweetgreen during the second quarter worth approximately $233,000. Finally, Nkcfo LLC purchased a new stake in shares of Sweetgreen during the 2nd quarter worth approximately $241,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

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.