Brokerages Set Sweetgreen, Inc. (NYSE:SG) PT at $29.08

Sweetgreen, Inc. (NYSE:SG) has received an average recommendation of “Moderate Buy” from the thirteen analysts that are currently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $29.08.

A number of analysts have issued reports on SG shares. Barclays started coverage on Sweetgreen in a research note on Friday, June 6th. They issued an “equal weight” rating and a $16.00 target price for the company. Piper Sandler lowered their price target on Sweetgreen from $27.00 to $20.00 and set a “neutral” rating for the company in a report on Friday, May 9th. JPMorgan Chase & Co. lowered their price target on Sweetgreen from $25.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, May 12th. The Goldman Sachs Group lowered their price target on Sweetgreen from $23.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, June 4th. Finally, Citigroup lowered their price target on Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a report on Thursday, February 27th.

Sweetgreen Stock Down 4.6%

Shares of SG opened at $12.63 on Friday. Sweetgreen has a 52-week low of $12.37 and a 52-week high of $45.12. The company has a market capitalization of $1.48 billion, a PE ratio of -16.19 and a beta of 2.06. The stock has a fifty day simple moving average of $16.61 and a two-hundred day simple moving average of $25.25.

Sweetgreen (NYSE:SG) last issued its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.21). Sweetgreen had a negative return on equity of 18.82% and a negative net margin of 13.27%. The business had revenue of $166.30 million during the quarter, compared to the consensus estimate of $164.68 million. During the same period last year, the company earned ($0.23) EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities analysts anticipate that Sweetgreen will post -0.74 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In related news, Director Clifford Burrows purchased 19,200 shares of Sweetgreen stock in a transaction on Friday, May 23rd. The shares were bought at an average price of $13.11 per share, with a total value of $251,712.00. Following the transaction, the director now directly owns 19,200 shares of the company’s stock, valued at approximately $251,712. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mitch Reback sold 8,109 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $23.84, for a total value of $193,318.56. Following the completion of the sale, the chief financial officer now directly owns 350,023 shares in the company, valued at $8,344,548.32. This represents a 2.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,014 shares of company stock worth $736,283 in the last three months. 21.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

A number of hedge funds have recently bought and sold shares of SG. Massachusetts Financial Services Co. MA acquired a new stake in Sweetgreen in the 4th quarter valued at about $52,558,000. Invesco Ltd. raised its position in Sweetgreen by 40.9% in the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock valued at $176,850,000 after purchasing an additional 1,601,666 shares in the last quarter. Wellington Management Group LLP raised its position in Sweetgreen by 30.0% in the 1st quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company’s stock valued at $144,180,000 after purchasing an additional 1,330,094 shares in the last quarter. Champlain Investment Partners LLC acquired a new stake in Sweetgreen in the 1st quarter valued at about $31,558,000. Finally, Durable Capital Partners LP raised its position in Sweetgreen by 29.5% in the 1st quarter. Durable Capital Partners LP now owns 4,525,109 shares of the company’s stock valued at $113,218,000 after purchasing an additional 1,030,176 shares in the last quarter. Institutional investors and hedge funds 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.