Sweetgreen (NYSE:SG) Stock Rating Upgraded by Zacks Research

Sweetgreen (NYSE:SG) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company lowered their target price on shares of Sweetgreen from $13.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday, November 7th. Barclays reduced their price target on shares of Sweetgreen from $8.00 to $5.00 and set an “equal weight” rating on the stock in a report on Monday. Morgan Stanley set a $10.00 price objective on shares of Sweetgreen in a report on Tuesday, October 21st. Sanford C. Bernstein set a $8.00 price objective on Sweetgreen in a research report on Wednesday, October 22nd. Finally, Piper Sandler decreased their target price on Sweetgreen from $12.00 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Sweetgreen currently has an average rating of “Hold” and a consensus price target of $11.82.

Sweetgreen Trading Up 3.2%

Sweetgreen stock traded up $0.19 during mid-day trading on Wednesday, hitting $6.13. The stock had a trading volume of 13,461,760 shares, compared to its average volume of 5,251,557. The firm has a market capitalization of $724.88 million, a P/E ratio of -6.32 and a beta of 1.94. The firm’s 50 day moving average is $7.57 and its 200 day moving average is $11.27. Sweetgreen has a one year low of $5.14 and a one year high of $45.12.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.13). The business had revenue of $172.39 million for the quarter, compared to the consensus estimate of $179.29 million. Sweetgreen had a negative net margin of 16.55% and a negative return on equity of 25.67%. Sweetgreen’s revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.18) earnings per share. As a group, equities research analysts forecast that Sweetgreen will post -0.74 earnings per share for the current year.

Insider Transactions at Sweetgreen

In other Sweetgreen news, insider Nicolas Jammet acquired 18,115 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was purchased at an average cost of $5.51 per share, with a total value of $99,813.65. Following the transaction, the insider owned 18,115 shares of the company’s stock, valued at $99,813.65. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jonathan Neman bought 179,800 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was bought at an average cost of $5.56 per share, for a total transaction of $999,688.00. Following the transaction, the chief executive officer directly owned 179,800 shares of the company’s stock, valued at $999,688. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 19.78% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP grew its position in shares of Sweetgreen by 1,428.8% during the third quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock worth $31,313,000 after buying an additional 3,667,306 shares in the last quarter. Greenhouse Funds LLLP acquired a new position in Sweetgreen during the 2nd quarter worth approximately $32,122,000. Wellington Management Group LLP grew its holdings in Sweetgreen by 30.0% during the 1st quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company’s stock worth $144,180,000 after acquiring an additional 1,330,094 shares in the last quarter. Champlain Investment Partners LLC purchased a new stake in shares of Sweetgreen in the 1st quarter valued at approximately $31,558,000. Finally, Stephens Investment Management Group LLC raised its holdings in shares of Sweetgreen by 89.5% in the 2nd quarter. Stephens Investment Management Group LLC now owns 2,567,526 shares of the company’s stock valued at $38,205,000 after purchasing an additional 1,212,708 shares in the last quarter. 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.