Sweetgreen (NYSE:SG) Sets New 52-Week High Following Analyst Upgrade

Sweetgreen, Inc. (NYSE:SG)’s share price hit a new 52-week high during mid-day trading on Thursday after Morgan Stanley raised their price target on the stock from $7.00 to $8.00. Morgan Stanley currently has an equal weight rating on the stock. Sweetgreen traded as high as $10.63 and last traded at $10.6050, with a volume of 3,313,457 shares traded. The stock had previously closed at $10.14.

Other equities research analysts have also issued reports about the company. DA Davidson lowered their price target on Sweetgreen from $7.00 to $5.50 and set a “neutral” rating for the company in a research report on Monday, August 10th. Wells Fargo & Company raised shares of Sweetgreen from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $6.00 to $11.00 in a report on Monday, September 28th. Weiss Ratings lowered shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. UBS Group upgraded shares of Sweetgreen from a “neutral” rating to a “buy” rating in a report on Friday, August 7th. Finally, Oppenheimer dropped their price target on shares of Sweetgreen from $10.00 to $8.50 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.66.

Insider Activity at Sweetgreen

In other Sweetgreen news, CFO Jamie McConnell sold 15,033 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.21, for a total value of $93,354.93. Following the transaction, the chief financial officer owned 210,489 shares of the company’s stock, valued at approximately $1,307,136.69. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $29,863.89. Following the completion of the transaction, the chief operating officer owned 207,076 shares of the company’s stock, valued at $1,285,941.96. This trade represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 18.19% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue purchased a new stake in Sweetgreen during the third quarter worth about $68,000. Curated Wealth Partners LLC purchased a new position in Sweetgreen in the third quarter valued at about $480,000. Eastern Bank grew its position in shares of Sweetgreen by 7.3% during the 3rd quarter. Eastern Bank now owns 27,054 shares of the company’s stock valued at $240,000 after acquiring an additional 1,830 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of Sweetgreen during the 2nd quarter worth approximately $90,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Sweetgreen during the 2nd quarter worth approximately $112,000. Institutional investors own 95.75% of the company’s stock.

Sweetgreen Stock Performance

The company has a market cap of $1.26 billion, a PE ratio of 106.06 and a beta of 2.16. The company’s 50 day moving average price is $7.39 and its 200-day moving average price is $7.40.

Sweetgreen (NYSE:SG) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.09). Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. The firm had revenue of $192.66 million for the quarter, compared to the consensus estimate of $194.50 million. During the same period last year, the company posted ($0.20) earnings per share. Sweetgreen’s revenue for the quarter was up 3.8% on a year-over-year basis. Equities research analysts expect that Sweetgreen, Inc. will post -1.03 EPS for the current year.

Sweetgreen Company Profile

Sweetgreen, Inc operates a fast-casual restaurant chain focused on fresh, made-to-order meals. Its menu includes salads, warm grain bowls, protein plates, sides and beverages, with an emphasis on seasonal ingredients, customizable meals and health-conscious dining.

The company serves customers through company-operated restaurants in the United States, as well as digital channels that support online ordering, delivery, pickup and its loyalty program. Sweetgreen also uses technology in restaurant operations, including automated kitchen systems at select locations, to help improve consistency and service efficiency.

Sweetgreen was founded in 2007 by Nicolas Jammet, Jonathan Neman and Nathaniel Ru while they were students at Georgetown University.