Sweetgreen, Inc. (NYSE:SG – Get Free Report) rose 3.7% during trading on Thursday. The stock traded as high as $9.24 and last traded at $9.4960. Approximately 287,839 shares were traded during mid-day trading, a decline of 94% from the average session volume of 5,097,469 shares. The stock had previously closed at $9.16.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on SG shares. KeyCorp upgraded shares of Sweetgreen from a “sector weight” rating to an “overweight” rating and set a $9.00 target price on the stock in a report on Tuesday, September 8th. TD Cowen lifted their price objective on shares of Sweetgreen from $5.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, September 11th. UBS Group upgraded shares of Sweetgreen from a “neutral” rating to a “buy” rating in a research note on Friday, August 7th. Wells Fargo & Company raised shares of Sweetgreen from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $6.00 to $11.00 in a report on Monday, September 28th. Finally, Weiss Ratings downgraded shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $7.72.
View Our Latest Analysis on Sweetgreen
Sweetgreen Trading Up 2.5%
Sweetgreen (NYSE:SG – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.09). The company had revenue of $192.66 million during the quarter, compared to analyst estimates of $194.50 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. Sweetgreen’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. On average, sell-side analysts predict that Sweetgreen, Inc. will post -1.03 EPS for the current year.
Insider Activity
In related news, COO Jason Miles Cochran sold 4,809 shares of Sweetgreen stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $29,863.89. Following the completion of the sale, the chief operating officer directly owned 207,076 shares of the company’s stock, valued at approximately $1,285,941.96. This trade represents a 2.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jamie McConnell sold 15,033 shares of the business’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 $93,354.93. Following the completion of the sale, the chief financial officer owned 210,489 shares of the company’s stock, valued at $1,307,136.69. This trade represents a 6.67% decrease in their ownership of the stock. 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. Insiders own 18.19% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the company. Eastern Bank lifted its holdings in shares of Sweetgreen by 7.3% during the third quarter. Eastern Bank now owns 27,054 shares of the company’s stock worth $240,000 after buying an additional 1,830 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Sweetgreen in the second quarter valued at about $90,000. Integrated Wealth Concepts LLC bought a new position in Sweetgreen during the second quarter worth about $112,000. Proficio Capital Partners LLC bought a new position in Sweetgreen during the second quarter worth about $99,000. Finally, Wellington Management Group LLP acquired a new stake in Sweetgreen in the 2nd quarter worth about $4,557,000. Institutional investors own 95.75% of the company’s stock.
About Sweetgreen
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.
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