Sweetgreen (NYSE:SG) PT Raised to $35.00 at Royal Bank of Canada

Sweetgreen (NYSE:SG) had its price target hoisted by stock analysts at Royal Bank of Canada from $20.00 to $35.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 6.74% from the stock’s previous close.

A number of other research firms also recently weighed in on SG. Citigroup raised their price target on shares of Sweetgreen from $16.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. TD Cowen raised their price target on shares of Sweetgreen from $22.00 to $26.00 and gave the stock a “hold” rating in a research report on Friday. Oppenheimer lifted their price target on shares of Sweetgreen from $17.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, April 1st. Piper Sandler lifted their price target on shares of Sweetgreen from $16.00 to $19.00 and gave the company an “overweight” rating in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Sweetgreen from $20.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sweetgreen Price Performance

Sweetgreen stock traded up $9.23 during midday trading on Friday, reaching $32.79. The stock had a trading volume of 11,568,801 shares, compared to its average volume of 2,339,172. Sweetgreen has a twelve month low of $8.64 and a twelve month high of $34.45. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of -33.07 and a beta of 2.22. The firm’s fifty day simple moving average is $22.34 and its two-hundred day simple moving average is $14.74.

Sweetgreen (NYSE:SG) last released its earnings results on Thursday, May 9th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). Sweetgreen had a negative return on equity of 21.58% and a negative net margin of 19.41%. The company had revenue of $157.85 million during the quarter, compared to analysts’ expectations of $152.02 million. During the same quarter in the previous year, the company earned ($0.29) EPS. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. As a group, sell-side analysts predict that Sweetgreen will post -0.71 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other news, CFO Mitch Reback sold 29,475 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $21.01, for a total value of $619,269.75. Following the transaction, the chief financial officer now owns 405,584 shares in the company, valued at $8,521,319.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Mitch Reback sold 29,475 shares of Sweetgreen stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $21.01, for a total value of $619,269.75. Following the completion of the sale, the chief financial officer now directly owns 405,584 shares in the company, valued at approximately $8,521,319.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Adrienne Gemperle sold 4,000 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $16.00, for a total value of $64,000.00. Following the sale, the insider now owns 129,407 shares of the company’s stock, valued at $2,070,512. The disclosure for this sale can be found here. Insiders have sold 130,267 shares of company stock worth $2,090,933 in the last ninety days. Company insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Sweetgreen by 3.1% during the third quarter. Vanguard Group Inc. now owns 8,126,030 shares of the company’s stock worth $95,481,000 after buying an additional 245,255 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Sweetgreen by 100.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 298,585 shares of the company’s stock valued at $3,508,000 after purchasing an additional 149,871 shares during the last quarter. FMR LLC raised its stake in Sweetgreen by 0.6% during the 3rd quarter. FMR LLC now owns 14,810,112 shares of the company’s stock valued at $174,019,000 after acquiring an additional 84,375 shares during the last quarter. Mach 1 Financial Group LLC purchased a new stake in Sweetgreen during the 4th quarter valued at approximately $520,000. Finally, Qube Research & Technologies Ltd increased its position in Sweetgreen by 139.9% during the 3rd quarter. Qube Research & Technologies Ltd now owns 216,101 shares of the company’s stock worth $2,539,000 after purchasing an additional 126,026 shares during the period. 95.75% of the stock is owned by institutional investors and hedge funds.

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.