Sweetgreen (NYSE:SG) Price Target Raised to $8.00

Sweetgreen (NYSE:SG) had its target price boosted by JPMorgan Chase & Co. from $6.00 to $8.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other brokerages also recently commented on SG. Royal Bank Of Canada restated an “outperform” rating and set a $8.00 price objective on shares of Sweetgreen in a research report on Tuesday, December 9th. Barclays lifted their price target on Sweetgreen from $5.00 to $7.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 7th. Zacks Research raised Sweetgreen from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Bank of America reaffirmed a “neutral” rating and issued a $9.50 price objective (down from $18.00) on shares of Sweetgreen in a research note on Monday, October 6th. Finally, Wells Fargo & Company cut Sweetgreen from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $10.00 to $7.00 in a research report on Wednesday, December 17th. Three investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Sweetgreen currently has a consensus rating of “Hold” and an average target price of $10.79.

Sweetgreen Stock Up 1.6%

SG stock opened at $7.04 on Tuesday. Sweetgreen has a 52 week low of $5.14 and a 52 week high of $35.16. The business has a 50-day simple moving average of $6.93 and a 200 day simple moving average of $8.57. The company has a market cap of $833.32 million, a PE ratio of -7.26 and a beta of 1.93.

Sweetgreen (NYSE:SG) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.13). The firm had revenue of $172.39 million for the quarter, compared to analyst estimates of $179.29 million. Sweetgreen had a negative return on equity of 25.67% and a negative net margin of 16.55%.The company’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.18) earnings per share. On average, analysts anticipate that Sweetgreen will post -0.74 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other Sweetgreen news, insider Nicolas Jammet bought 18,115 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were acquired at an average cost of $5.51 per share, for a total transaction of $99,813.65. Following the transaction, the insider directly owned 18,115 shares in the company, valued at approximately $99,813.65. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jonathan Neman bought 179,800 shares of Sweetgreen stock in a transaction on Wednesday, November 12th. The shares were acquired at an average cost of $5.56 per share, for a total transaction of $999,688.00. Following the completion of the acquisition, the chief executive officer directly owned 179,800 shares in the company, valued at approximately $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

A number of hedge funds have recently modified their holdings of the business. Teacher Retirement System of Texas increased its holdings in Sweetgreen by 5.8% in the second quarter. Teacher Retirement System of Texas now owns 15,981 shares of the company’s stock valued at $238,000 after purchasing an additional 877 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Sweetgreen by 98.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,129 shares of the company’s stock valued at $32,000 after buying an additional 1,055 shares during the last quarter. Police & Firemen s Retirement System of New Jersey increased its stake in shares of Sweetgreen by 5.5% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 23,212 shares of the company’s stock valued at $345,000 after buying an additional 1,209 shares during the period. Northwest & Ethical Investments L.P. lifted its stake in shares of Sweetgreen by 4.9% in the second quarter. Northwest & Ethical Investments L.P. now owns 39,912 shares of the company’s stock worth $594,000 after acquiring an additional 1,870 shares during the period. Finally, Glass Jacobson Investment Advisors llc bought a new stake in Sweetgreen in the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

About Sweetgreen

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.