Sweetgreen (NYSE:SG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Sweetgreen (NYSE:SG) from a sell rating to a hold rating in a research note released on Saturday,Wall Street Zen reports.

Several other brokerages have also recently weighed in on SG. Morgan Stanley raised their price target on shares of Sweetgreen from $7.00 to $8.00 and gave the company an “equal weight” rating in a research report on Thursday, October 15th. Oppenheimer lifted their price target on Sweetgreen from $8.50 to $14.00 and gave the company an “outperform” rating in a research note on Friday. Royal Bank Of Canada boosted their price objective on Sweetgreen from $6.50 to $11.00 and gave the stock an “outperform” rating in a report on Tuesday, September 29th. DA Davidson boosted their price objective on Sweetgreen from $5.50 to $12.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Citigroup increased their price objective on Sweetgreen from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday. Six investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $9.88.

Sweetgreen Trading Up 10.9%

SG opened at $13.32 on Friday. Sweetgreen has a 1-year low of $4.49 and a 1-year high of $13.45. The company has a market cap of $1.59 billion, a price-to-earnings ratio of 88.84 and a beta of 2.11. The company’s fifty day moving average price is $9.06 and its two-hundred day moving average price is $7.34.

Sweetgreen (NYSE:SG) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.26) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.26). The firm had revenue of $176.02 million during the quarter, compared to analysts’ expectations of $170.07 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the company earned ($0.31) earnings per share. As a group, equities analysts forecast that Sweetgreen will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Sweetgreen

In other news, CFO Jamie McConnell sold 15,033 shares of the stock in a transaction dated 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 in the company, valued at $1,307,136.69. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $29,863.89. Following the transaction, the chief operating officer directly owned 207,076 shares in the company, valued at $1,285,941.96. The trade was a 2.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.

Institutional Investors Weigh In On Sweetgreen

Institutional investors have recently added to or reduced their stakes in the company. Eastern Bank raised its position in shares of Sweetgreen by 7.3% in 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. Sterling Capital Management LLC grew its position in Sweetgreen by 175.2% during the third quarter. Sterling Capital Management LLC now owns 2,936 shares of the company’s stock worth $26,000 after buying an additional 1,869 shares in the last quarter. Fifth Third Bancorp purchased a new position in Sweetgreen during the first quarter worth about $38,000. Versant Capital Management Inc increased its stake in Sweetgreen by 241.5% in the 2nd quarter. Versant Capital Management Inc now owns 10,518 shares of the company’s stock worth $93,000 after acquiring an additional 7,438 shares during the last quarter. Finally, State of Alaska Department of Revenue bought a new position in Sweetgreen in the 3rd quarter worth about $68,000. 95.75% of the stock is owned by institutional investors.

Sweetgreen Company Profile

Sweetgreen, Inc operates a fast-casual restaurant company focused on fresh, customizable meals. Its menu includes salads, grain bowls, protein plates, sides, and beverages made with seasonal produce and other ingredients. Customers can order in restaurants or through Sweetgreen’s website and mobile application, with options for pickup and delivery.

Founded in 2007 by Nicolas Jammet, Jonathan Neman, and Nathaniel Ru, Sweetgreen began as a single restaurant in Washington, DC The company has expanded its restaurant network across metropolitan areas in the United States, with locations concentrated in major markets on the East and West coasts and in other regions.