Sweetgreen (NYSE:SG) Stock Price Up 7.7% – Time to Buy?

Sweetgreen, Inc. (NYSE:SG)’s stock price was up 7.7% during mid-day trading on Wednesday. The company traded as high as $10.83 and last traded at $11.1030. 411,415 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 5,049,663 shares. The stock had previously closed at $10.31.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SG shares. Oppenheimer decreased their target price on Sweetgreen from $10.00 to $8.50 and set an “outperform” rating on the stock in a research report on Friday, August 7th. TD Cowen boosted their price objective on Sweetgreen from $6.00 to $9.00 and gave the company a “hold” rating in a research report on Wednesday, October 21st. Morgan Stanley upped their target price on Sweetgreen from $7.00 to $8.00 and gave the company an “equal weight” rating in a research note on Thursday, October 15th. Royal Bank Of Canada raised their target price on Sweetgreen from $6.50 to $11.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 29th. Finally, Wall Street Zen upgraded shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 16th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Sweetgreen currently has a consensus rating of “Hold” and an average price target of $8.63.

Sweetgreen Price Performance

The business has a 50 day moving average of $8.16 and a 200 day moving average of $7.16. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 115.16 and a beta of 2.16.

Sweetgreen (NYSE:SG) last released its earnings results 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). The business had revenue of $192.66 million during the quarter, compared to analysts’ expectations of $194.50 million. During the same quarter last year, the firm earned ($0.20) earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities analysts predict that Sweetgreen, Inc. will post -1.04 EPS for the current year.

Insider Transactions at Sweetgreen

In related news, CFO Jamie McConnell sold 15,033 shares of Sweetgreen stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $93,354.93. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 stock in a transaction 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 sale, the chief operating officer directly owned 207,076 shares of the company’s stock, valued at $1,285,941.96. This represents a 2.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Sterling Capital Management LLC lifted its stake in Sweetgreen by 175.2% in the 3rd quarter. Sterling Capital Management LLC now owns 2,936 shares of the company’s stock valued at $26,000 after acquiring an additional 1,869 shares in the last quarter. Fifth Third Bancorp bought a new stake in shares of Sweetgreen in the first quarter worth $38,000. State of Alaska Department of Revenue bought a new stake in shares of Sweetgreen in the third quarter worth $68,000. Sequoia Financial Advisors LLC bought a new stake in shares of Sweetgreen in the second quarter worth $90,000. Finally, Versant Capital Management Inc boosted its holdings in Sweetgreen by 241.5% during the second quarter. Versant Capital Management Inc now owns 10,518 shares of the company’s stock worth $93,000 after purchasing an additional 7,438 shares during the last quarter. 95.75% of the stock is currently 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.