Sweetgreen (NYSE:SG) Sets New 12-Month High – Here’s Why

Sweetgreen, Inc. (NYSE:SG)’s share price reached a new 52-week high on Thursday. The company traded as high as $11.67 and last traded at $11.6450, with a volume of 208,480 shares traded. The stock had previously closed at $11.24.

Analysts Set New Price Targets

Several brokerages have issued reports on SG. KeyCorp boosted their target price on Sweetgreen from $9.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Royal Bank Of Canada upped their target price on Sweetgreen from $6.50 to $11.00 and gave the company an “outperform” rating in a research note on Tuesday, September 29th. Morgan Stanley increased their price target on Sweetgreen from $7.00 to $8.00 and gave the stock an “equal weight” rating in a report on Thursday, October 15th. Wall Street Zen raised Sweetgreen from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 16th. Finally, Wells Fargo & Company raised Sweetgreen from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $6.00 to $11.00 in a research note on Monday, September 28th. Six 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. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.63.

Sweetgreen Stock Performance

The firm’s 50 day simple moving average is $8.46 and its 200 day simple moving average is $7.21. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 110.61 and a beta of 2.16.

Sweetgreen (NYSE:SG) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.09). The business had revenue of $192.66 million during the quarter, compared to analyst estimates of $194.50 million. Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.20) EPS. As a group, sell-side analysts forecast that Sweetgreen, Inc. will post -1.04 earnings per share for the current year.

Insider Activity

In other Sweetgreen news, CFO Jamie McConnell sold 15,033 shares of Sweetgreen stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $93,354.93. Following the completion of the transaction, the chief financial officer owned 210,489 shares in the company, valued at approximately $1,307,136.69. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $29,863.89. Following the completion of the transaction, 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Eastern Bank boosted its stake in Sweetgreen by 7.3% in the third quarter. Eastern Bank now owns 27,054 shares of the company’s stock valued at $240,000 after acquiring an additional 1,830 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of 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 purchasing an additional 1,869 shares in the last quarter. Fifth Third Bancorp acquired a new stake in shares of Sweetgreen during the first quarter worth about $38,000. Versant Capital Management Inc increased its position in shares of 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 in the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Sweetgreen in the 3rd quarter valued at about $68,000. 95.75% of the stock is currently owned by hedge funds and other 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.