Sweetgreen (NYSE:SG) Given New $11.00 Price Target at TD Cowen

Sweetgreen (NYSE:SG) had its price objective upped by TD Cowen from $9.00 to $11.00 in a research note issued to investors on Friday morning,Benzinga reports. TD Cowen currently has a hold rating on the stock.

SG has been the topic of a number of other research reports. DA Davidson reduced their target price on shares of Sweetgreen from $7.00 to $5.50 and set a “neutral” rating on the stock in a research report on Monday, August 10th. KeyCorp upped their target price on shares of Sweetgreen from $9.00 to $12.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. 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 report on Thursday, October 15th. Wall Street Zen raised shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 16th. Finally, Oppenheimer dropped their price target on shares of Sweetgreen from $10.00 to $8.50 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Six analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $9.88.

Sweetgreen Stock Performance

Shares of NYSE:SG traded up $0.37 during mid-day trading on Friday, hitting $11.92. 12,911,641 shares of the company traded hands, compared to its average volume of 4,465,237. The firm has a market cap of $1.42 billion, a P/E ratio of 79.50 and a beta of 2.11. Sweetgreen has a 52-week low of $4.49 and a 52-week high of $12.49. The firm’s 50 day simple moving average is $8.93 and its 200 day simple moving average is $7.31.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.26) earnings per share for the quarter, hitting 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 negative return on equity of 32.94% and a net margin of 2.01%. Sweetgreen’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.31) EPS. Equities research analysts expect that Sweetgreen will post -1.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Sweetgreen news, COO Jason Miles Cochran sold 4,809 shares of Sweetgreen stock in a transaction that occurred 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 in the company, valued at $1,285,941.96. The trade was a 2.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jamie McConnell sold 15,033 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 210,489 shares in the company, valued at approximately $1,307,136.69. The trade was a 6.67% 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. 18.19% of the stock is owned by company insiders.

Institutional Trading of Sweetgreen

A number of hedge funds and other institutional investors have recently made changes to their positions in SG. Ibex Investors LLC boosted its stake in Sweetgreen by 5.8% during the 3rd quarter. Ibex Investors LLC now owns 1,188,000 shares of the company’s stock valued at $10,538,000 after acquiring an additional 65,000 shares during the last quarter. Fulcrum Asset Management LLP grew its holdings in Sweetgreen by 5,967.2% during the 3rd quarter. Fulcrum Asset Management LLP now owns 13,894 shares of the company’s stock worth $121,000 after acquiring an additional 13,665 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of Sweetgreen by 175.2% in the 3rd 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 during the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Sweetgreen in the 3rd quarter worth about $68,000. Finally, Curated Wealth Partners LLC bought a new stake in shares of Sweetgreen in the 3rd quarter worth about $480,000. Institutional investors own 95.75% of the company’s stock.

Sweetgreen News Summary

Here are the key news stories impacting Sweetgreen this week:

• Positive Sentiment: Sweetgreen reported Q3 revenue of $176.0 million, up 2.1% year over year and above the roughly $170 million consensus estimate. Its $0.26-per-share loss was in line with consensus and narrower than the year-earlier loss. Same-store sales fell 6.4%, an improvement from a 9.5% decline a year ago. Sweetgreen Q3 results
• Positive Sentiment: Several firms raised their targets: Oppenheimer and Wells Fargo moved to $14, while KeyCorp raised its target to $13; all maintained bullish ratings. The revisions may bolster confidence following the earnings release. Oppenheimer rating Wells Fargo rating KeyCorp rating
• Neutral Sentiment: TD Cowen raised its target from $9 to $11 but kept a Hold rating; its new target remains below the stock’s recent trading level. TD Cowen rating
• Negative Sentiment: Despite improvement, same-store sales remained negative and overall revenue growth was modest. Reports tie the sales pressure to the Cyclospora outbreak, leaving investors focused on whether the recovery can continue. Same-store sales and outbreak recovery

About Sweetgreen

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.