Sweetgreen (NYSE:SG) Reaches New 52-Week High After Analyst Upgrade

Sweetgreen, Inc. (NYSE:SG)’s share price reached a new 52-week high during mid-day trading on Monday after Oppenheimer raised their price target on the stock from $17.00 to $34.00. Oppenheimer currently has an outperform rating on the stock. Sweetgreen traded as high as $26.45 and last traded at $25.80, with a volume of 228959 shares trading hands. The stock had previously closed at $25.26.

A number of other brokerages have also weighed in on SG. Citigroup raised their price objective on Sweetgreen from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, February 21st. Royal Bank of Canada lifted their price target on Sweetgreen from $13.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, March 4th. Morgan Stanley lifted their price target on Sweetgreen from $10.00 to $11.00 and gave the stock an “underweight” rating in a report on Friday, March 1st. TD Cowen lifted their price target on Sweetgreen from $15.00 to $17.00 and gave the stock a “market perform” rating in a report on Thursday, March 7th. Finally, Piper Sandler lifted their price target on Sweetgreen from $16.00 to $19.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $19.88.

Insider Buying and Selling

In related news, CFO Mitch Reback sold 29,475 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $21.01, for a total transaction of $619,269.75. Following the completion of the sale, the chief financial officer now owns 405,584 shares in the company, valued at $8,521,319.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Sweetgreen news, CEO Jonathan Neman sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $11.55, for a total value of $57,750.00. Following the completion of the sale, the chief executive officer now owns 2,100,000 shares in the company, valued at $24,255,000. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mitch Reback sold 29,475 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $21.01, for a total value of $619,269.75. Following the sale, the chief financial officer now owns 405,584 shares of the company’s stock, valued at approximately $8,521,319.84. The disclosure for this sale can be found here. Insiders sold a total of 145,555 shares of company stock worth $2,266,739 over the last 90 days. 22.03% of the stock is owned by insiders.

Institutional Investors Weigh In On Sweetgreen

Several large investors have recently modified their holdings of SG. Bourgeon Capital Management LLC acquired a new position in Sweetgreen during the third quarter worth $29,000. Tower Research Capital LLC TRC grew its holdings in Sweetgreen by 394.8% during the first quarter. Tower Research Capital LLC TRC now owns 3,241 shares of the company’s stock worth $26,000 after acquiring an additional 2,586 shares during the period. Clear Street Markets LLC acquired a new position in Sweetgreen during the fourth quarter worth $33,000. Asset Dedication LLC acquired a new position in Sweetgreen during the second quarter worth $58,000. Finally, Comerica Bank acquired a new stake in Sweetgreen in the second quarter valued at $59,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Price Performance

The firm has a market cap of $2.72 billion, a PE ratio of -24.10 and a beta of 2.19. The business has a 50-day moving average price of $16.35 and a two-hundred day moving average price of $12.67.

Sweetgreen (NYSE:SG) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). Sweetgreen had a negative net margin of 19.41% and a negative return on equity of 21.58%. The firm had revenue of $153.00 million during the quarter, compared to analysts’ expectations of $152.04 million. During the same quarter in the prior year, the business earned ($0.44) EPS. The company’s quarterly revenue was up 29.0% compared to the same quarter last year. Equities analysts expect that Sweetgreen, Inc. will post -0.65 earnings per share for the current fiscal year.

About Sweetgreen

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.