Sweetgreen (NYSE:SG) Price Target Raised to $16.00

Sweetgreen (NYSE:SG) had its target price upped by Morgan Stanley from $11.00 to $16.00 in a report issued on Friday morning, Benzinga reports. They currently have an underweight rating on the stock.

SG has been the topic of several other reports. JPMorgan Chase & Co. upped their price target on shares of Sweetgreen from $20.00 to $28.00 and gave the company an overweight rating in a report on Tuesday, March 19th. Royal Bank of Canada upped their price target on shares of Sweetgreen from $13.00 to $20.00 and gave the stock an outperform rating in a research report on Monday, March 4th. TD Cowen restated a hold rating and set a $17.00 price target on shares of Sweetgreen in a research report on Wednesday, April 10th. Oppenheimer upped their price target on shares of Sweetgreen from $17.00 to $34.00 and gave the stock an outperform rating in a research report on Monday, April 1st. Finally, Citigroup increased their price objective on shares of Sweetgreen from $12.00 to $13.00 and gave the company a neutral rating in a report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $20.50.

Sweetgreen Stock Performance

Sweetgreen stock opened at $22.73 on Friday. The company has a 50 day moving average price of $18.44 and a 200-day moving average price of $13.35. Sweetgreen has a fifty-two week low of $7.25 and a fifty-two week high of $26.45. The company has a market capitalization of $2.57 billion, a PE ratio of -22.73 and a beta of 2.20.

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

Insider Buying and Selling

In related news, insider Adrienne Gemperle sold 4,286 shares of Sweetgreen stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.32, for a total transaction of $52,803.52. Following the sale, the insider now directly owns 139,693 shares in the company, valued at approximately $1,721,017.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Sweetgreen news, CEO Jonathan Neman sold 5,000 shares of the firm’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $10.47, for a total transaction of $52,350.00. Following the transaction, the chief executive officer now directly owns 2,100,000 shares of the company’s stock, valued at approximately $21,987,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adrienne Gemperle sold 4,286 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.32, for a total transaction of $52,803.52. Following the transaction, the insider now directly owns 139,693 shares in the company, valued at $1,721,017.76. The disclosure for this sale can be found here. Insiders have sold 145,555 shares of company stock worth $2,266,739 in the last ninety days. 22.03% of the stock is owned by corporate insiders.

Institutional Trading of Sweetgreen

Several hedge funds and other institutional investors have recently made changes to their positions in SG. Bourgeon Capital Management LLC purchased a new stake in Sweetgreen during the third quarter worth about $29,000. Tower Research Capital LLC TRC boosted 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 buying an additional 2,586 shares in the last quarter. Clear Street Markets LLC purchased a new stake in Sweetgreen during the fourth quarter worth about $33,000. Asset Dedication LLC purchased a new stake in Sweetgreen during the second quarter worth about $58,000. Finally, Comerica Bank purchased a new stake in Sweetgreen during the second quarter worth about $59,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

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.