Sweetgreen (NYSE:SG) Given Buy Rating at TD Cowen

TD Cowen reaffirmed their buy rating on shares of Sweetgreen (NYSE:SG) in a research note issued to investors on Friday morning, Benzinga reports. TD Cowen currently has a $43.00 target price on the stock.

A number of other research analysts have also weighed in on SG. Oppenheimer lifted their target price on Sweetgreen from $36.00 to $40.00 and gave the company an outperform rating in a report on Thursday, August 15th. Piper Sandler reiterated a neutral rating and issued a $39.00 target price (up from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Bank of America boosted their price target on shares of Sweetgreen from $39.00 to $43.00 and gave the company a buy rating in a research report on Monday, August 19th. Citigroup increased their price objective on Sweetgreen from $30.00 to $32.00 and gave the stock a neutral rating in a research report on Friday, August 9th. Finally, Royal Bank of Canada boosted their target price on Sweetgreen from $35.00 to $45.00 and gave the stock an outperform rating in a research report on Friday, June 7th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Sweetgreen currently has an average rating of Moderate Buy and a consensus price target of $38.20.

Sweetgreen Trading Up 2.9 %

SG opened at $35.95 on Friday. Sweetgreen has a 12 month low of $8.64 and a 12 month high of $38.53. The company has a market cap of $4.10 billion, a PE ratio of -38.66 and a beta of 2.32. The company has a 50 day moving average of $31.52 and a 200 day moving average of $28.40.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The company had revenue of $184.60 million during the quarter, compared to the consensus estimate of $180.79 million. During the same period in the previous year, the business earned ($0.20) earnings per share. Sweetgreen’s revenue was up 21.0% on a year-over-year basis. Research analysts forecast that Sweetgreen will post -0.75 earnings per share for the current fiscal year.

Insider Activity

In other Sweetgreen news, CEO Jonathan Neman sold 169,772 shares of Sweetgreen stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.77, for a total transaction of $6,072,744.44. Following the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $69,044,255.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Jonathan Neman sold 169,772 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.77, for a total transaction of $6,072,744.44. Following the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $69,044,255.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Wouleta Ayele sold 2,831 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.31, for a total value of $102,793.61. Following the completion of the sale, the chief technology officer now directly owns 144,649 shares of the company’s stock, valued at approximately $5,252,205.19. The disclosure for this sale can be found here. In the last three months, insiders have sold 426,061 shares of company stock worth $15,071,720. 21.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Baillie Gifford & Co. boosted its holdings in shares of Sweetgreen by 6.2% during the second quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock worth $371,516,000 after purchasing an additional 721,740 shares during the period. Vanguard Group Inc. raised its position in Sweetgreen by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock valued at $212,713,000 after purchasing an additional 70,395 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in Sweetgreen by 231.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock worth $81,028,000 after buying an additional 1,878,216 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Sweetgreen by 2.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,763,572 shares of the company’s stock worth $53,151,000 after buying an additional 39,823 shares during the last quarter. Finally, Hood River Capital Management LLC increased its stake in shares of Sweetgreen by 42.6% during the second quarter. Hood River Capital Management LLC now owns 1,643,028 shares of the company’s stock valued at $49,521,000 after buying an additional 490,806 shares during the period. 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.