TD Cowen Raises Sweetgreen (NYSE:SG) Price Target to $6.00

Sweetgreen (NYSE:SG) had its price objective increased by analysts at TD Cowen from $5.00 to $6.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Cowen’s price target indicates a potential downside of 11.31% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Oppenheimer dropped their price objective on Sweetgreen from $10.00 to $8.50 and set an “outperform” rating on the stock in a report on Friday, August 7th. UBS Group raised Sweetgreen from a “neutral” rating to a “buy” rating in a report on Friday, August 7th. Citigroup decreased their target price on Sweetgreen from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 7th. DA Davidson dropped their price target on Sweetgreen from $7.00 to $5.50 and set a “neutral” rating on the stock in a research note on Monday, August 10th. Finally, KeyCorp raised Sweetgreen from a “sector weight” rating to an “overweight” rating and set a $9.00 price target on the stock in a research report on Tuesday. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.27.

Sweetgreen Trading Up 0.7%

Shares of Sweetgreen stock opened at $6.76 on Friday. The company has a fifty day simple moving average of $6.67 and a 200-day simple moving average of $6.92. The stock has a market cap of $805.31 million, a price-to-earnings ratio of 67.66 and a beta of 2.20. Sweetgreen has a 12-month low of $4.49 and a 12-month high of $10.63.

Sweetgreen (NYSE:SG) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.09). Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The company had revenue of $192.66 million for the quarter, compared to analyst estimates of $194.50 million. During the same quarter in the prior year, the business earned ($0.20) earnings per share. Sweetgreen’s revenue was up 3.8% compared to the same quarter last year. On average, analysts forecast that Sweetgreen will post -1.03 earnings per share for the current fiscal year.

Insider Transactions at Sweetgreen

In other news, COO Jason Miles Cochran sold 4,809 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $29,863.89. Following the completion of the sale, the chief operating officer owned 207,076 shares in the company, valued at approximately $1,285,941.96. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total value of $93,354.93. Following the transaction, the chief financial officer directly owned 210,489 shares in the company, valued at approximately $1,307,136.69. This represents a 6.67% 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 corporate insiders.

Institutional Trading of Sweetgreen

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in shares of Sweetgreen by 22.4% during the first quarter. Royal Bank of Canada now owns 291,477 shares of the company’s stock worth $7,292,000 after purchasing an additional 53,427 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Sweetgreen by 6.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,572 shares of the company’s stock valued at $1,516,000 after buying an additional 3,553 shares during the last quarter. Prudential Financial Inc. acquired a new position in Sweetgreen in the 2nd quarter valued at $197,000. Qube Research & Technologies Ltd acquired a new position in Sweetgreen in the 2nd quarter valued at $538,000. Finally, Frontier Capital Management Co. LLC raised its position in Sweetgreen by 121.7% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 680,255 shares of the company’s stock worth $10,122,000 after buying an additional 373,350 shares during the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

Sweetgreen Company Profile

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.