TD Cowen Boosts Sweetgreen (NYSE:SG) Price Target to $45.00

Sweetgreen (NYSE:SG) had its target price upped by analysts at TD Cowen from $43.00 to $45.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target would indicate a potential upside of 12.00% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the stock. Citigroup increased their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Morgan Stanley increased their price objective on Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Oppenheimer upped their price target on Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday. UBS Group raised their price target on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Bank of America raised their price target on shares of Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.80.

Sweetgreen Price Performance

Shares of Sweetgreen stock traded down $2.02 during trading hours on Friday, hitting $40.18. The company’s stock had a trading volume of 7,285,306 shares, compared to its average volume of 2,851,693. The company has a market capitalization of $4.59 billion, a PE ratio of -49.00 and a beta of 2.32. The stock has a 50 day moving average of $35.43 and a 200 day moving average of $31.21. Sweetgreen has a 12 month low of $8.64 and a 12 month high of $42.77.

Sweetgreen (NYSE:SG) last posted its earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share (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 business had revenue of $184.60 million for the quarter, compared to the consensus estimate of $180.79 million. During the same period in the previous year, the company posted ($0.20) earnings per share. Sweetgreen’s revenue for the quarter was up 21.0% compared to the same quarter last year. Equities analysts expect that Sweetgreen will post -0.75 EPS for the current year.

Insider Activity at Sweetgreen

In related news, insider Nicolas Jammet sold 16,751 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $40.04, for a total value of $670,710.04. Following the completion of the transaction, the insider now directly owns 1,930,233 shares of the company’s stock, valued at approximately $77,286,529.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Nicolas Jammet sold 16,751 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $40.04, for a total value of $670,710.04. Following the completion of the transaction, the insider now directly owns 1,930,233 shares of the company’s stock, valued at approximately $77,286,529.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jonathan Neman sold 1,010 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $40.01, for a total value of $40,410.10. Following the sale, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $77,228,422.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 466,022 shares of company stock valued at $16,671,481. 21.52% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sweetgreen

Several hedge funds have recently added to or reduced their stakes in SG. Driehaus Capital Management LLC lifted its holdings in Sweetgreen by 231.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after purchasing an additional 1,878,216 shares during the last quarter. Hood River Capital Management LLC acquired a new stake in Sweetgreen during the 1st quarter valued at $29,105,000. Allspring Global Investments Holdings LLC acquired a new stake in Sweetgreen during the 2nd quarter valued at $33,449,000. Renaissance Technologies LLC acquired a new stake in shares of Sweetgreen during the second quarter worth $29,109,000. Finally, Baillie Gifford & Co. lifted 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 buying an additional 721,740 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

Sweetgreen Company Profile

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.