Sweetgreen (NYSE:SG) Now Covered by Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Sweetgreen (NYSE:SG) in a research report released on Monday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $19.00 target price on the stock.

Several other analysts also recently issued reports on the company. Morgan Stanley decreased their target price on Sweetgreen from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Friday, May 9th. UBS Group cut their price objective on shares of Sweetgreen from $35.00 to $30.00 and set a “buy” rating for the company in a report on Monday, May 5th. Piper Sandler reduced their price objective on shares of Sweetgreen from $27.00 to $20.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Barclays initiated coverage on shares of Sweetgreen in a research report on Friday, June 6th. They set an “equal weight” rating and a $16.00 target price for the company. Finally, Citigroup cut their target price on shares of Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sweetgreen has a consensus rating of “Moderate Buy” and an average target price of $28.31.

Sweetgreen Stock Performance

SG opened at $12.28 on Monday. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of -15.94 and a beta of 2.06. The firm’s fifty day moving average is $16.06 and its 200 day moving average is $24.64. Sweetgreen has a fifty-two week low of $12.08 and a fifty-two week high of $45.12.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, meeting analysts’ consensus estimates of ($0.21). Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. The business had revenue of $166.30 million for the quarter, compared to analysts’ expectations of $164.68 million. During the same period last year, the firm earned ($0.23) earnings per share. The business’s quarterly revenue was up 5.3% on a year-over-year basis. On average, equities research analysts predict that Sweetgreen will post -0.74 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Clifford Burrows acquired 19,200 shares of the stock in a transaction dated Friday, May 23rd. The stock was acquired at an average cost of $13.11 per share, with a total value of $251,712.00. Following the purchase, the director now directly owns 19,200 shares of the company’s stock, valued at approximately $251,712. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mitch Reback sold 10,088 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.23, for a total value of $153,640.24. Following the transaction, the chief financial officer now directly owns 334,421 shares in the company, valued at approximately $5,093,231.83. This represents a 2.93% decrease in their position. The disclosure for this sale can be found here. 21.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in Sweetgreen by 4.9% in the first quarter. Rhumbline Advisers now owns 144,722 shares of the company’s stock worth $3,621,000 after purchasing an additional 6,720 shares during the last quarter. Intech Investment Management LLC raised its holdings in shares of Sweetgreen by 38.1% in the first quarter. Intech Investment Management LLC now owns 75,756 shares of the company’s stock worth $1,895,000 after buying an additional 20,885 shares during the period. SCS Capital Management LLC bought a new stake in shares of Sweetgreen during the 1st quarter worth approximately $374,000. Rip Road Capital Partners LP bought a new stake in shares of Sweetgreen during the 1st quarter worth approximately $2,077,000. Finally, Sandler Capital Management purchased a new position in Sweetgreen during the 1st quarter valued at $3,243,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.