Sweetgreen (NYSE:SG) Stock Price Target Raised at Oppenheimer

Sweetgreen (NYSE:SG) had its target price increased by investment analysts at Oppenheimer from $8.50 to $14.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer‘s price target would indicate a potential upside of 13.90% from the company’s current price.

SG has been the topic of several other research reports. Royal Bank Of Canada upped their price target on Sweetgreen from $6.50 to $11.00 and gave the stock an “outperform” rating in a report on Tuesday, September 29th. UBS Group lifted their price objective on Sweetgreen from $6.50 to $11.00 and gave the company a “neutral” rating in a research note on Wednesday, October 28th. Morgan Stanley boosted their price objective on Sweetgreen from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 15th. KeyCorp upped their target price on shares of Sweetgreen from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Weiss Ratings lowered shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $9.76.

Sweetgreen Stock Up 6.4%

SG stock traded up $0.74 during midday trading on Friday, hitting $12.29. The company’s stock had a trading volume of 3,972,479 shares, compared to its average volume of 5,060,094. The firm has a 50-day simple moving average of $8.83 and a 200-day simple moving average of $7.28. The firm has a market capitalization of $1.46 billion, a P/E ratio of 122.56 and a beta of 2.11. Sweetgreen has a 52-week low of $4.49 and a 52-week high of $12.31.

Sweetgreen (NYSE:SG) last announced its quarterly earnings data on Friday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.26). The business had revenue of $176.02 million for the quarter, compared to analysts’ expectations of $170.07 million. Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.31) earnings per share. On average, sell-side analysts expect that Sweetgreen will post -1.04 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In other Sweetgreen news, CFO Jamie McConnell sold 15,033 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were 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 $1,307,136.69. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $29,863.89. Following the sale, the chief operating officer directly owned 207,076 shares in the company, valued at approximately $1,285,941.96. The trade was a 2.27% 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 owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Eastern Bank raised its stake in Sweetgreen by 7.3% during the 3rd quarter. Eastern Bank now owns 27,054 shares of the company’s stock worth $240,000 after acquiring an additional 1,830 shares in the last quarter. Sterling Capital Management LLC lifted its position in Sweetgreen by 175.2% in the third quarter. Sterling Capital Management LLC now owns 2,936 shares of the company’s stock valued at $26,000 after acquiring an additional 1,869 shares during the last quarter. Fifth Third Bancorp acquired a new position in Sweetgreen in the first quarter valued at $38,000. Versant Capital Management Inc boosted its stake in Sweetgreen by 241.5% in the second quarter. Versant Capital Management Inc now owns 10,518 shares of the company’s stock valued at $93,000 after acquiring an additional 7,438 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in Sweetgreen in the third quarter valued at $68,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

More Sweetgreen News

Here are the key news stories impacting Sweetgreen this week:

• Positive Sentiment: Higher targets from two bullish analysts: Wells Fargo raised its target from $11 to $14 and KeyCorp lifted its target from $12 to $13; both reiterated overweight ratings. The revisions may support investor optimism. Wells Fargo analyst rating KeyCorp analyst rating
• Positive Sentiment: Q3 revenue beat estimates and sales trends improved: Revenue was $176.0 million, up 2.1% year over year and above analysts’ expectations. Same-store sales fell 6.4%, an improvement from a 9.5% decline a year earlier. Sweetgreen’s quarterly loss was narrower than the year-ago loss, and one estimate put it below consensus. Q3 results Zacks earnings report
• Neutral Sentiment: TD Cowen raised its target but stayed cautious: The firm increased its target from $9 to $11, but kept a hold rating; its target is below the cited current share price. TD Cowen analyst rating
• Negative Sentiment: Recovery remains incomplete: Same-store sales were still down, and revenue growth was modest. Coverage also highlighted the lingering impact of a cyclospora outbreak and slower growth, tempering the otherwise better-than-expected results. Same-store sales and outbreak coverage

About Sweetgreen

Sweetgreen, Inc operates a fast-casual restaurant company focused on fresh, customizable meals. Its menu includes salads, grain bowls, protein plates, sides, and beverages made with seasonal produce and other ingredients. Customers can order in restaurants or through Sweetgreen’s website and mobile application, with options for pickup and delivery.

Founded in 2007 by Nicolas Jammet, Jonathan Neman, and Nathaniel Ru, Sweetgreen began as a single restaurant in Washington, DC The company has expanded its restaurant network across metropolitan areas in the United States, with locations concentrated in major markets on the East and West coasts and in other regions.