Sweetgreen (NYSE:SG) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Sweetgreen (NYSE:SG) from a strong sell rating to a hold rating in a research report report published on Wednesday,Zacks.com reports.

Other analysts have also issued research reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sweetgreen in a research report on Wednesday, October 8th. TD Cowen decreased their target price on Sweetgreen from $15.00 to $10.00 and set a “hold” rating for the company in a research report on Friday, August 8th. Morgan Stanley set a $10.00 price objective on Sweetgreen in a research report on Tuesday, October 21st. Wells Fargo & Company lowered their target price on Sweetgreen from $13.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, November 7th. Finally, UBS Group lowered their price objective on shares of Sweetgreen from $13.00 to $12.00 and set a “buy” rating for the company in a report on Monday, November 3rd. Five investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $11.82.

Sweetgreen Price Performance

Shares of SG traded up $0.19 on Wednesday, hitting $6.13. The company’s stock had a trading volume of 13,461,760 shares, compared to its average volume of 5,251,557. The company has a 50 day moving average price of $7.57 and a 200 day moving average price of $11.27. Sweetgreen has a fifty-two week low of $5.14 and a fifty-two week high of $45.12. The company has a market capitalization of $724.88 million, a PE ratio of -6.32 and a beta of 1.94.

Sweetgreen (NYSE:SG) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.13). The firm had revenue of $172.39 million for the quarter, compared to the consensus estimate of $179.29 million. Sweetgreen had a negative return on equity of 25.67% and a negative net margin of 16.55%.The firm’s revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.18) EPS. On average, equities analysts forecast that Sweetgreen will post -0.74 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jonathan Neman bought 179,800 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was acquired at an average price of $5.56 per share, with a total value of $999,688.00. Following the completion of the purchase, the chief executive officer directly owned 179,800 shares of the company’s stock, valued at approximately $999,688. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Nicolas Jammet purchased 18,115 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were acquired at an average price of $5.51 per share, for a total transaction of $99,813.65. Following the completion of the transaction, the insider directly owned 18,115 shares of the company’s stock, valued at $99,813.65. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 19.78% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Hedge funds and other institutional investors have recently bought and sold shares of the company. Teacher Retirement System of Texas increased its stake in shares of Sweetgreen by 5.8% during the 2nd quarter. Teacher Retirement System of Texas now owns 15,981 shares of the company’s stock valued at $238,000 after acquiring an additional 877 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Sweetgreen by 98.2% in the second quarter. Nisa Investment Advisors LLC now owns 2,129 shares of the company’s stock worth $32,000 after acquiring an additional 1,055 shares in the last quarter. Police & Firemen s Retirement System of New Jersey boosted its stake in shares of Sweetgreen by 5.5% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 23,212 shares of the company’s stock valued at $345,000 after buying an additional 1,209 shares during the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych grew its holdings in Sweetgreen by 70.8% during the 1st quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 4,100 shares of the company’s stock worth $103,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Northwest & Ethical Investments L.P. increased its holdings in Sweetgreen by 4.9% in the second quarter. Northwest & Ethical Investments L.P. now owns 39,912 shares of the company’s stock valued at $594,000 after buying an additional 1,870 shares during the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

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.