KeyCorp Issues Positive Forecast for Sweetgreen (NYSE:SG) Stock Price

Key Points

• KeyCorp raised Sweetgreen’s price target from $12 to $13 and reiterated its “overweight” rating, implying 13.18% upside from the prior close.
• Analyst views are mixed: six rate the stock Buy, nine Hold, and three Sell; MarketBeat reports a consensus “Hold” rating and an average price target of $9.01.
• Sweetgreen reported quarterly EPS of -$0.26, in line with expectations, while revenue of $176.02 million beat estimates and grew 2.1% year over year.

Sweetgreen (NYSE:SG - Get Free Report) had its price objective upped by equities research analysts at KeyCorp from $12.00 to $13.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. KeyCorp's target price indicates a potential upside of 13.18% from the stock's previous close.

Other analysts have also recently issued research reports about the company. Wall Street Zen upgraded Sweetgreen from a "strong sell" rating to a "sell" rating in a research report on Sunday, August 16th. Weiss Ratings lowered shares of Sweetgreen from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. Citigroup upped their price objective on Sweetgreen from $8.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, October 23rd. Oppenheimer dropped their price target on shares of Sweetgreen from $10.00 to $8.50 and set an "outperform" rating for the company in a research note on Friday, August 7th. Finally, Royal Bank Of Canada upped their price objective on Sweetgreen from $6.50 to $11.00 and gave the company an "outperform" rating in a research report on Tuesday, September 29th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $9.01.

Sweetgreen Stock Down 0.6%

SG opened at $11.49 on Friday. The stock has a market cap of $1.37 billion, a PE ratio of 114.66 and a beta of 2.11. Sweetgreen has a 52 week low of $4.49 and a 52 week high of $11.95. The business has a 50 day moving average of $8.83 and a 200-day moving average of $7.28.

Sweetgreen (NYSE:SG - Get Free Report) last released its quarterly earnings data on Friday, November 6th. The company reported ($0.26) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.26). The business had revenue of $176.02 million during the quarter, compared to analyst estimates of $170.07 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. Sweetgreen's revenue was up 2.1% compared to the same quarter last year. During the same period last year, the business earned ($0.31) EPS. Equities analysts anticipate that Sweetgreen will post -1.04 EPS for the current year.

Insider Buying and Selling

In other Sweetgreen news, COO Jason Miles Cochran sold 4,809 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $1,285,941.96. This trade represents a 2.27% decrease in their position. The sale was disclosed in a document filed 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 business's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $93,354.93. Following the completion of the transaction, the chief financial officer owned 210,489 shares of the company's stock, valued at approximately $1,307,136.69. This represents a 6.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Fulcrum Asset Management LLP raised its holdings in shares of Sweetgreen by 5,967.2% in the third quarter. Fulcrum Asset Management LLP now owns 13,894 shares of the company's stock valued at $121,000 after buying an additional 13,665 shares during the last quarter. Sterling Capital Management LLC raised 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 worth $26,000 after acquiring an additional 1,869 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Sweetgreen in the third quarter valued at about $68,000. Curated Wealth Partners LLC acquired a new stake in shares of Sweetgreen during the 3rd quarter valued at approximately $480,000. Finally, Eastern Bank raised its holdings in Sweetgreen by 7.3% during the third quarter. Eastern Bank now owns 27,054 shares of the company's stock worth $240,000 after purchasing an additional 1,830 shares during the last quarter. Hedge funds and other institutional investors own 95.75% of the company's stock.

Sweetgreen Company Profile

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.

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