Sweetgreen (NYSE:SG) Given New $14.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised its Sweetgreen price target to $14 from $11 and maintained an Overweight rating, implying 21.49% upside from the stock’s current price.
• Analyst opinion is mixed: six analysts rate the stock Buy, nine Hold and three Sell; MarketBeat reports a consensus Hold rating and an $8.94 average price target.
• Sweetgreen’s latest quarterly revenue was $176.02 million, above the $170.07 million consensus and up 2.1% year over year, while its adjusted loss of $0.26 per share matched estimates.

Sweetgreen (NYSE:SG - Get Free Report) had its target price boosted by investment analysts at Wells Fargo & Company from $11.00 to $14.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 21.49% from the stock's current price.

Other equities analysts have also issued reports about the stock. Weiss Ratings lowered shares of Sweetgreen from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. UBS Group increased their price target on shares of Sweetgreen from $6.50 to $11.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 28th. TD Cowen lifted their price objective on shares of Sweetgreen from $9.00 to $11.00 and gave the company a "hold" rating in a research note on Friday. Citigroup lifted their price objective on shares of Sweetgreen from $8.00 to $13.00 and gave the company a "buy" rating in a research note on Friday, October 23rd. Finally, Morgan Stanley boosted their price objective on shares of Sweetgreen from $7.00 to $8.00 and gave the company an "equal weight" rating in a research report on Thursday, October 15th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Sweetgreen has a consensus rating of "Hold" and a consensus target price of $8.94.

Sweetgreen Stock Performance

SG opened at $11.52 on Friday. The firm has a market cap of $1.37 billion, a P/E ratio of 115.25 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's fifty day moving average is $8.83 and its 200-day moving average is $7.28.

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

Insider Activity

In related news, COO Jason Miles Cochran sold 4,809 shares of Sweetgreen stock in a transaction that occurred on Monday, August 17th. The shares were 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 $1,285,941.96. This trade represents a 2.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 that occurred on Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $93,354.93. Following the sale, the chief financial officer directly owned 210,489 shares in the company, valued at $1,307,136.69. The trade was 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. Insiders own 18.19% of the company's stock.

Hedge Funds Weigh In On Sweetgreen

A number of hedge funds have recently modified their holdings of SG. Fulcrum Asset Management LLP increased its stake 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 period. Sterling Capital Management LLC lifted its stake in shares of 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 during the period. State of Alaska Department of Revenue acquired a new position in shares of Sweetgreen in the third quarter worth approximately $68,000. Curated Wealth Partners LLC bought a new stake in Sweetgreen in the third quarter valued at approximately $480,000. Finally, Eastern Bank boosted its holdings in Sweetgreen by 7.3% in the third quarter. Eastern Bank now owns 27,054 shares of the company's stock valued at $240,000 after acquiring an additional 1,830 shares during the last quarter. Institutional investors and hedge funds own 95.75% of the company's stock.

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.

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