Barclays Forecasts Strong Price Appreciation for Sweetgreen (NYSE:SG) Stock

Sweetgreen (NYSE:SG - Get Free Report) had its price objective lifted by research analysts at Barclays from $16.00 to $17.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's target price would indicate a potential upside of 24.72% from the stock's previous close.

Several other equities research analysts also recently issued reports on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $19.00 price objective on shares of Sweetgreen in a research note on Tuesday, July 1st. Oppenheimer cut their price target on shares of Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Piper Sandler cut their price target on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. UBS Group dropped their target price on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Finally, Morgan Stanley reduced their price objective on Sweetgreen from $22.00 to $17.00 and set an "equal weight" rating for the company in a research report on Monday. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Sweetgreen presently has a consensus rating of "Hold" and an average target price of $24.92.

Sweetgreen Stock Performance

NYSE:SG traded up $0.56 during mid-day trading on Thursday, hitting $13.63. 5,740,565 shares of the company's stock traded hands, compared to its average volume of 3,825,690. The company has a market cap of $1.60 billion, a PE ratio of -17.70 and a beta of 2.06. Sweetgreen has a 1 year low of $11.86 and a 1 year high of $45.12. The firm's 50 day simple moving average is $13.68 and its 200 day simple moving average is $21.38.

Sweetgreen (NYSE:SG - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, hitting analysts' consensus estimates of ($0.21). Sweetgreen had a negative net margin of 13.04% and a negative return on equity of 19.72%. The business had revenue of $166.30 million during the quarter, compared to the consensus estimate of $164.68 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. The company's quarterly revenue was up 5.3% compared to the same quarter last year. On average, research analysts expect that Sweetgreen will post -0.74 earnings per share for the current fiscal year.

Insider Transactions at Sweetgreen

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sequoia Financial Advisors LLC lifted its position in shares of Sweetgreen by 50.8% in the first quarter. Sequoia Financial Advisors LLC now owns 13,280 shares of the company's stock worth $332,000 after purchasing an additional 4,474 shares in the last quarter. Stifel Financial Corp raised its position in shares of Sweetgreen by 55.3% in the fourth quarter. Stifel Financial Corp now owns 12,562 shares of the company's stock valued at $403,000 after purchasing an additional 4,474 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Sweetgreen by 4.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,191 shares of the company's stock valued at $936,000 after purchasing an additional 1,278 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Sweetgreen by 54.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company's stock valued at $523,000 after purchasing an additional 5,783 shares during the period. Finally, LPL Financial LLC grew its stake in shares of Sweetgreen by 400.1% in the fourth quarter. LPL Financial LLC now owns 59,592 shares of the company's stock worth $1,911,000 after acquiring an additional 47,676 shares during the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Sweetgreen Company Profile

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.