Sweetgreen (NYSE:SG) Sets New 52-Week High on Analyst Upgrade

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price reached a new 52-week high on Friday after Citigroup raised their price target on the stock from $25.00 to $28.00. Citigroup currently has a neutral rating on the stock. Sweetgreen traded as high as $34.45 and last traded at $32.96, with a volume of 7367530 shares changing hands. The stock had previously closed at $23.56.

A number of other equities research analysts have also recently commented on SG. Piper Sandler increased their target price on Sweetgreen from $16.00 to $19.00 and gave the company an "overweight" rating in a report on Friday, March 1st. Royal Bank of Canada lifted their price objective on Sweetgreen from $20.00 to $35.00 and gave the stock an "outperform" rating in a research report on Friday. Morgan Stanley raised their price target on shares of Sweetgreen from $16.00 to $17.00 and gave the stock an "underweight" rating in a research note on Friday. Oppenheimer boosted their price objective on shares of Sweetgreen from $17.00 to $34.00 and gave the company an "outperform" rating in a research report on Monday, April 1st. Finally, TD Cowen lifted their target price on shares of Sweetgreen from $22.00 to $26.00 and gave the stock a "hold" rating in a research note on Friday. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $25.75.

Insider Transactions at Sweetgreen

In related news, CEO Jonathan Neman sold 58,067 shares of Sweetgreen stock in a transaction on Friday, March 1st. The stock was sold at an average price of $16.36, for a total value of $949,976.12. Following the transaction, the chief executive officer now owns 2,100,000 shares in the company, valued at $34,356,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Mitch Reback sold 29,475 shares of the firm's stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $21.01, for a total value of $619,269.75. Following the transaction, the chief financial officer now owns 405,584 shares of the company's stock, valued at approximately $8,521,319.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jonathan Neman sold 58,067 shares of Sweetgreen stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.36, for a total transaction of $949,976.12. Following the transaction, the chief executive officer now owns 2,100,000 shares in the company, valued at approximately $34,356,000. The disclosure for this sale can be found here. Insiders sold a total of 130,267 shares of company stock worth $2,090,933 in the last ninety days. Insiders own 21.52% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Bourgeon Capital Management LLC acquired a new stake in shares of Sweetgreen in the third quarter valued at about $29,000. Perigon Wealth Management LLC acquired a new stake in Sweetgreen in the first quarter valued at approximately $223,000. Quest Partners LLC purchased a new stake in shares of Sweetgreen during the fourth quarter valued at approximately $104,000. Clear Harbor Asset Management LLC purchased a new stake in shares of Sweetgreen during the fourth quarter valued at approximately $113,000. Finally, Entropy Technologies LP acquired a new position in shares of Sweetgreen during the first quarter worth $279,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

Sweetgreen Stock Up 34.2 %

The firm's 50 day moving average price is $22.34 and its two-hundred day moving average price is $14.74.

Sweetgreen (NYSE:SG - Get Free Report) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.23) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.02). Sweetgreen had a negative return on equity of 21.58% and a negative net margin of 19.41%. The firm had revenue of $157.85 million during the quarter, compared to analyst estimates of $152.02 million. During the same quarter in the prior year, the firm earned ($0.29) EPS. The business's quarterly revenue was up 26.2% compared to the same quarter last year. As a group, analysts anticipate that Sweetgreen, Inc. will post -0.71 EPS for the current fiscal year.

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.