Sweetgreen (NYSE:SG) Reaches New 52-Week High - Here's Why

Key Points

• Sweetgreen shares reached a new 52-week high of $11.67, trading about 3.2% higher, with the company valued at approximately $1.38 billion.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating from MarketBeat, with an average price target of $8.63, below its current trading level.
• Sweetgreen’s latest quarter missed analyst expectations, reporting an adjusted loss of $0.22 per share versus a projected loss of $0.13, while revenue rose 3.8% year over year to $192.66 million.

Sweetgreen, Inc. (NYSE:SG - Get Free Report) reached a new 52-week high during mid-day trading on Thursday. The stock traded as high as $11.67 and last traded at $11.6450, with a volume of 208,480 shares. The stock had previously closed at $11.24.

Wall Street Analyst Weigh In

SG has been the topic of several research analyst reports. UBS Group lifted their price objective on shares of Sweetgreen from $6.50 to $11.00 and gave the stock a "neutral" rating in a research report on Wednesday. Royal Bank Of Canada raised their target price on Sweetgreen from $6.50 to $11.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 29th. Oppenheimer lowered their price target on Sweetgreen from $10.00 to $8.50 and set an "outperform" rating on the stock in a report on Friday, August 7th. TD Cowen upped their price target on Sweetgreen from $6.00 to $9.00 and gave the company a "hold" rating in a research report on Wednesday, October 21st. Finally, Wall Street Zen raised Sweetgreen from a "strong sell" rating to a "sell" rating in a research note on Sunday, August 16th. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $8.63.

Sweetgreen Trading Up 3.2%

The firm has a market cap of $1.38 billion, a P/E ratio of 116.06 and a beta of 2.16. The business's fifty day moving average price is $8.27 and its two-hundred day moving average price is $7.17.

Sweetgreen (NYSE:SG - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.09). The business had revenue of $192.66 million during the quarter, compared to analyst estimates of $194.50 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.20) EPS. Research analysts predict that Sweetgreen, Inc. will post -1.04 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other news, CFO Jamie McConnell sold 15,033 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 $93,354.93. Following 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $29,863.89. Following the completion of the transaction, the chief operating officer directly owned 207,076 shares in the company, valued at $1,285,941.96. The trade was a 2.27% 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 insiders.

Institutional Investors Weigh In On Sweetgreen

Large investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC raised its holdings in Sweetgreen by 175.2% in the 3rd 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. Fifth Third Bancorp bought a new stake in Sweetgreen during the first quarter valued at about $38,000. State of Alaska Department of Revenue bought a new stake in Sweetgreen during the third quarter valued at about $68,000. Sequoia Financial Advisors LLC bought a new stake in Sweetgreen during the second quarter valued at about $90,000. Finally, Versant Capital Management Inc grew its position in shares of Sweetgreen by 241.5% in the second quarter. Versant Capital Management Inc now owns 10,518 shares of the company's stock valued at $93,000 after purchasing an additional 7,438 shares during the last quarter. 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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