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

Key Points

• Sweetgreen shares reached a new 52-week high, climbing 4.5% to $10.63 after Morgan Stanley raised its price target from $7 to $8 while maintaining an equal-weight rating.
• Analyst sentiment remains mixed: six analysts rate the stock a Buy, nine a Hold and three a Sell, resulting in a consensus Hold rating and an average price target of $7.66.
• Sweetgreen’s latest quarterly results missed expectations, with an adjusted loss of $0.22 per share versus the $0.13 consensus estimate and revenue of $192.66 million versus $194.50 million expected; institutional investors own 95.75% of the stock.

Sweetgreen, Inc. (NYSE:SG - Get Free Report) reached a new 52-week high on Thursday after Morgan Stanley raised their price target on the stock from $7.00 to $8.00. Morgan Stanley currently has an equal weight rating on the stock. Sweetgreen traded as high as $10.63 and last traded at $10.6050, with a volume of 3,313,457 shares. The stock had previously closed at $10.14.

SG has been the topic of a number of other research reports. DA Davidson cut their price target on shares of Sweetgreen from $7.00 to $5.50 and set a "neutral" rating on the stock in a report on Monday, August 10th. Oppenheimer lowered their target price on Sweetgreen from $10.00 to $8.50 and set an "outperform" rating for the company in a research report on Friday, August 7th. TD Cowen raised their target price on Sweetgreen from $5.00 to $6.00 and gave the stock a "hold" rating in a research report on Friday, September 11th. Royal Bank Of Canada lifted their target price on Sweetgreen from $6.50 to $11.00 and gave the stock an "outperform" rating in a report on Tuesday, September 29th. Finally, Citigroup reduced their price target on Sweetgreen from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $7.66.

Insider Buying and Selling at Sweetgreen

In other news, CFO Jamie McConnell sold 15,033 shares of Sweetgreen stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total value of $93,354.93. Following the completion of the transaction, the chief financial officer directly owned 210,489 shares of the company's stock, valued at approximately $1,307,136.69. This trade represents a 6.67% decrease in their position. The transaction 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 Sweetgreen stock in a transaction dated Monday, August 17th. The stock was 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 of the company's stock, valued at approximately $1,285,941.96. This trade represents 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

Several large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP bought a new position in shares of Sweetgreen in the 2nd quarter worth $4,557,000. Bank of New York Mellon Corp bought a new stake in Sweetgreen during the 2nd quarter valued at $2,792,000. Granahan Investment Management LLC acquired a new position in Sweetgreen during the first quarter worth $1,472,000. Quantinno Capital Management LP raised its holdings in Sweetgreen by 495.3% during the first quarter. Quantinno Capital Management LP now owns 193,757 shares of the company's stock worth $1,006,000 after buying an additional 161,209 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Sweetgreen in the fourth quarter valued at $674,000. Institutional investors and hedge funds own 95.75% of the company's stock.

Sweetgreen Stock Up 4.5%

The stock has a market capitalization of $1.26 billion, a P/E ratio of 106.06 and a beta of 2.16. The business's 50 day simple moving average is $7.39 and its two-hundred day simple moving average is $7.40.

Sweetgreen (NYSE:SG - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.09). Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%. The business had revenue of $192.66 million for the quarter, compared to the consensus estimate of $194.50 million. During the same period in the previous year, the firm earned ($0.20) earnings per share. The company's revenue was up 3.8% on a year-over-year basis. Analysts predict that Sweetgreen, Inc. will post -1.03 earnings per share for the current year.

Sweetgreen Company Profile

Sweetgreen, Inc operates a fast-casual restaurant chain focused on fresh, made-to-order meals. Its menu includes salads, warm grain bowls, protein plates, sides and beverages, with an emphasis on seasonal ingredients, customizable meals and health-conscious dining.

The company serves customers through company-operated restaurants in the United States, as well as digital channels that support online ordering, delivery, pickup and its loyalty program. Sweetgreen also uses technology in restaurant operations, including automated kitchen systems at select locations, to help improve consistency and service efficiency.

Sweetgreen was founded in 2007 by Nicolas Jammet, Jonathan Neman and Nathaniel Ru while they were students at Georgetown University.

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