Sweetgreen (NYSE:SG) Earns "Overweight" Rating from Wells Fargo & Company

Sweetgreen (NYSE:SG - Get Free Report)'s stock had its "overweight" rating reiterated by stock analysts at Wells Fargo & Company in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $19.00 price objective on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 28.42% from the stock's previous close.

Other research analysts also recently issued reports about the company. TD Cowen reiterated a "hold" rating and issued a $19.00 price target on shares of Sweetgreen in a report on Tuesday. The Goldman Sachs Group dropped their price objective on Sweetgreen from $23.00 to $15.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 4th. Barclays assumed coverage on Sweetgreen in a research note on Friday, June 6th. They issued an "equal weight" rating and a $16.00 target price on the stock. Piper Sandler reduced their target price on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, UBS Group lowered their price target 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. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $25.23.

Sweetgreen Price Performance

Shares of NYSE:SG traded up $0.40 during trading hours on Tuesday, hitting $14.80. The company's stock had a trading volume of 3,435,836 shares, compared to its average volume of 3,793,814. The firm's fifty day moving average price is $14.70 and its 200 day moving average price is $22.62. Sweetgreen has a 52 week low of $11.86 and a 52 week high of $45.12. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -19.21 and a beta of 2.06.

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

Insider Activity

In other news, CFO Mitch Reback sold 10,088 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.23, for a total transaction of $153,640.24. Following the sale, the chief financial officer owned 334,421 shares in the company, valued at approximately $5,093,231.83. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Clifford Burrows acquired 19,200 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was bought at an average cost of $13.11 per share, with a total value of $251,712.00. Following the completion of the transaction, the director directly owned 19,200 shares in the company, valued at $251,712. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 21.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers grew its stake in Sweetgreen by 4.9% during the 1st quarter. Rhumbline Advisers now owns 144,722 shares of the company's stock valued at $3,621,000 after purchasing an additional 6,720 shares during the last quarter. Intech Investment Management LLC lifted its holdings in shares of Sweetgreen by 38.1% during the first quarter. Intech Investment Management LLC now owns 75,756 shares of the company's stock worth $1,895,000 after purchasing an additional 20,885 shares during the period. SCS Capital Management LLC purchased a new stake in Sweetgreen in the first quarter valued at approximately $374,000. Rip Road Capital Partners LP purchased a new stake in Sweetgreen in the first quarter valued at approximately $2,077,000. Finally, Sandler Capital Management acquired a new position in Sweetgreen in the 1st quarter worth approximately $3,243,000. Hedge funds and other institutional investors own 95.75% of the company's stock.

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.