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

Sweetgreen (NYSE:SG - Get Free Report)'s stock had its "overweight" rating reiterated by Wells Fargo & Company in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $19.00 price objective on the stock. Wells Fargo & Company's price target would indicate a potential upside of 27.26% from the stock's current price.

A number of other equities analysts have also recently weighed in on the stock. Piper Sandler lowered their price objective on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Morgan Stanley decreased their price target on Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Friday, May 9th. JPMorgan Chase & Co. lowered their price target on Sweetgreen from $20.00 to $16.00 and set a "neutral" rating for the company in a research report on Wednesday, June 25th. Oppenheimer cut their price objective on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Finally, Barclays started coverage on Sweetgreen in a report on Friday, June 6th. They set an "equal weight" rating and a $16.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Sweetgreen presently has a consensus rating of "Hold" and an average target price of $25.23.

Sweetgreen Stock Up 9.9%

Shares of Sweetgreen stock opened at $14.93 on Tuesday. The business's fifty day simple moving average is $15.01 and its 200-day simple moving average is $23.03. The firm has a market cap of $1.75 billion, a PE ratio of -19.39 and a beta of 2.06. Sweetgreen has a 52 week low of $11.86 and a 52 week high of $45.12.

Sweetgreen (NYSE:SG - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, meeting 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 company had revenue of $166.30 million for the quarter, compared to analysts' expectations of $164.68 million. During the same quarter in the prior year, the company posted ($0.23) earnings per share. Sweetgreen's revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities analysts expect that Sweetgreen will post -0.74 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Mitch Reback sold 10,088 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was 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 directly owned 334,421 shares of the company's stock, valued at $5,093,231.83. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Clifford Burrows purchased 19,200 shares of the company's stock in a transaction on Friday, May 23rd. The stock was bought at an average price of $13.11 per share, for a total transaction of $251,712.00. Following the completion of the purchase, the director directly owned 19,200 shares of the company's stock, 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 owned by company insiders.

Institutional Trading of Sweetgreen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SG. Steward Partners Investment Advisory LLC boosted its holdings in shares of Sweetgreen by 3,571.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company's stock valued at $33,000 after buying an additional 1,000 shares in the last quarter. Headlands Technologies LLC raised its stake in Sweetgreen by 156.0% during the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock worth $39,000 after acquiring an additional 741 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in Sweetgreen by 45.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock valued at $50,000 after acquiring an additional 494 shares during the last quarter. Spire Wealth Management boosted its stake in Sweetgreen by 47.1% in the first quarter. Spire Wealth Management now owns 1,983 shares of the company's stock valued at $50,000 after acquiring an additional 635 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in Sweetgreen in the fourth quarter valued at $53,000. Institutional investors and hedge funds own 95.75% of the company's stock.

About Sweetgreen

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.