Sweetgreen (NYSE:SG) Stock Price Up 6.9% - Still a Buy?

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price rose 6.9% on Monday . The company traded as high as $12.91 and last traded at $13.12. Approximately 511,512 shares were traded during trading, a decline of 86% from the average daily volume of 3,661,854 shares. The stock had previously closed at $12.27.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SG. Piper Sandler cut 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. Royal Bank Of Canada reiterated an "outperform" rating and set a $45.00 price target on shares of Sweetgreen in a research note on Tuesday, February 25th. Barclays assumed coverage on shares of Sweetgreen in a research report on Friday, June 6th. They issued an "equal weight" rating and a $16.00 price objective for the company. TD Securities reiterated a "buy" rating and set a $25.00 target price on shares of Sweetgreen in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group cut their target price on Sweetgreen from $23.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday, June 4th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Sweetgreen presently has an average rating of "Moderate Buy" and a consensus target price of $28.31.

Sweetgreen Stock Up 3.4%

The firm has a fifty day moving average of $15.70 and a 200-day moving average of $24.05. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -16.41 and a beta of 2.06.

Sweetgreen (NYSE:SG - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.21). Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. The business had revenue of $166.30 million during the quarter, compared to analysts' expectations of $164.68 million. During the same quarter last year, the business posted ($0.23) earnings per share. The business's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, research analysts forecast that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Sweetgreen

Institutional investors have recently modified their holdings of the company. Summit Investment Advisors Inc. increased its stake in Sweetgreen by 4.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,479 shares of the company's stock valued at $336,000 after purchasing an additional 473 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Sweetgreen by 45.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock worth $50,000 after buying an additional 494 shares during the last quarter. Hillsdale Investment Management Inc. grew its holdings in Sweetgreen by 1.2% in the 4th quarter. Hillsdale Investment Management Inc. now owns 50,164 shares of the company's stock valued at $1,608,000 after buying an additional 600 shares during the period. Oberweis Asset Management Inc. increased its stake in shares of Sweetgreen by 0.6% during the 4th quarter. Oberweis Asset Management Inc. now owns 96,201 shares of the company's stock valued at $3,084,000 after acquiring an additional 610 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Sweetgreen by 2.1% during the 4th quarter. Arizona State Retirement System now owns 29,535 shares of the company's stock valued at $947,000 after acquiring an additional 613 shares during the last quarter. Institutional investors and hedge funds 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.

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