TD Cowen Issues Positive Forecast for Sweetgreen (NYSE:SG) Stock Price

Key Points

• TD Cowen raised its price target on Sweetgreen from $7.00 to $8.00 while keeping a Hold rating. The new target still implies about 13.3% downside from the stock’s current price.
• Sweetgreen’s latest earnings disappointed, with quarterly EPS of -$0.27 versus expectations of -$0.23 and revenue of $161.52 million slightly below estimates. Revenue also fell 2.9% year over year.
• Analyst sentiment remains cautious overall, with the stock carrying an average Hold rating and an average price target of $8.04. The shares opened at $9.23 and were down 5.6% in the session.

Sweetgreen (NYSE:SG - Get Free Report) had its price objective lifted by analysts at TD Cowen from $7.00 to $8.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the stock. TD Cowen's target price points to a potential downside of 13.33% from the company's current price.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings raised Sweetgreen from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday. DA Davidson raised their target price on Sweetgreen from $5.50 to $7.00 and gave the company a "neutral" rating in a report on Monday, May 11th. Piper Sandler reduced their target price on Sweetgreen from $9.00 to $7.00 and set a "neutral" rating on the stock in a report on Friday, March 27th. UBS Group raised their target price on Sweetgreen from $6.50 to $7.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Finally, Wall Street Zen raised Sweetgreen from a "strong sell" rating to a "sell" rating in a report on Saturday. Four investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Sweetgreen presently has an average rating of "Hold" and an average price target of $8.04.

Sweetgreen Stock Down 5.6%

NYSE:SG opened at $9.23 on Wednesday. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 76.92 and a beta of 2.03. Sweetgreen has a 12-month low of $4.49 and a 12-month high of $16.70. The stock's 50 day moving average price is $6.56 and its two-hundred day moving average price is $6.46.

Sweetgreen (NYSE:SG - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.04). The firm had revenue of $161.52 million for the quarter, compared to the consensus estimate of $163.95 million. Sweetgreen had a negative return on equity of 33.07% and a net margin of 2.49%.Sweetgreen's revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.21) EPS. Equities research analysts expect that Sweetgreen will post -0.76 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Goldman Sachs Group Inc purchased 594,553 shares of the company's stock in a transaction dated Tuesday, April 7th. The stock was bought at an average cost of $5.69 per share, for a total transaction of $3,383,006.57. Following the purchase, the insider owned 11,900,255 shares of the company's stock, valued at approximately $67,712,450.95. The trade was a 5.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicolas Jammet purchased 4,428 shares of the company's stock in a transaction dated Thursday, March 5th. The stock was purchased at an average price of $5.71 per share, with a total value of $25,283.88. Following the completion of the purchase, the insider directly owned 22,543 shares in the company, valued at $128,720.53. The trade was a 24.44% increase in their position. The SEC filing for this purchase provides additional information. 19.78% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Larson Financial Group LLC lifted its stake in shares of Sweetgreen by 165.8% in the 3rd quarter. Larson Financial Group LLC now owns 3,766 shares of the company's stock valued at $30,000 after acquiring an additional 2,349 shares during the last quarter. Certuity LLC raised its position in Sweetgreen by 0.8% during the 4th quarter. Certuity LLC now owns 302,500 shares of the company's stock worth $2,045,000 after purchasing an additional 2,500 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in Sweetgreen by 18.7% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 17,202 shares of the company's stock worth $116,000 after purchasing an additional 2,715 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Sweetgreen by 26.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,362 shares of the company's stock worth $214,000 after purchasing an additional 2,987 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its position in Sweetgreen by 124.1% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 6,292 shares of the company's stock worth $50,000 after purchasing an additional 3,484 shares during the last quarter. 95.75% of the stock is currently owned by institutional investors.

Sweetgreen Company Profile

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company's menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.

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