Sweetgreen (NYSE:SG) Now Covered by Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Sweetgreen (NYSE:SG - Free Report) in a report released on Monday morning, Marketbeat reports. The brokerage issued an overweight rating and a $19.00 price objective on the stock.

A number of other equities research analysts have also recently weighed in on the company. Barclays began coverage on Sweetgreen in a research note on Friday, June 6th. They issued an "equal weight" rating and a $16.00 price objective for the company. UBS Group lowered their target price on Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Monday, May 5th. The Goldman Sachs Group lowered 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. JPMorgan Chase & Co. lowered their target price on Sweetgreen from $25.00 to $20.00 and set a "neutral" rating for the company in a research note on Monday, May 12th. Finally, Morgan Stanley lowered their target price on Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Sweetgreen presently has an average rating of "Moderate Buy" and a consensus price target of $28.31.

Sweetgreen Stock Performance

Shares of NYSE SG traded up $0.05 during trading on Monday, reaching $12.28. The stock had a trading volume of 3,981,018 shares, compared to its average volume of 3,656,672. Sweetgreen has a fifty-two week low of $12.08 and a fifty-two week high of $45.12. The business's 50-day moving average price is $16.06 and its 200-day moving average price is $24.64. The company has a market cap of $1.44 billion, a P/E ratio of -15.94 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 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 period in the previous year, the firm posted ($0.23) earnings per share. The company's revenue was up 5.3% on a year-over-year basis. Analysts forecast that Sweetgreen will post -0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other Sweetgreen news, CFO Mitch Reback sold 10,088 shares of Sweetgreen 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 completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Clifford Burrows purchased 19,200 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were acquired at an average cost of $13.11 per share, with a total value of $251,712.00. Following the completion of the acquisition, the director now directly owns 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 owned by company insiders.

Institutional Trading of Sweetgreen

Several institutional investors and hedge funds have recently made changes to their positions in SG. Massachusetts Financial Services Co. MA purchased a new stake in shares of Sweetgreen in the 4th quarter valued at about $52,558,000. Invesco Ltd. lifted its holdings in shares of Sweetgreen by 40.9% in the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock valued at $176,850,000 after purchasing an additional 1,601,666 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Sweetgreen by 30.0% in the 1st quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company's stock valued at $144,180,000 after purchasing an additional 1,330,094 shares during the last quarter. Champlain Investment Partners LLC purchased a new stake in shares of Sweetgreen in the 1st quarter valued at about $31,558,000. Finally, Durable Capital Partners LP lifted its holdings in shares of Sweetgreen by 29.5% in the 1st quarter. Durable Capital Partners LP now owns 4,525,109 shares of the company's stock valued at $113,218,000 after purchasing an additional 1,030,176 shares during the last quarter. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.