Wells Fargo & Company Begins Coverage on Sweetgreen (NYSE:SG)

Research analysts at Wells Fargo & Company initiated coverage on shares of Sweetgreen (NYSE:SG - Get Free Report) in a research note issued on Monday,Briefing.com Automated Import reports. The firm set an "overweight" rating and a $19.00 price target on the stock. Wells Fargo & Company's price target points to a potential upside of 50.47% from the stock's current price.

Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group lowered their price target on Sweetgreen from $23.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, June 4th. JPMorgan Chase & Co. dropped their target price on shares of Sweetgreen from $25.00 to $20.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. UBS Group decreased their price target on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a report on Monday, May 5th. TD Securities reissued a "buy" rating and set a $25.00 price objective on shares of Sweetgreen in a report on Thursday, May 15th. Finally, Morgan Stanley lowered their price target on Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $28.31.

Sweetgreen Stock Performance

NYSE:SG opened at $12.63 on Monday. The stock has a market capitalization of $1.48 billion, a P/E ratio of -16.19 and a beta of 2.06. The company's 50-day simple moving average is $16.61 and its 200-day simple moving average is $25.01. Sweetgreen has a fifty-two week low of $12.37 and a fifty-two week high of $45.12.

Sweetgreen (NYSE:SG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.21). Sweetgreen had a negative net margin of 13.27% and a negative return on equity of 18.82%. The business had revenue of $166.30 million for the quarter, compared to analyst estimates of $164.68 million. During the same period in the previous year, the company earned ($0.23) earnings per share. The business's revenue for the quarter was up 5.3% on a year-over-year basis. On average, research analysts forecast that Sweetgreen will post -0.74 EPS for the current year.

Insider Buying and Selling at Sweetgreen

In related news, CFO Mitch Reback sold 4,000 shares of the firm's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $21.07, for a total value of $84,280.00. Following the transaction, the chief financial officer now directly owns 344,509 shares of the company's stock, valued at approximately $7,258,804.63. This trade represents a 1.15% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Clifford Burrows acquired 19,200 shares of the business's stock in a transaction on Friday, May 23rd. The shares were purchased at an average price of $13.11 per share, with a total value of $251,712.00. Following the completion of the purchase, the director now owns 19,200 shares in the company, valued at $251,712. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 21.52% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers grew its holdings in shares of Sweetgreen by 4.9% during the first quarter. Rhumbline Advisers now owns 144,722 shares of the company's stock worth $3,621,000 after buying an additional 6,720 shares in the last quarter. Intech Investment Management LLC boosted its position in 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 acquiring an additional 20,885 shares during the last quarter. SCS Capital Management LLC purchased a new stake in Sweetgreen during the 1st quarter valued at about $374,000. Rip Road Capital Partners LP acquired a new stake in Sweetgreen in the 1st quarter valued at about $2,077,000. Finally, Sandler Capital Management purchased a new position in Sweetgreen in the 1st quarter worth approximately $3,243,000. 95.75% of the stock is owned by institutional investors and hedge funds.

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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