Sweetgreen’s (SG) Outperform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Sweetgreen (NYSE:SG) in a report issued on Friday, Benzinga reports. They currently have a $18.00 price target on the stock.

Other research analysts have also recently issued reports about the stock. Morgan Stanley reaffirmed an equal weight rating and set a $14.00 target price on shares of Sweetgreen in a report on Monday, July 31st. Bank of America raised shares of Sweetgreen from a neutral rating to a buy rating and raised their price target for the company from $9.00 to $17.00 in a research note on Thursday, July 6th. TD Cowen lowered their target price on shares of Sweetgreen from $16.00 to $14.00 and set a market perform rating for the company in a research note on Friday, July 28th. Finally, Piper Sandler raised shares of Sweetgreen from a neutral rating to an overweight rating and lifted their target price for the stock from $13.00 to $19.00 in a research note on Monday, July 31st. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $14.00.

Sweetgreen Trading Up 0.2 %

Shares of NYSE SG opened at $12.59 on Friday. The company has a fifty day moving average price of $14.30 and a 200 day moving average price of $10.94. Sweetgreen has a 1-year low of $6.10 and a 1-year high of $20.00. The firm has a market cap of $1.41 billion, a PE ratio of -8.93 and a beta of 1.99.

Sweetgreen (NYSE:SG) last issued its earnings results on Thursday, July 27th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The firm had revenue of $152.53 million during the quarter, compared to the consensus estimate of $155.99 million. Sweetgreen had a negative net margin of 30.29% and a negative return on equity of 26.30%. Equities research analysts forecast that Sweetgreen will post -0.93 EPS for the current year.

Insider Buying and Selling

In other Sweetgreen news, CEO Jonathan Neman sold 10,000 shares of Sweetgreen stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $14.00, for a total value of $140,000.00. Following the sale, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at $29,400,000. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Mitch Reback sold 14,324 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $13.90, for a total value of $199,103.60. Following the sale, the chief financial officer now owns 448,206 shares of the company’s stock, valued at $6,230,063.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jonathan Neman sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $14.00, for a total transaction of $140,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,100,000 shares in the company, valued at approximately $29,400,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 176,021 shares of company stock worth $2,470,417. 22.03% of the stock is owned by insiders.

Institutional Trading of Sweetgreen

Several hedge funds and other institutional investors have recently modified their holdings of SG. Baillie Gifford & Co. grew its stake in Sweetgreen by 73.5% in the 2nd quarter. Baillie Gifford & Co. now owns 9,102,180 shares of the company’s stock worth $116,690,000 after buying an additional 3,857,115 shares in the last quarter. Solas Capital Management LLC bought a new position in shares of Sweetgreen in the 1st quarter worth about $12,352,000. Spyglass Capital Management LLC bought a new position in shares of Sweetgreen in the 2nd quarter worth about $18,638,000. First Manhattan CO. LLC. increased its stake in shares of Sweetgreen by 421.6% in the 1st quarter. First Manhattan CO. LLC. now owns 1,262,265 shares of the company’s stock worth $9,896,000 after acquiring an additional 1,020,265 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in Sweetgreen by 1,009.4% during the 4th quarter. Marshall Wace LLP now owns 1,009,668 shares of the company’s stock valued at $8,653,000 after purchasing an additional 918,656 shares in the last quarter. Institutional investors own 79.21% of the company’s stock.

Sweetgreen Company Profile

Sweetgreen, Inc, together with its subsidiaries, develops and operates fast-casual restaurants serving healthy foods prepared from seasonal and organic ingredients. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that can be redeemed in its restaurants.