Wells Fargo & Company Reiterates “Overweight” Rating for Sweetgreen (NYSE:SG)

Sweetgreen (NYSE:SG)‘s stock had its “overweight” rating restated by stock analysts at Wells Fargo & Company in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $19.00 target price on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 31.85% from the company’s current price.

SG has been the subject of several other research reports. UBS Group dropped their price objective 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. JPMorgan Chase & Co. decreased their target price on Sweetgreen from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 25th. TD Securities reissued a “hold” rating and set a $15.00 price target (down from $25.00) on shares of Sweetgreen in a research note on Tuesday. Oppenheimer reduced their price objective on Sweetgreen from $35.00 to $29.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. Finally, TD Cowen reaffirmed a “hold” rating and set a $19.00 price objective on shares of Sweetgreen in a report on Tuesday. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Sweetgreen has an average rating of “Hold” and a consensus price target of $25.23.

Sweetgreen Price Performance

SG stock opened at $14.41 on Tuesday. Sweetgreen has a 1-year low of $11.86 and a 1-year high of $45.12. The business has a 50 day simple moving average of $14.88 and a two-hundred day simple moving average of $22.91. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -18.71 and a beta of 2.06.

Sweetgreen (NYSE:SG) last released its earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, hitting the consensus estimate of ($0.21). The firm had revenue of $166.30 million for the quarter, compared to the consensus estimate of $164.68 million. Sweetgreen had a negative net margin of 13.04% and a negative return on equity of 19.72%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. Sell-side analysts anticipate that Sweetgreen will post -0.74 EPS for the current fiscal year.

Insider Activity at Sweetgreen

In other news, Director Clifford Burrows acquired 19,200 shares of the business’s stock in a transaction on Friday, May 23rd. The shares were acquired at an average price of $13.11 per share, for a total transaction of $251,712.00. Following the completion of the transaction, the director directly owned 19,200 shares of the company’s stock, valued at approximately $251,712. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mitch Reback sold 10,088 shares of the firm’s 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 owned 334,421 shares of the company’s stock, valued at $5,093,231.83. This trade represents a 2.93% decrease in their position. The disclosure for this sale can be found here. Insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Several hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in Sweetgreen by 13.6% during the 4th quarter. Bank of New York Mellon Corp now owns 303,914 shares of the company’s stock valued at $9,743,000 after acquiring an additional 36,281 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of Sweetgreen by 11.9% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 25,696 shares of the company’s stock worth $824,000 after purchasing an additional 2,737 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Sweetgreen during the fourth quarter worth $630,000. US Bancorp DE boosted its stake in shares of Sweetgreen by 135.7% during the fourth quarter. US Bancorp DE now owns 6,886 shares of the company’s stock valued at $221,000 after purchasing an additional 3,965 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Sweetgreen by 3,571.4% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock worth $33,000 after purchasing an additional 1,000 shares during the last quarter. 95.75% of the stock is currently owned by 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.