Sweetgreen (NYSE:SG) Receives Buy Rating from TD Cowen

by · The Markets Daily

Sweetgreen (NYSE:SG – Get Free Report)‘s stock had its “buy” rating reissued by TD Cowen in a report released on Friday, Benzinga reports. They presently have a $43.00 target price on the stock. TD Cowen’s target price would indicate a potential upside of 19.61% from the company’s current price.

Several other research firms have also recently weighed in on SG. Piper Sandler restated a “neutral” rating and set a $39.00 price target (up from $33.00) on shares of Sweetgreen in a report on Monday, August 19th. Royal Bank of Canada boosted their target price on Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Morgan Stanley increased their price target on Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Citigroup boosted their price objective on Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Finally, UBS Group raised their target price on Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.20.

Read Our Latest Analysis on Sweetgreen

Sweetgreen Stock Up 2.9 %

SG stock opened at $35.95 on Friday. The firm has a market capitalization of $4.10 billion, a PE ratio of -38.66 and a beta of 2.32. Sweetgreen has a twelve month low of $8.64 and a twelve month high of $38.53. The stock’s 50 day moving average is $31.52 and its 200-day moving average is $28.46.

Sweetgreen (NYSE:SG – Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.34%. The company had revenue of $184.60 million during the quarter, compared to analysts’ expectations of $180.79 million. During the same period in the previous year, the company posted ($0.20) earnings per share. The company’s quarterly revenue was up 21.0% compared to the same quarter last year. On average, equities research analysts anticipate that Sweetgreen will post -0.75 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Mitch Reback sold 9,156 shares of Sweetgreen stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.61, for a total value of $335,201.16. Following the completion of the sale, the chief financial officer now owns 379,181 shares of the company’s stock, valued at approximately $13,881,816.41. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Mitch Reback sold 9,156 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $36.61, for a total value of $335,201.16. Following the completion of the transaction, the chief financial officer now directly owns 379,181 shares of the company’s stock, valued at approximately $13,881,816.41. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jonathan Neman sold 17,020 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $35.08, for a total transaction of $597,061.60. Following the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $67,712,398.24. The disclosure for this sale can be found here. Insiders have sold 426,061 shares of company stock valued at $15,071,720 in the last 90 days. Insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SG. Baillie Gifford & Co. lifted its stake in Sweetgreen by 6.2% in the 2nd quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock worth $371,516,000 after purchasing an additional 721,740 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Sweetgreen by 0.8% in the first quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock worth $212,713,000 after buying an additional 70,395 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in Sweetgreen by 231.8% during the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after buying an additional 1,878,216 shares during the period. Dimensional Fund Advisors LP boosted its stake in Sweetgreen by 2.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,763,572 shares of the company’s stock valued at $53,151,000 after buying an additional 39,823 shares during the period. Finally, Hood River Capital Management LLC grew its position in Sweetgreen by 42.6% during the second quarter. Hood River Capital Management LLC now owns 1,643,028 shares of the company’s stock worth $49,521,000 after buying an additional 490,806 shares in the last quarter. Institutional investors own 95.75% of the company’s stock.

Sweetgreen Company Profile

(Get Free Report)

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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