Sweetgreen (NYSE:SG) Sets New 1-Year High – What’s Next?

Sweetgreen, Inc. (NYSE:SG)’s stock price hit a new 52-week high on Thursday. The stock traded as high as $11.67 and last traded at $11.6450, with a volume of 208,480 shares changing hands. The stock had previously closed at $11.24.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. KeyCorp increased their price objective on Sweetgreen from $9.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. TD Cowen raised their price target on shares of Sweetgreen from $6.00 to $9.00 and gave the stock a “hold” rating in a research report on Wednesday, October 21st. Morgan Stanley upped their price objective on shares of Sweetgreen from $7.00 to $8.00 and gave the company an “equal weight” rating in a research report on Thursday, October 15th. Wells Fargo & Company upgraded Sweetgreen from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $6.00 to $11.00 in a research note on Monday, September 28th. Finally, Weiss Ratings downgraded Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.63.

Sweetgreen Trading Up 3.2%

The business’s fifty day moving average price is $8.27 and its 200 day moving average price is $7.17. The company has a market capitalization of $1.38 billion, a P/E ratio of 116.06 and a beta of 2.16.

Sweetgreen (NYSE:SG) last posted its earnings results on Thursday, August 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.09). The business had revenue of $192.66 million during the quarter, compared to the consensus estimate of $194.50 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 32.94%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.20) EPS. Equities research analysts anticipate that Sweetgreen, Inc. will post -1.04 EPS for the current year.

Insider Buying and Selling at Sweetgreen

In other news, CFO Jamie McConnell sold 15,033 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $93,354.93. Following the sale, the chief financial officer owned 210,489 shares in the company, valued at approximately $1,307,136.69. The trade was a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $29,863.89. Following the completion of the sale, the chief operating officer directly owned 207,076 shares in the company, valued at approximately $1,285,941.96. The trade was a 2.27% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 18.19% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors have recently added to or reduced their stakes in the company. Sterling Capital Management LLC grew its stake in Sweetgreen by 175.2% during the third quarter. Sterling Capital Management LLC now owns 2,936 shares of the company’s stock worth $26,000 after buying an additional 1,869 shares during the last quarter. State of Alaska Department of Revenue bought a new position in shares of Sweetgreen in the third quarter valued at approximately $68,000. Curated Wealth Partners LLC bought a new position in shares of Sweetgreen in the third quarter valued at approximately $480,000. Eastern Bank raised its stake in shares of Sweetgreen by 7.3% in the third quarter. Eastern Bank now owns 27,054 shares of the company’s stock valued at $240,000 after acquiring an additional 1,830 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Sweetgreen in the 2nd quarter worth approximately $90,000. 95.75% of the stock is owned by institutional investors.

About Sweetgreen

Sweetgreen, Inc operates a fast-casual restaurant company focused on fresh, customizable meals. Its menu includes salads, grain bowls, protein plates, sides, and beverages made with seasonal produce and other ingredients. Customers can order in restaurants or through Sweetgreen’s website and mobile application, with options for pickup and delivery.

Founded in 2007 by Nicolas Jammet, Jonathan Neman, and Nathaniel Ru, Sweetgreen began as a single restaurant in Washington, DC The company has expanded its restaurant network across metropolitan areas in the United States, with locations concentrated in major markets on the East and West coasts and in other regions.