Sweetgreen, Inc. (NYSE:SG – Get Free Report)’s share price rose 3.6% on Thursday . The company traded as high as $36.00 and last traded at $35.71. Approximately 1,580,704 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 2,749,151 shares. The stock had previously closed at $34.47.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on the stock. Oppenheimer upped their target price on shares of Sweetgreen from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. TD Cowen raised their price objective on Sweetgreen from $26.00 to $31.00 and gave the company a “hold” rating in a research note on Thursday, June 13th. JPMorgan Chase & Co. boosted their target price on Sweetgreen from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. UBS Group raised their price target on Sweetgreen from $31.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Royal Bank of Canada boosted their price objective on shares of Sweetgreen from $35.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.00.
Sweetgreen Price Performance
The stock has a market cap of $4.00 billion, a PE ratio of -37.70 and a beta of 2.30. The business has a fifty day moving average of $28.67 and a 200-day moving average of $24.85.
Sweetgreen (NYSE:SG – Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The firm had revenue of $184.60 million during the quarter, compared to analysts’ expectations of $180.79 million. During the same quarter in the prior year, the company posted ($0.20) earnings per share. Sweetgreen’s quarterly revenue was up 21.0% compared to the same quarter last year. As a group, equities research analysts predict that Sweetgreen, Inc. will post -0.75 EPS for the current year.
Insiders Place Their Bets
In other news, CEO Jonathan Neman sold 150,000 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the transaction, the chief executive officer now directly owns 2,100,000 shares in the company, valued at $64,050,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Sweetgreen 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 transaction, the chief financial officer now owns 379,181 shares in the company, valued at $13,881,816.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jonathan Neman sold 150,000 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the transaction, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at $64,050,000. The disclosure for this sale can be found here. Insiders have sold a total of 181,577 shares of company stock worth $5,678,557 in the last three months. Corporate insiders own 21.52% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of SG. Quest Partners LLC purchased a new position in Sweetgreen during the 2nd quarter worth $76,000. Versor Investments LP acquired a new stake in Sweetgreen in the second quarter worth about $217,000. Thoroughbred Financial Services LLC purchased a new stake in shares of Sweetgreen during the second quarter worth about $233,000. Nkcfo LLC acquired a new position in shares of Sweetgreen during the second quarter valued at about $241,000. Finally, Moloney Securities Asset Management LLC purchased a new position in shares of Sweetgreen in the 2nd quarter valued at approximately $256,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.
About Sweetgreen
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.