Sweetgreen, Inc. (NYSE:SG – Get Free Report)’s stock price gapped down before the market opened on Thursday after Bank of America lowered their price target on the stock from $36.00 to $33.00. The stock had previously closed at $25.22, but opened at $24.36. Bank of America currently has a buy rating on the stock. Sweetgreen shares last traded at $24.41, with a volume of 193,171 shares traded.
Other research analysts also recently issued reports about the stock. Royal Bank of Canada upped their target price 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. Oppenheimer upped their target price on shares of Sweetgreen from $17.00 to $34.00 and gave the company an “outperform” rating in a research report on Monday, April 1st. Citigroup upped their target price on shares of Sweetgreen from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. William Blair restated an “outperform” rating on shares of Sweetgreen in a research report on Wednesday, May 15th. Finally, UBS Group initiated coverage on shares of Sweetgreen in a research report on Wednesday. They issued a “buy” rating and a $31.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sweetgreen has an average rating of “Moderate Buy” and an average target price of $32.20.
Insiders Place Their Bets
In other Sweetgreen news, CEO Jonathan Neman sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $31.30, for a total transaction of $6,260,000.00. Following the sale, the chief executive officer now directly owns 2,100,000 shares in the company, valued at approximately $65,730,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Sweetgreen news, CEO Jonathan Neman sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $31.30, for a total transaction of $6,260,000.00. Following the sale, the chief executive officer now directly owns 2,100,000 shares in the company, valued at approximately $65,730,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Adrienne Gemperle sold 6,808 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $30.95, for a total transaction of $210,707.60. Following the sale, the insider now owns 118,710 shares in the company, valued at $3,674,074.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 440,692 shares of company stock worth $13,738,038. Company insiders own 21.52% of the company’s stock.
Hedge Funds Weigh In On Sweetgreen
Several hedge funds have recently made changes to their positions in SG. Hood River Capital Management LLC bought a new position in shares of Sweetgreen during the 1st quarter worth approximately $29,105,000. Teca Partners LP bought a new position in shares of Sweetgreen during the 4th quarter worth approximately $8,475,000. Verition Fund Management LLC bought a new position in shares of Sweetgreen during the 4th quarter worth approximately $8,452,000. Artemis Investment Management LLP bought a new position in shares of Sweetgreen during the 1st quarter worth approximately $15,042,000. Finally, Lord Abbett & CO. LLC bought a new position in shares of Sweetgreen during the 1st quarter worth approximately $13,872,000. 95.75% of the stock is owned by institutional investors.
Sweetgreen Trading Down 5.4 %
The company has a market capitalization of $2.70 billion, a P/E ratio of -25.67 and a beta of 2.31. The firm’s 50 day moving average price is $30.00 and its two-hundred day moving average price is $21.58.
Sweetgreen (NYSE:SG – Get Free Report) last released its earnings results on Thursday, May 9th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.02). Sweetgreen had a negative net margin of 17.15% and a negative return on equity of 20.74%. The firm had revenue of $157.85 million during the quarter, compared to the consensus estimate of $152.02 million. During the same period in the prior year, the business posted ($0.29) earnings per share. Sweetgreen’s quarterly revenue was up 26.2% compared to the same quarter last year. Analysts anticipate that Sweetgreen, Inc. will post -0.73 earnings per share for the current fiscal year.
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.