Oppenheimer Forecasts Strong Price Appreciation for Sweetgreen (NYSE:SG) Stock

by · The Markets Daily

Sweetgreen (NYSE:SG – Get Free Report) had its price objective lifted by analysts at Oppenheimer from $40.00 to $45.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price objective suggests a potential upside of 7.35% from the stock’s previous close.

A number of other brokerages also recently issued reports on SG. Bank of America boosted their price objective on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Piper Sandler reaffirmed a “neutral” rating and issued a $39.00 target price (up previously from $33.00) on shares of Sweetgreen in a report on Monday, August 19th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $40.00 target price on shares of Sweetgreen in a report on Friday. TD Cowen reaffirmed a “buy” rating and issued a $43.00 target price on shares of Sweetgreen in a report on Friday, September 27th. Finally, UBS Group upped their target price on shares of Sweetgreen from $31.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Sweetgreen has an average rating of “Moderate Buy” and a consensus target price of $38.80.

Read Our Latest Stock Analysis on SG

Sweetgreen Stock Down 0.7 %

Shares of SG stock traded down $0.28 during trading hours on Friday, hitting $41.92. 6,207,882 shares of the company’s stock traded hands, compared to its average volume of 2,846,728. The stock’s fifty day simple moving average is $35.43 and its two-hundred day simple moving average is $31.21. Sweetgreen has a 12-month low of $8.64 and a 12-month high of $42.77. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of -51.12 and a beta of 2.32.

Sweetgreen (NYSE:SG – Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates 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 previous year, the firm earned ($0.20) earnings per share. Sweetgreen’s revenue was up 21.0% on a year-over-year basis. On average, equities analysts forecast that Sweetgreen will post -0.75 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In related news, CFO Mitch Reback sold 9,156 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.61, for a total transaction of $335,201.16. Following the transaction, the chief financial officer now directly owns 379,181 shares in the company, valued at approximately $13,881,816.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Sweetgreen news, insider Nathaniel Ru sold 9,250 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $28.74, for a total value of $265,845.00. Following the transaction, the insider now directly owns 1,952,129 shares in the company, valued at $56,104,187.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mitch Reback sold 9,156 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.61, for a total transaction of $335,201.16. Following the completion of the transaction, the chief financial officer now owns 379,181 shares in the company, valued at $13,881,816.41. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 466,022 shares of company stock worth $16,671,481. Insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

A number of hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. grew 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 acquiring an additional 721,740 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Sweetgreen by 0.8% during the first quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock valued at $212,713,000 after purchasing an additional 70,395 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in shares of 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 purchasing an additional 1,878,216 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of 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 purchasing an additional 39,823 shares in the last quarter. Finally, Hood River Capital Management LLC boosted its stake in shares of Sweetgreen by 42.6% during the second quarter. Hood River Capital Management LLC now owns 1,643,028 shares of the company’s stock valued at $49,521,000 after purchasing an additional 490,806 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors.

About Sweetgreen

(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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