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

Sweetgreen (NYSE:SG) had its price target lifted by stock analysts at Oppenheimer from $40.00 to $45.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s price objective would suggest a potential upside of 13.38% from the stock’s previous close.

SG has been the topic of a number of other research reports. TD Cowen restated a “buy” rating and set a $43.00 target price on shares of Sweetgreen in a research note on Friday, September 27th. Morgan Stanley upped their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Bank of America raised their price target on Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a report on Monday, August 19th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $40.00 price objective on shares of Sweetgreen in a research note on Friday. Finally, UBS Group lifted their target price on Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.80.

Sweetgreen Stock Performance

Shares of Sweetgreen stock opened at $39.69 on Friday. The stock has a market cap of $4.53 billion, a P/E ratio of -48.40 and a beta of 2.32. The stock’s fifty day moving average is $35.59 and its 200 day moving average is $31.40. Sweetgreen has a one year low of $8.64 and a one year high of $42.77.

Sweetgreen (NYSE:SG) last issued 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 return on equity of 19.34% and a negative net margin of 14.33%. The company 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 company earned ($0.20) EPS. The business’s quarterly revenue was up 21.0% compared to the same quarter last year. Analysts predict that Sweetgreen will post -0.75 EPS for the current year.

Insider Transactions at Sweetgreen

In related news, CEO Jonathan Neman sold 1,010 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $40.01, for a total transaction of $40,410.10. Following the sale, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at $77,228,422.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Jonathan Neman sold 1,010 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $40.01, for a total value of $40,410.10. Following the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at $77,228,422.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Adrienne Gemperle sold 3,868 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.31, for a total transaction of $140,447.08. Following the completion of the transaction, the insider now directly owns 114,842 shares of the company’s stock, valued at approximately $4,169,913.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 466,022 shares of company stock valued at $16,671,481 in the last ninety days. Corporate insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Several large investors have recently modified their holdings of SG. Hollencrest Capital Management purchased a new stake in Sweetgreen in the 3rd quarter worth about $35,000. Quest Partners LLC bought a new position in shares of Sweetgreen during the second quarter valued at approximately $76,000. KBC Group NV raised its holdings in shares of Sweetgreen by 29.1% in the third quarter. KBC Group NV now owns 3,127 shares of the company’s stock worth $111,000 after buying an additional 704 shares during the period. Atomi Financial Group Inc. purchased a new position in Sweetgreen during the 3rd quarter valued at $216,000. Finally, Versor Investments LP bought a new position in Sweetgreen in the 2nd quarter valued at $217,000. 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.