Sweetgreen (NYSE:SG) Reaches New 12-Month High – Should You Buy?

Shares of Sweetgreen, Inc. (NYSE:SG) reached a new 52-week high on Wednesday . The company traded as high as $38.81 and last traded at $37.82, with a volume of 401782 shares trading hands. The stock had previously closed at $38.20.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on Sweetgreen from $32.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Morgan Stanley increased their price objective on shares of Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Piper Sandler reiterated a “neutral” rating and issued a $39.00 target price (up previously from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. The Goldman Sachs Group began coverage on shares of Sweetgreen in a report on Thursday, June 13th. They issued a “buy” rating and a $39.00 price objective for the company. Finally, TD Cowen reissued a “buy” rating and issued a $43.00 target price on shares of Sweetgreen in a report on Friday, September 27th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $38.20.

Sweetgreen Stock Down 0.7 %

The company has a market cap of $4.30 billion, a P/E ratio of -41.06 and a beta of 2.33. The company has a fifty day moving average of $32.87 and a 200 day moving average of $29.09.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.34%. The firm had revenue of $184.60 million for the quarter, compared to the consensus estimate of $180.79 million. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. As a group, research analysts forecast that Sweetgreen, Inc. will post -0.75 EPS for the current year.

Insiders Place Their Bets

In other news, insider Nicolas Jammet sold 21,275 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $35.10, for a total transaction of $746,752.50. Following the completion of the sale, the insider now owns 1,930,233 shares of the company’s stock, valued at $67,751,178.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Jonathan Neman sold 169,772 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.77, for a total value of $6,072,744.44. Following the completion of the sale, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at approximately $69,044,255.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nicolas Jammet sold 21,275 shares of Sweetgreen stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $35.10, for a total transaction of $746,752.50. Following the transaction, the insider now directly owns 1,930,233 shares in the company, valued at $67,751,178.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 426,061 shares of company stock worth $15,071,720. Company insiders own 21.52% of the company’s stock.

Institutional Trading of Sweetgreen

A number of hedge funds and other institutional investors have recently modified their holdings of SG. Cypress Wealth Services LLC bought a new position in Sweetgreen in the 3rd quarter worth $281,000. Atomi Financial Group Inc. bought a new position in shares of Sweetgreen in the third quarter worth about $216,000. Diversified Trust Co purchased a new stake in shares of Sweetgreen during the third quarter worth about $298,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Sweetgreen during the 2nd quarter valued at approximately $4,969,000. Finally, Cetera Investment Advisers lifted its holdings in Sweetgreen by 62.1% in the 2nd quarter. Cetera Investment Advisers now owns 55,354 shares of the company’s stock worth $1,668,000 after purchasing an additional 21,203 shares in the last quarter. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.