Fidelity Management & Research Co recently announced the acquisition of new stake in Sweetgreen Inc. (NYSE:SG). The institutional investor has increased its shareholding in the Consumer Cyclical company by 0.60% to 13.87 million shares with purchase of 83393.0 shares. This fresh investment now brings its stake to 14.25% valued currently at $120.97 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.64 million to 7.44 million shares. And Baillie Gifford & Co. has lifted its position by 146.05% or 3.14 million shares – to 5.29 million shares.
With over 1.98 million Sweetgreen Inc. (SG) shares trading Tuesday and a closing price of $6.99 on the day, the dollar volume was approximately $13.85 million. The shares have shown a negative half year performance of -65.79% and its price on 03/14/23 gained nearly 0.29%. Currently, there are 110.97M common shares owned by the public and among those 94.86M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for SG have a consensus price objective of $11.57. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $10.00. The average price target is 38.31% above its recent price level and an upside to the estimated low will see the stock gain 30.1% over that period. But an upside of 58.88% will see the stock hit the forecast high price target while median target price for the stock is $10.00.
Insiders at the company have transacted a total of 44 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 12 of these insider trades were purchases, accounting for 104,792 shares. Insider sales of the common stock occurred on 32 occasions, with total insider shares sold totaling 245,016 shares.
The top 3 mutual fund holders in Sweetgreen Inc. are Fidelity Blue Chip Growth Fund, T Rowe Price New Horizons Fund, and Janus Henderson Contrarian Fund. Fidelity Blue Chip Growth Fund owns 7.09 million shares of the company’s stock, all valued at over $61.79 million. T Rowe Price New Horizons Fund sold -4.95 million shares to see its total holdings shrink to 6.02 million shares valued at over $52.47 million and representing 6.18% of the shares outstanding. Janus Henderson Contrarian Fund bought 0.14 million shares to bring its total holdings to over 2.88 million shares at a value of $25.1 million. Janus Henderson Contrarian Fund now owns shares totaling to 2.96% of the shares outstanding.
Shares of Sweetgreen Inc. (NYSE: SG) opened at $7.11, up $0.14 from a prior closing price of $6.97. However, the script later moved the day high at 7.33, up 0.29%. The company’s stock has a 5-day price change of -14.86% and -33.81% over the past three months. SG shares are trading -18.44% year to date (YTD), with the 12-month market performance down to -79.05% lower. It has a 12-month low price of $6.58 and touched a high of $40.10 over the same period. SG has an average intraday trading volume of 1.60 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -20.20%, -24.91%, and -50.59% respectively.
Institutional ownership of Sweetgreen Inc. (NYSE: SG) shares accounts for 96.30% of the company’s 110.97M shares outstanding. Mutual fund holders own 4.66%, while other institutional holders and individual stakeholders account for 49.83% and 33.31% respectively.
It has a market capitalization of $822.79M. The earnings-per-share (ttm) stands at -$1.73. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.45% over the week and 8.37% over the month.
Analysts forecast that Sweetgreen Inc. (SG) will achieve an EPS of -$0.35 for the current quarter, -$0.28 for the next quarter and -$1.05 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.42 while analysts give the company a high EPS estimate of -$0.24. Comparatively, EPS for the current quarter was -$1.14 a year ago. Earnings per share for the fiscal year are expected to decrease by -8.20%, and 15.80% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Sweetgreen Inc. (SG) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 4 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SG, a number of firms have released research notes about the stock. Cowen stated their Market Perform rating for the stock in a research note on February 07, 2023, with the firm’s price target at $19-$12. Morgan Stanley coverage for the Sweetgreen Inc. (SG) stock in a research note released on January 17, 2023 offered a Equal-Weight rating with a price target of $11. BofA Securities was of a view on June 27, 2022 that the stock is Neutral, while Cowen gave the stock Outperform rating on June 15, 2022, issuing a price target of $28- $22. Citigroup on their part issued Neutral rating on April 12, 2022.
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