Sweetgreen (NYSE:SG) Price Target Cut to $7.00 by Analysts at Piper Sandler
by Michael Walen · The Markets DailySweetgreen (NYSE:SG – Get Free Report) had its price objective cut by equities research analysts at Piper Sandler from $9.00 to $7.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 50.38% from the company’s previous close.
A number of other brokerages have also commented on SG. Wolfe Research assumed coverage on shares of Sweetgreen in a report on Monday, March 9th. They issued a “peer perform” rating on the stock. Oppenheimer reduced their price target on Sweetgreen from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Weiss Ratings restated a “sell (e+)” rating on shares of Sweetgreen in a report on Monday, December 29th. JPMorgan Chase & Co. upped their target price on Sweetgreen from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 20th. Finally, Barclays raised their price target on shares of Sweetgreen from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 7th. Three research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $8.08.
Check Out Our Latest Research Report on Sweetgreen
Sweetgreen Stock Down 6.0%
Shares of SG traded down $0.30 during mid-day trading on Friday, reaching $4.66. 3,542,850 shares of the company’s stock were exchanged, compared to its average volume of 4,270,792. Sweetgreen has a 52-week low of $4.64 and a 52-week high of $26.40. The company has a market cap of $551.01 million, a price-to-earnings ratio of -4.08 and a beta of 1.93. The company has a 50-day simple moving average of $5.87 and a two-hundred day simple moving average of $6.76.
Sweetgreen (NYSE:SG – Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.11). The company had revenue of $155.19 million for the quarter, compared to analysts’ expectations of $159.59 million. Sweetgreen had a negative return on equity of 32.26% and a negative net margin of 19.73%.The company’s revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.25) earnings per share. As a group, equities research analysts predict that Sweetgreen will post -0.74 EPS for the current fiscal year.
Insider Buying and Selling at Sweetgreen
In other news, insider Nicolas Jammet acquired 4,428 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were acquired at an average price of $5.71 per share, with a total value of $25,283.88. Following the acquisition, the insider directly owned 22,543 shares in the company, valued at approximately $128,720.53. The trade was a 24.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 19.78% of the company’s stock.
Hedge Funds Weigh In On Sweetgreen
Several hedge funds and other institutional investors have recently made changes to their positions in the business. RPG Investment Advisory LLC lifted its holdings in Sweetgreen by 33.2% in the 3rd quarter. RPG Investment Advisory LLC now owns 616,191 shares of the company’s stock valued at $4,916,000 after acquiring an additional 153,525 shares during the last quarter. Greenhouse Funds LLLP bought a new stake in shares of Sweetgreen in the 2nd quarter worth approximately $32,122,000. Spyglass Capital Management LLC lifted its stake in Sweetgreen by 15.2% during the second quarter. Spyglass Capital Management LLC now owns 3,899,813 shares of the company’s stock valued at $58,029,000 after purchasing an additional 513,643 shares during the last quarter. Citigroup Inc. lifted its stake in Sweetgreen by 75.8% during the third quarter. Citigroup Inc. now owns 531,171 shares of the company’s stock valued at $4,239,000 after purchasing an additional 228,961 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new position in Sweetgreen in the third quarter worth approximately $4,527,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.
Sweetgreen Company Profile
Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.
Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.