Sweetgreen (NYSE:SG) Given New $16.00 Price Target at JPMorgan Chase & Co.

Sweetgreen (NYSE:SG) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $20.00 to $16.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 17.01% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company started coverage on shares of Sweetgreen in a research report on Monday, June 16th. They set an “overweight” rating and a $19.00 price target for the company. Morgan Stanley lowered their target price on Sweetgreen from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Friday, May 9th. UBS Group dropped their price target on Sweetgreen from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Piper Sandler dropped their price objective on shares of Sweetgreen from $27.00 to $20.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Finally, Citigroup cut their target price on shares of Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Sweetgreen Stock Performance

Shares of SG stock opened at $13.67 on Wednesday. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of -17.76 and a beta of 2.06. Sweetgreen has a 52-week low of $11.86 and a 52-week high of $45.12. The company has a 50-day simple moving average of $15.15 and a two-hundred day simple moving average of $23.53.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.21). The firm had revenue of $166.30 million for the quarter, compared to the consensus estimate of $164.68 million. Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.23) EPS. On average, sell-side analysts forecast that Sweetgreen will post -0.74 EPS for the current fiscal year.

Insider Buying and Selling at Sweetgreen

In other news, CFO Mitch Reback sold 10,088 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.23, for a total value of $153,640.24. Following the completion of the sale, the chief financial officer now owns 334,421 shares of the company’s stock, valued at approximately $5,093,231.83. The trade was a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Clifford Burrows purchased 19,200 shares of Sweetgreen stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average price of $13.11 per share, for a total transaction of $251,712.00. Following the completion of the transaction, the director now owns 19,200 shares in the company, valued at $251,712. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SG. Rhumbline Advisers grew its position in shares of Sweetgreen by 2.6% in the 4th quarter. Rhumbline Advisers now owns 138,002 shares of the company’s stock worth $4,424,000 after buying an additional 3,562 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Sweetgreen by 41.2% in the fourth quarter. Handelsbanken Fonder AB now owns 24,000 shares of the company’s stock worth $769,000 after acquiring an additional 7,000 shares during the period. Bank of New York Mellon Corp boosted its holdings in Sweetgreen by 13.6% in the fourth quarter. Bank of New York Mellon Corp now owns 303,914 shares of the company’s stock valued at $9,743,000 after acquiring an additional 36,281 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Sweetgreen by 11.9% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 25,696 shares of the company’s stock valued at $824,000 after acquiring an additional 2,737 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Sweetgreen during the 4th quarter valued at $630,000. 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.