Piper Sandler Cuts Sweetgreen (NYSE:SG) Price Target to $7.00

Sweetgreen (NYSE:SG) had its price target lowered by Piper Sandler from $9.00 to $7.00 in a research note published on Friday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research firms also recently issued reports on SG. Wolfe Research started coverage on shares of Sweetgreen in a report on Monday, March 9th. They issued a “peer perform” rating on the stock. Wells Fargo & Company cut shares of Sweetgreen from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $10.00 to $7.00 in a report on Wednesday, December 17th. Oppenheimer decreased their price target on shares of Sweetgreen from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Morgan Stanley dropped their price target on shares of Sweetgreen from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 20th. Finally, DA Davidson began coverage on shares of Sweetgreen in a research report on Friday, March 6th. They set a “neutral” rating and a $5.50 price objective for the company. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $8.08.

Sweetgreen Stock Performance

Shares of Sweetgreen stock opened at $4.72 on Friday. The company has a 50-day simple moving average of $5.81 and a two-hundred day simple moving average of $6.71. The stock has a market capitalization of $558.11 million, a PE ratio of -4.14 and a beta of 1.93. Sweetgreen has a 52-week low of $4.61 and a 52-week high of $26.40.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). Sweetgreen had a negative net margin of 19.73% and a negative return on equity of 32.26%. The firm had revenue of $155.19 million for the quarter, compared to analysts’ expectations of $159.59 million. During the same quarter in the previous year, the company earned ($0.25) EPS. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. As a group, equities research analysts forecast that Sweetgreen will post -0.74 EPS for the current fiscal year.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, insider Nicolas Jammet bought 4,428 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were purchased at an average cost of $5.71 per share, for a total transaction of $25,283.88. Following the transaction, the insider owned 22,543 shares of the company’s stock, valued at $128,720.53. This represents a 24.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 19.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

Several large investors have recently added to or reduced their stakes in SG. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Sweetgreen by 548.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,437 shares of the company’s stock worth $91,000 after acquiring an additional 11,364 shares during the last quarter. Alpine Global Management LLC bought a new position in Sweetgreen during the 4th quarter valued at about $92,000. Aristides Capital LLC purchased a new stake in Sweetgreen in the 4th quarter worth about $185,000. Virtu Financial LLC bought a new stake in Sweetgreen in the fourth quarter worth about $674,000. Finally, Invesco Ltd. lifted its stake in Sweetgreen by 23.9% in the fourth quarter. Invesco Ltd. now owns 134,511 shares of the company’s stock worth $909,000 after purchasing an additional 25,921 shares during the last quarter. 95.75% of the stock is owned by institutional investors.

About Sweetgreen

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.