Sweetgreen (NYSE:SG) Receives “Neutral” Rating from JPMorgan Chase & Co.

JPMorgan Chase & Co. restated their neutral rating on shares of Sweetgreen (NYSE:SG) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. They currently have a $25.00 target price on the stock, down from their previous target price of $32.00.

Other analysts have also issued reports about the stock. The Goldman Sachs Group decreased their price target on shares of Sweetgreen from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. UBS Group reduced their price objective on Sweetgreen from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Monday. Morgan Stanley set a $24.00 price target on shares of Sweetgreen in a report on Monday, April 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a research note on Tuesday, February 25th. Finally, Oppenheimer reduced their price target on Sweetgreen from $41.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.36.

Sweetgreen Price Performance

Sweetgreen stock opened at $18.06 on Tuesday. The company’s 50-day moving average is $21.86 and its 200 day moving average is $29.65. Sweetgreen has a 1-year low of $16.29 and a 1-year high of $45.12. The firm has a market capitalization of $2.12 billion, a P/E ratio of -23.15 and a beta of 2.31.

Sweetgreen (NYSE:SG) last issued its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.01. Sweetgreen had a negative return on equity of 18.82% and a negative net margin of 13.27%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.23) earnings per share. Research analysts anticipate that Sweetgreen will post -0.74 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In other news, CFO Mitch Reback sold 10,926 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the completion of the transaction, the chief financial officer now directly owns 344,055 shares in the company, valued at $9,093,373.65. This trade represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Rossann Williams sold 4,977 shares of Sweetgreen stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $23.80, for a total value of $118,452.60. Following the completion of the transaction, the chief operating officer now directly owns 95,516 shares of the company’s stock, valued at approximately $2,273,280.80. This represents a 4.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,852 shares of company stock valued at $871,417. 21.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sweetgreen

Institutional investors have recently modified their holdings of the business. XTX Topco Ltd purchased a new stake in shares of Sweetgreen during the 1st quarter worth $852,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Sweetgreen by 9.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,103 shares of the company’s stock valued at $728,000 after purchasing an additional 2,516 shares during the period. Baillie Gifford & Co. raised its stake in Sweetgreen by 3.4% during the 1st quarter. Baillie Gifford & Co. now owns 11,707,090 shares of the company’s stock valued at $292,911,000 after acquiring an additional 386,141 shares during the last quarter. Neo Ivy Capital Management raised its stake in shares of Sweetgreen by 500.3% during the first quarter. Neo Ivy Capital Management now owns 74,144 shares of the company’s stock worth $1,855,000 after purchasing an additional 61,793 shares during the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of Sweetgreen by 10.6% in the 1st quarter. Cetera Investment Advisers now owns 71,250 shares of the company’s stock worth $1,783,000 after acquiring an additional 6,813 shares during the period. Institutional investors and hedge funds 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.