Piper Sandler Issues Pessimistic Forecast for Sweetgreen (NYSE:SG) Stock Price

Sweetgreen (NYSE:SG) had its price target lowered by Piper Sandler from $12.00 to $9.00 in a research note issued on Friday, MarketBeat reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 63.19% from the stock’s previous close.

Other equities analysts have also issued reports about the company. UBS Group dropped their target price on Sweetgreen from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Monday. Morgan Stanley set a $10.00 target price on shares of Sweetgreen in a research report on Tuesday, October 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Sweetgreen in a research report on Wednesday, October 8th. Zacks Research downgraded Sweetgreen from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Finally, Bank of America reaffirmed a “neutral” rating and set a $9.50 price target (down from $18.00) on shares of Sweetgreen in a research report on Monday, October 6th. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $12.25.

Sweetgreen Stock Performance

SG traded down $0.74 on Friday, hitting $5.52. 7,899,750 shares of the company were exchanged, compared to its average volume of 5,063,287. Sweetgreen has a fifty-two week low of $5.20 and a fifty-two week high of $45.12. The firm has a market capitalization of $651.93 million, a P/E ratio of -6.57 and a beta of 1.94. The business’s fifty day moving average is $7.91 and its 200 day moving average is $11.71.

Sweetgreen (NYSE:SG) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.13). The business had revenue of $172.39 million during the quarter, compared to analysts’ expectations of $179.29 million. Sweetgreen had a negative net margin of 14.29% and a negative return on equity of 22.21%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the company earned ($0.18) EPS. Analysts forecast that Sweetgreen will post -0.74 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 11,530 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.19, for a total transaction of $105,960.70. Following the transaction, the chief financial officer directly owned 322,891 shares in the company, valued at $2,967,368.29. This represents a 3.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 19.78% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Glass Jacobson Investment Advisors llc acquired a new position in Sweetgreen in the 2nd quarter worth approximately $30,000. Nisa Investment Advisors LLC lifted its holdings in shares of Sweetgreen by 98.2% in the second quarter. Nisa Investment Advisors LLC now owns 2,129 shares of the company’s stock valued at $32,000 after purchasing an additional 1,055 shares in the last quarter. Bogart Wealth LLC boosted its position in shares of Sweetgreen by 1,150.0% in the third quarter. Bogart Wealth LLC now owns 5,000 shares of the company’s stock worth $40,000 after buying an additional 4,600 shares during the period. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Sweetgreen by 312.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 2,808 shares of the company’s stock valued at $42,000 after buying an additional 2,127 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC acquired a new position in Sweetgreen during the third quarter valued at $82,000. 95.75% of the stock is owned by institutional investors and hedge funds.

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.