Barclays Has Lowered Expectations for Sweetgreen (NYSE:SG) Stock Price

Key Points

• Barclays has reduced its target price for Sweetgreen (NYSE:SG) from $17.00 to $10.00, maintaining an "equal weight" rating and indicating a potential upside of 9.70% from the previous close.
• Sweetgreen's stock recently traded down 28.0%, reaching a new low of $9.12, significantly below its fifty-two week high of $45.12.
• Analysts' consensus rating for Sweetgreen is currently a "Hold," with an average target price of $20.62, reflecting mixed opinions from various brokerages regarding the company's stock performance.

Sweetgreen (NYSE:SG - Free Report) had its target price lowered by Barclays from $17.00 to $10.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other analysts have also issued reports about the company. Oppenheimer cut their price target on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. TD Cowen lowered their price objective on Sweetgreen from $15.00 to $10.00 and set a "hold" rating for the company in a research note on Friday. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $19.00 price objective on shares of Sweetgreen in a research note on Tuesday, July 1st. Piper Sandler lowered their price objective on Sweetgreen from $20.00 to $12.00 and set a "neutral" rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. lowered their price objective on Sweetgreen from $20.00 to $16.00 and set a "neutral" rating for the company in a research note on Wednesday, June 25th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Sweetgreen presently has a consensus rating of "Hold" and a consensus target price of $17.69.

Sweetgreen Price Performance

SG stock traded up $0.08 during midday trading on Friday, reaching $9.66. The company had a trading volume of 7,153,999 shares, compared to its average volume of 4,820,485. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -11.50 and a beta of 2.04. The stock has a 50 day moving average price of $13.38 and a 200-day moving average price of $18.97. Sweetgreen has a 1-year low of $8.80 and a 1-year high of $45.12.

Sweetgreen (NYSE:SG - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.08). The company had revenue of $185.58 million during the quarter, compared to analyst estimates of $193.47 million. Sweetgreen had a negative net margin of 14.29% and a negative return on equity of 21.91%. The firm's revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the firm earned ($0.13) EPS. As a group, research analysts anticipate that Sweetgreen will post -0.74 earnings per share for the current year.

Insider Buying and Selling

In other Sweetgreen news, CFO Mitch Reback sold 10,088 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.23, for a total transaction of $153,640.24. Following the transaction, the chief financial officer directly owned 334,421 shares in the company, valued at approximately $5,093,231.83. This represents a 2.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Clifford Burrows purchased 19,200 shares of the business's stock in a transaction on Friday, May 23rd. The shares were acquired at an average price of $13.11 per share, for a total transaction of $251,712.00. Following the completion of the acquisition, the director directly owned 19,200 shares in the company, valued at approximately $251,712. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 19.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sweetgreen

Large investors have recently modified their holdings of the company. Baillie Gifford & Co. increased its position in shares of 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 purchasing an additional 386,141 shares during the last quarter. FMR LLC boosted its stake in shares of Sweetgreen by 3.4% in the 4th quarter. FMR LLC now owns 10,103,969 shares of the company's stock valued at $323,933,000 after purchasing an additional 329,789 shares in the last quarter. Wellington Management Group LLP raised its position in Sweetgreen by 30.0% in the 1st quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company's stock worth $144,180,000 after purchasing an additional 1,330,094 shares during the period. Invesco Ltd. grew its position in Sweetgreen by 40.9% during the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock worth $176,850,000 after acquiring an additional 1,601,666 shares during the last quarter. Finally, Durable Capital Partners LP boosted its stake in shares of Sweetgreen by 29.5% during the first quarter. Durable Capital Partners LP now owns 4,525,109 shares of the company's stock valued at $113,218,000 after purchasing an additional 1,030,176 shares during the period. 95.75% of the stock is currently owned by institutional investors.

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.