Piper Sandler Lowers Sweetgreen (NYSE:SG) Price Target to $12.00

Key Points

• Piper Sandler has reduced its price target for Sweetgreen (NYSE:SG) from $20.00 to $12.00, indicating a potential downside of 5.39% from the company's previous close.
• Other analysts have also lowered their price targets for Sweetgreen, with a consensus price target of $21.15 and an average rating of "Hold."
• Sweetgreen posted a loss of ($0.20) earnings per share in its latest earnings report, missing estimates and reflecting a negative net margin of 13.04%.

Sweetgreen (NYSE:SG - Get Free Report) had its target price dropped by research analysts at Piper Sandler from $20.00 to $12.00 in a report released on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Piper Sandler's target price would indicate a potential downside of 5.39% from the company's previous close.

A number of other analysts have also commented on SG. TD Securities reissued a "hold" rating and set a $15.00 price objective (down from $25.00) on shares of Sweetgreen in a report on Tuesday, July 1st. The Goldman Sachs Group decreased their price target on Sweetgreen from $23.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, June 4th. UBS Group set a $19.00 price target on Sweetgreen and gave the company a "buy" rating in a research report on Wednesday, July 30th. JPMorgan Chase & Co. cut their price objective on shares of Sweetgreen from $20.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, June 25th. Finally, Bank of America reduced their target price on shares of Sweetgreen from $27.00 to $22.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $21.15.

Sweetgreen Stock Up 2.9%

Shares of Sweetgreen stock opened at $12.68 on Friday. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of -16.47 and a beta of 2.04. Sweetgreen has a twelve month low of $11.84 and a twelve month high of $45.12. The company's fifty day moving average is $13.53 and its 200 day moving average is $19.40.

Sweetgreen (NYSE:SG - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.08). Sweetgreen had a negative net margin of 13.04% and a negative return on equity of 19.72%. The firm had revenue of $185.58 million during the quarter, compared to analyst estimates of $193.47 million. During the same quarter in the previous year, the firm earned ($0.13) EPS. Sweetgreen's quarterly revenue was up .5% on a year-over-year basis. As a group, equities analysts anticipate that Sweetgreen will post -0.74 earnings per share for the current fiscal year.

Insider Activity

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 value of $153,640.24. Following the completion of the sale, the chief financial officer owned 334,421 shares in the company, valued at approximately $5,093,231.83. This trade represents a 2.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Clifford Burrows purchased 19,200 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was acquired at an average cost of $13.11 per share, with a total value of $251,712.00. Following the purchase, the director directly owned 19,200 shares of the company's stock, valued at $251,712. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 21.52% of the company's stock.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its position in Sweetgreen by 45.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock valued at $50,000 after buying an additional 494 shares in the last quarter. Spire Wealth Management grew its stake in shares of Sweetgreen by 47.1% in the first quarter. Spire Wealth Management now owns 1,983 shares of the company's stock worth $50,000 after acquiring an additional 635 shares during the last quarter. Glass Jacobson Investment Advisors llc bought a new position in shares of Sweetgreen during the second quarter valued at $30,000. Nisa Investment Advisors LLC raised its position in shares of Sweetgreen by 98.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,129 shares of the company's stock worth $32,000 after purchasing an additional 1,055 shares during the last quarter. Finally, Thematics Asset Management purchased a new position in shares of Sweetgreen in the 4th quarter worth about $69,000. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.