Royal Bank Of Canada Lowers Sweetgreen (NYSE:SG) Price Target to $13.00

Key Points

• Royal Bank of Canada has lowered its price target for Sweetgreen (NYSE:SG) from $25.00 to $13.00, while maintaining an "outperform" rating on the stock, suggesting a potential upside of 36.05%.
• In addition to RBC, multiple analysts have reduced their price targets for Sweetgreen, with an average target price now standing at $17.69 and a consensus rating of "Hold."
• Sweetgreen's recent financial performance showed a loss of ($0.20) earnings per share, missing expectations, with revenue for the quarter reported at $185.58 million, lower than the consensus estimate.

Sweetgreen (NYSE:SG - Free Report) had its target price reduced by Royal Bank Of Canada from $25.00 to $13.00 in a research note published on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms have also recently commented on SG. Morgan Stanley lowered their price target on Sweetgreen from $22.00 to $17.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. The Goldman Sachs Group decreased their price objective on Sweetgreen from $23.00 to $15.00 and set a "neutral" rating on the stock in a report on Wednesday, June 4th. TD Cowen cut their target price on shares of Sweetgreen from $15.00 to $10.00 and set a "hold" rating for the company in a report on Friday, August 8th. TD Securities reissued a "hold" rating and issued a $15.00 target price (down from $25.00) on shares of Sweetgreen in a report on Tuesday, July 1st. Finally, Piper Sandler decreased their price target on Sweetgreen from $20.00 to $12.00 and set a "neutral" rating on the stock in a report on Friday, August 8th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $17.69.

Sweetgreen Price Performance

Shares of SG stock traded down $0.23 during trading hours on Friday, reaching $9.42. 1,320,533 shares of the company traded hands, compared to its average volume of 4,796,281. Sweetgreen has a 12-month low of $8.80 and a 12-month high of $45.12. The company has a market cap of $1.11 billion, a P/E ratio of -11.17 and a beta of 2.04. The firm has a 50-day moving average price of $13.29 and a 200 day moving average price of $18.91.

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). Sweetgreen had a negative return on equity of 22.21% and a negative net margin of 14.29%. The business had revenue of $185.58 million during the quarter, compared to analysts' expectations of $193.47 million. During the same period in the prior year, the firm posted ($0.13) earnings per share. The firm's revenue for the quarter was up .5% on a year-over-year basis. Sell-side analysts predict that Sweetgreen will post -0.74 EPS for the current year.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 10,088 shares of the company's stock in a transaction 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 transaction, the chief financial officer owned 334,421 shares of the company's stock, valued at $5,093,231.83. This represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Clifford Burrows purchased 19,200 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were purchased at an average cost of $13.11 per share, for a total transaction of $251,712.00. Following the transaction, 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. Corporate insiders own 19.78% of the company's stock.

Institutional Investors Weigh In On Sweetgreen

A number of institutional investors have recently added to or reduced their stakes in SG. LPL Financial LLC boosted its position in Sweetgreen by 400.1% during the fourth quarter. LPL Financial LLC now owns 59,592 shares of the company's stock valued at $1,911,000 after purchasing an additional 47,676 shares in the last quarter. Alliancebernstein L.P. boosted its position in Sweetgreen by 1.3% during the fourth quarter. Alliancebernstein L.P. now owns 102,967 shares of the company's stock valued at $3,301,000 after purchasing an additional 1,300 shares in the last quarter. Geode Capital Management LLC boosted its position in Sweetgreen by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 2,281,671 shares of the company's stock valued at $73,167,000 after purchasing an additional 32,262 shares in the last quarter. Wells Fargo & Company MN boosted its position in Sweetgreen by 44.0% during the fourth quarter. Wells Fargo & Company MN now owns 98,212 shares of the company's stock valued at $3,149,000 after purchasing an additional 30,022 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in Sweetgreen by 54.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company's stock valued at $523,000 after purchasing an additional 5,783 shares in the last quarter. 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.