Bank of America Issues Pessimistic Forecast for Sweetgreen (NYSE:SG) Stock Price

Sweetgreen (NYSE:SG - Get Free Report) had its price objective decreased by Bank of America from $27.00 to $22.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Bank of America's target price would suggest a potential upside of 53.88% from the stock's previous close.

Other equities analysts have also recently issued reports about the company. JPMorgan Chase & Co. decreased their target price on Sweetgreen from $20.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, June 25th. Wells Fargo & Company restated an "overweight" rating and issued a $19.00 target price on shares of Sweetgreen in a report on Tuesday, July 1st. TD Cowen restated a "hold" rating and issued a $19.00 target price on shares of Sweetgreen in a report on Tuesday, July 1st. TD Securities restated a "hold" rating and issued a $15.00 target price (down previously from $25.00) on shares of Sweetgreen in a report on Tuesday, July 1st. Finally, Piper Sandler lowered their target price on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $23.31.

Sweetgreen Stock Down 0.1%

Shares of SG stock traded down $0.01 on Friday, reaching $14.30. The company's stock had a trading volume of 2,088,880 shares, compared to its average volume of 3,832,252. Sweetgreen has a 12-month low of $11.86 and a 12-month high of $45.12. The company has a market capitalization of $1.68 billion, a P/E ratio of -18.56 and a beta of 2.06. The stock's 50 day simple moving average is $13.66 and its 200-day simple moving average is $21.11.

Sweetgreen (NYSE:SG - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.21) earnings per share for the quarter, meeting the consensus estimate of ($0.21). Sweetgreen had a negative net margin of 13.04% and a negative return on equity of 19.72%. The firm had revenue of $166.30 million for the quarter, compared to analysts' expectations of $164.68 million. During the same quarter last year, the company posted ($0.23) EPS. The business's quarterly revenue was up 5.3% on a year-over-year basis. Research analysts expect that Sweetgreen will post -0.74 EPS for the current year.

Insider Activity

In other news, CFO Mitch Reback sold 10,088 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.23, for a total value of $153,640.24. Following the sale, the chief financial officer directly 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Clifford Burrows bought 19,200 shares of Sweetgreen stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average cost of $13.11 per share, for a total transaction of $251,712.00. Following the completion of the transaction, the director directly owned 19,200 shares in the company, valued at $251,712. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 21.52% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Headlands Technologies LLC increased its holdings in Sweetgreen by 156.0% in the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock worth $39,000 after acquiring an additional 741 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Sweetgreen by 45.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock valued at $50,000 after purchasing an additional 494 shares during the period. Millstone Evans Group LLC acquired a new stake in shares of Sweetgreen in the fourth quarter valued at about $53,000. Spire Wealth Management grew its position in shares of Sweetgreen by 47.1% in the first quarter. Spire Wealth Management now owns 1,983 shares of the company's stock valued at $50,000 after purchasing an additional 635 shares during the period. Finally, Thematics Asset Management acquired a new stake in shares of Sweetgreen in the fourth quarter valued at about $69,000. 95.75% of the stock is owned by institutional investors and hedge funds.

Sweetgreen Company Profile

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.