Sweetgreen (NYSE:SG) Given New $22.00 Price Target at Bank of America

Sweetgreen (NYSE:SG - Get Free Report) had its target price cut by investment analysts at Bank of America from $27.00 to $22.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Bank of America's target price suggests a potential upside of 56.49% from the company's previous close.

SG has been the subject of a number of other reports. JPMorgan Chase & Co. reduced their price objective on shares of Sweetgreen from $20.00 to $16.00 and set a "neutral" rating for the company in a research report on Wednesday, June 25th. Morgan Stanley reduced their price objective on shares of Sweetgreen from $22.00 to $17.00 and set an "equal weight" rating for the company in a research report on Monday. Oppenheimer reduced their price objective on shares of Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Barclays upped their price objective on shares of Sweetgreen from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research report on Thursday. Finally, UBS Group reduced their price objective on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $23.31.

Sweetgreen Stock Performance

Shares of NYSE SG traded up $0.47 during trading on Friday, hitting $14.06. 899,765 shares of the company traded hands, compared to its average volume of 3,815,548. The business's fifty day moving average is $13.68 and its 200 day moving average is $21.38. Sweetgreen has a fifty-two week low of $11.86 and a fifty-two week high of $45.12. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of -18.19 and a beta of 2.06.

Sweetgreen (NYSE:SG - Get Free Report) last announced 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 analyst estimates of $164.68 million. During the same quarter in the prior year, the business earned ($0.23) earnings per share. The business's quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts predict that Sweetgreen will post -0.74 EPS for the current year.

Insider Activity at Sweetgreen

In related news, CFO Mitch Reback sold 10,088 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.23, for a total value of $153,640.24. Following the completion of the transaction, the chief financial officer directly owned 334,421 shares of the company's stock, 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 acquired 19,200 shares of the business'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 completion of the acquisition, the director owned 19,200 shares in the company, valued at $251,712. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 21.52% of the stock is currently owned by company insiders.

Institutional Trading of Sweetgreen

Institutional investors and hedge funds have recently bought and sold shares of the company. Sequoia Financial Advisors LLC lifted its stake in Sweetgreen by 50.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 13,280 shares of the company's stock worth $332,000 after purchasing an additional 4,474 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of Sweetgreen by 55.3% during the 4th quarter. Stifel Financial Corp now owns 12,562 shares of the company's stock worth $403,000 after acquiring an additional 4,474 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Sweetgreen by 4.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,191 shares of the company's stock worth $936,000 after acquiring an additional 1,278 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Sweetgreen by 54.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company's stock worth $523,000 after acquiring an additional 5,783 shares during the last quarter. Finally, LPL Financial LLC lifted its holdings in shares of Sweetgreen by 400.1% during the 4th quarter. LPL Financial LLC now owns 59,592 shares of the company's stock worth $1,911,000 after acquiring an additional 47,676 shares during the last quarter. 95.75% of the stock is currently owned by hedge funds and other 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.

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