JPMorgan Chase & Co. Issues Pessimistic Forecast for Sweetgreen (NYSE:SG) Stock Price

Sweetgreen (NYSE:SG - Free Report) had its price target decreased by JPMorgan Chase & Co. from $20.00 to $16.00 in a research report released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other analysts also recently commented on the company. Royal Bank Of Canada reiterated an "outperform" rating and set a $45.00 target price on shares of Sweetgreen in a research note on Tuesday, February 25th. Wells Fargo & Company assumed coverage on Sweetgreen in a research note on Monday, June 16th. They set an "overweight" rating and a $19.00 target price on the stock. Morgan Stanley cut their target price on Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Friday, May 9th. Citigroup cut their target price on Sweetgreen from $43.00 to $39.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Finally, Oppenheimer dropped 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. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $28.00.

Sweetgreen Price Performance

SG stock traded down $0.07 on Wednesday, reaching $13.58. 4,139,719 shares of the company traded hands, compared to its average volume of 3,737,676. Sweetgreen has a one year low of $11.86 and a one year high of $45.12. The company has a market cap of $1.59 billion, a P/E ratio of -17.64 and a beta of 2.06. The firm has a fifty day simple moving average of $15.05 and a 200-day simple moving average of $23.37.

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 analysts' consensus estimates of ($0.21). Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. The company had revenue of $166.30 million during the quarter, compared to analyst estimates of $164.68 million. During the same quarter last year, the company earned ($0.23) EPS. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. On average, sell-side analysts forecast that Sweetgreen will post -0.74 EPS for the current year.

Insider Activity at Sweetgreen

In related news, CFO Mitch Reback sold 4,000 shares of Sweetgreen stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $21.07, for a total transaction of $84,280.00. Following the transaction, the chief financial officer now directly owns 344,509 shares in the company, valued at approximately $7,258,804.63. The trade was a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Clifford Burrows bought 19,200 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average price of $13.11 per share, for a total transaction of $251,712.00. Following the completion of the transaction, the director now directly owns 19,200 shares of the company's stock, valued at $251,712. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 21.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

A number of institutional investors and hedge funds have recently bought and sold shares of SG. Massachusetts Financial Services Co. MA bought a new stake in Sweetgreen during the fourth quarter valued at about $52,558,000. Invesco Ltd. increased its holdings in shares of Sweetgreen by 40.9% in the fourth quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock worth $176,850,000 after purchasing an additional 1,601,666 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Sweetgreen by 30.0% in the first 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 last quarter. Champlain Investment Partners LLC bought a new stake in shares of Sweetgreen in the first quarter worth about $31,558,000. Finally, Durable Capital Partners LP increased its holdings in shares of Sweetgreen by 29.5% in the first quarter. Durable Capital Partners LP now owns 4,525,109 shares of the company's stock worth $113,218,000 after purchasing an additional 1,030,176 shares during the last quarter. 95.75% of the stock is owned by institutional investors.

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.