Morgan Stanley Lowers Sweetgreen (NYSE:SG) Price Target to $17.00

Sweetgreen (NYSE:SG - Get Free Report) had its price objective dropped by equities researchers at Morgan Stanley from $22.00 to $17.00 in a report released on Monday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price objective would suggest a potential upside of 22.33% from the company's current price.

SG has been the topic of several other reports. TD Securities reaffirmed a "hold" rating and set a $15.00 target price (down from $25.00) on shares of Sweetgreen in a report on Tuesday, July 1st. JPMorgan Chase & Co. dropped their price objective on shares of Sweetgreen from $20.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 25th. UBS Group decreased their target price on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Barclays began coverage on shares of Sweetgreen in a research report on Friday, June 6th. They set an "equal weight" rating and a $16.00 price target on the stock. Finally, The Goldman Sachs Group decreased their price objective on shares of Sweetgreen from $23.00 to $15.00 and set a "neutral" rating for the company in a research report on Wednesday, June 4th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Sweetgreen presently has an average rating of "Hold" and a consensus price target of $24.92.

Sweetgreen Stock Performance

Shares of NYSE SG traded up $0.83 during mid-day trading on Monday, hitting $13.90. The stock had a trading volume of 2,910,919 shares, compared to its average volume of 3,811,426. The firm has a market cap of $1.63 billion, a PE ratio of -18.01 and a beta of 2.06. The company has a 50 day moving average of $13.77 and a two-hundred day moving average of $21.51. Sweetgreen has a twelve month low of $11.86 and a twelve month high of $45.12.

Sweetgreen (NYSE:SG - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, hitting 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 firm had revenue of $166.30 million during the quarter, compared to the consensus estimate of $164.68 million. During the same quarter in the previous year, the company posted ($0.23) earnings per share. The company's revenue was up 5.3% compared to the same quarter last year. Equities research analysts predict that Sweetgreen will post -0.74 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other news, CFO Mitch Reback sold 10,088 shares of Sweetgreen 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 sale, the chief financial officer directly owned 334,421 shares of the company's stock, valued at $5,093,231.83. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Clifford Burrows acquired 19,200 shares of Sweetgreen stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average cost of $13.11 per share, with a total value of $251,712.00. Following the completion of the purchase, the director owned 19,200 shares in the company, valued at $251,712. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 21.52% of the company's stock.

Institutional Investors Weigh In On Sweetgreen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC increased its holdings in shares of Sweetgreen by 3,571.4% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company's stock valued at $33,000 after purchasing an additional 1,000 shares during the last quarter. Headlands Technologies LLC raised its holdings in shares of Sweetgreen by 156.0% during 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 during the period. Tower Research Capital LLC TRC boosted its position in shares of 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 acquiring an additional 494 shares during the last quarter. Spire Wealth Management grew its holdings 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, Millstone Evans Group LLC purchased a new stake in shares of Sweetgreen in the fourth quarter valued at about $53,000. Institutional investors and hedge funds 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.