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

Sweetgreen (NYSE:SG - Get Free Report) had its price target reduced by stock analysts at Morgan Stanley from $22.00 to $17.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 24.27% from the stock's current price.

Several other research analysts also recently commented on SG. JPMorgan Chase & Co. dropped their price objective on shares of Sweetgreen from $20.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, June 25th. TD Securities reissued a "hold" rating and set a $15.00 price objective (down previously from $25.00) on shares of Sweetgreen in a report on Tuesday, July 1st. Wells Fargo & Company reissued an "overweight" rating and set a $19.00 price objective on shares of Sweetgreen in a report on Tuesday, July 1st. Barclays started coverage on shares of Sweetgreen in a report on Friday, June 6th. They set an "equal weight" rating and a $16.00 price objective for the company. Finally, Piper Sandler dropped their price objective 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 research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $24.85.

Sweetgreen Price Performance

Shares of NYSE:SG traded up $0.04 during midday trading on Monday, hitting $13.68. The company had a trading volume of 294,933 shares, compared to its average volume of 3,799,464. The company has a market cap of $1.60 billion, a price-to-earnings ratio of -17.76 and a beta of 2.06. Sweetgreen has a 12-month low of $11.86 and a 12-month high of $45.12. The company has a fifty day moving average of $14.08 and a two-hundred day moving average of $21.76.

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

Insiders Place Their Bets

In related 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 directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Clifford Burrows bought 19,200 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was purchased 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 owned 19,200 shares in the company, valued at $251,712. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 21.52% of the company's stock.

Institutional Investors Weigh In On Sweetgreen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SG. Massachusetts Financial Services Co. MA purchased a new stake in shares of Sweetgreen during the 4th quarter worth about $52,558,000. Invesco Ltd. boosted its stake in shares of Sweetgreen by 40.9% during the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock worth $176,850,000 after acquiring an additional 1,601,666 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Sweetgreen by 30.0% during the 1st quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company's stock worth $144,180,000 after acquiring an additional 1,330,094 shares in the last quarter. Champlain Investment Partners LLC purchased a new stake in shares of Sweetgreen during the 1st quarter worth about $31,558,000. Finally, Durable Capital Partners LP lifted its stake in Sweetgreen by 29.5% in the 1st quarter. Durable Capital Partners LP now owns 4,525,109 shares of the company's stock valued at $113,218,000 after buying an additional 1,030,176 shares in the last quarter. 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.

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