TD Cowen Lowers Sweetgreen (NYSE:SG) Price Target to $10.00

Key Points

• TD Cowen has cut Sweetgreen's (NYSE:SG) price target from $15.00 to $10.00, maintaining a "hold" rating, indicating a potential upside of 12.63% from its current price.
• The company's recent earnings report showed a loss of ($0.20) earnings per share, missing estimates, with revenue of $185.58 million, slightly up from the previous year.
• Despite the negative outlook from analysts, Sweetgreen's stock has a market capitalization of $1.04 billion and has seen significant institutional investor interest, with 95.75% of shares owned by large investors.

Sweetgreen (NYSE:SG - Free Report) had its price objective trimmed by TD Cowen from $15.00 to $10.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other equities research analysts also recently commented on the stock. Bank of America lowered their price objective on shares of Sweetgreen from $27.00 to $22.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Oppenheimer decreased their target price on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a report on Friday, May 9th. UBS Group set a $19.00 price target on shares of Sweetgreen and gave the stock a "buy" rating in a report on Wednesday, July 30th. Piper Sandler reduced their target price on shares of Sweetgreen from $20.00 to $12.00 and set a "neutral" rating for the company in a report on Friday. Finally, TD Securities restated a "hold" rating and set a $15.00 target price (down from $25.00) on shares of Sweetgreen in a research report on Tuesday, July 1st. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Sweetgreen has an average rating of "Hold" and an average price target of $17.69.

Sweetgreen Stock Performance

SG stock traded down $0.05 on Friday, hitting $9.54. 4,236,005 shares of the company's stock were exchanged, compared to its average volume of 4,799,692. The firm has a 50 day moving average price of $13.38 and a two-hundred day moving average price of $18.97. Sweetgreen has a 12-month low of $8.80 and a 12-month high of $45.12. The stock has a market cap of $1.12 billion, a P/E ratio of -11.35 and a beta of 2.04.

Sweetgreen (NYSE:SG - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.08). The company had revenue of $185.58 million for the quarter, compared to analyst estimates of $193.47 million. Sweetgreen had a negative net margin of 14.29% and a negative return on equity of 21.91%. The business's revenue was up .5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.13) EPS. Sell-side analysts expect that Sweetgreen will post -0.74 earnings per share for the current fiscal year.

Insider Transactions at Sweetgreen

In other Sweetgreen news, Director Clifford Burrows acquired 19,200 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was 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 of the company's stock, valued at $251,712. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mitch Reback sold 10,088 shares of the 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 transaction, the chief financial officer owned 334,421 shares in the company, valued at $5,093,231.83. This trade represents a 2.93% decrease in their position. The disclosure for this sale can be found here. 19.78% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

Institutional investors have recently bought and sold shares of the company. Segall Bryant & Hamill LLC raised its position in shares of Sweetgreen by 20.7% in the second quarter. Segall Bryant & Hamill LLC now owns 266,368 shares of the company's stock valued at $3,964,000 after buying an additional 45,716 shares during the last quarter. Rhumbline Advisers grew its stake in Sweetgreen by 9.3% during the 2nd quarter. Rhumbline Advisers now owns 158,251 shares of the company's stock valued at $2,355,000 after acquiring an additional 13,529 shares in the last quarter. AXQ Capital LP acquired a new stake in Sweetgreen in the 2nd quarter valued at about $367,000. Legal & General Group Plc raised its holdings in Sweetgreen by 5.2% in the 2nd quarter. Legal & General Group Plc now owns 123,371 shares of the company's stock valued at $1,836,000 after acquiring an additional 6,052 shares during the last quarter. Finally, Entropy Technologies LP purchased a new position in Sweetgreen in the 2nd quarter worth approximately $443,000. 95.75% of the stock is currently 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.