UBS Group Has Lowered Expectations for Sweetgreen (NYSE:SG) Stock Price

Key Points

• UBS Group has decreased its target price for Sweetgreen (NYSE:SG) from $19.00 to $13.00, maintaining a "buy" rating that implies a potential upside of 36.05% from the current stock price.
• Other analysts have also made downward revisions, with Bank of America lowering its target from $27.00 to $22.00, and TD Cowen cutting theirs from $15.00 to $10.00, reflecting a generally cautious outlook on the stock.
• Sweetgreen's shares fell to $9.56 during recent trading, reaching a 12-month low of $8.80, following disappointment in quarterly earnings that missed analyst estimates.

Sweetgreen (NYSE:SG - Free Report) had its price objective trimmed by UBS Group from $19.00 to $13.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

SG has been the topic of several other reports. Oppenheimer decreased their price objective on shares of Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Wells Fargo & Company restated an "overweight" rating and issued a $19.00 price objective on shares of Sweetgreen in a research report on Tuesday, July 1st. Barclays decreased their price objective on shares of Sweetgreen from $17.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Friday, August 8th. Piper Sandler reduced their price target on shares of Sweetgreen from $20.00 to $12.00 and set a "neutral" rating on the stock in a research report on Friday, August 8th. Finally, TD Securities reiterated a "hold" rating and set a $15.00 price target (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. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $17.69.

Sweetgreen Trading Down 2.3%

Shares of SG stock traded down $0.23 during trading hours on Friday, reaching $9.42. The stock had a trading volume of 1,320,533 shares, compared to its average volume of 4,796,281. The stock's fifty day simple moving average is $13.29 and its 200 day simple moving average is $18.91. Sweetgreen has a 12 month low of $8.80 and a 12 month high of $45.12. The firm has a market capitalization of $1.11 billion, a PE ratio of -11.17 and a beta of 2.04.

Sweetgreen (NYSE:SG - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.08). Sweetgreen had a negative net margin of 14.29% and a negative return on equity of 22.21%. The firm had revenue of $185.58 million during the quarter, compared to the consensus estimate of $193.47 million. During the same quarter last year, the business posted ($0.13) earnings per share. Sweetgreen's revenue was up .5% compared to the same quarter last year. As a group, equities research analysts anticipate that Sweetgreen will post -0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other Sweetgreen news, Director Clifford Burrows purchased 19,200 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was bought at an average price of $13.11 per share, with a total value of $251,712.00. Following the completion of the purchase, the director directly owned 19,200 shares of the company's stock, valued at $251,712. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Mitch Reback sold 10,088 shares of the firm'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 completion of 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 position. The disclosure for this sale can be found here. Company insiders own 19.78% of the company's stock.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quadrature Capital Ltd purchased a new position in Sweetgreen during the second quarter valued at $2,075,000. Employees Retirement System of Texas raised its position in shares of Sweetgreen by 15.5% in the 2nd quarter. Employees Retirement System of Texas now owns 91,154 shares of the company's stock worth $1,356,000 after purchasing an additional 12,249 shares during the last quarter. Northwest & Ethical Investments L.P. raised its position in shares of Sweetgreen by 4.9% in the 2nd quarter. Northwest & Ethical Investments L.P. now owns 39,912 shares of the company's stock worth $594,000 after purchasing an additional 1,870 shares during the last quarter. XTX Topco Ltd raised its position in shares of Sweetgreen by 134.0% in the 2nd quarter. XTX Topco Ltd now owns 79,689 shares of the company's stock worth $1,186,000 after purchasing an additional 45,638 shares during the last quarter. Finally, Champlain Investment Partners LLC increased its holdings in Sweetgreen by 32.0% in the 2nd quarter. Champlain Investment Partners LLC now owns 1,664,750 shares of the company's stock worth $24,771,000 after buying an additional 403,458 shares in the last quarter. Hedge funds and other institutional investors own 95.75% of the company's stock.

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.