Piper Sandler Has Lowered Expectations for Sweetgreen (NYSE:SG) Stock Price

Sweetgreen (NYSE:SG) had its price target decreased by equities research analysts at Piper Sandler from $9.00 to $7.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 48.46% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Sanford C. Bernstein set a $7.00 price objective on Sweetgreen in a report on Wednesday, January 7th. Wells Fargo & Company cut Sweetgreen from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $10.00 to $7.00 in a report on Wednesday, December 17th. The Goldman Sachs Group lifted their target price on Sweetgreen from $5.00 to $5.60 and gave the company a “sell” rating in a research report on Wednesday, January 28th. Weiss Ratings reissued a “sell (e+)” rating on shares of Sweetgreen in a research report on Monday, December 29th. Finally, Barclays raised their price objective on shares of Sweetgreen from $5.00 to $7.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 7th. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $8.08.

Sweetgreen Stock Performance

NYSE:SG opened at $4.72 on Friday. Sweetgreen has a fifty-two week low of $4.61 and a fifty-two week high of $26.40. The company has a 50 day moving average price of $5.81 and a 200 day moving average price of $6.72. The stock has a market capitalization of $558.11 million, a P/E ratio of -4.14 and a beta of 1.93.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, February 26th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). Sweetgreen had a negative net margin of 19.73% and a negative return on equity of 32.26%. The firm had revenue of $155.19 million during the quarter, compared to analysts’ expectations of $159.59 million. During the same period in the previous year, the firm earned ($0.25) EPS. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. Research analysts forecast that Sweetgreen will post -0.74 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In related news, insider Nicolas Jammet acquired 4,428 shares of the stock in a transaction dated Thursday, March 5th. The stock was acquired at an average cost of $5.71 per share, with a total value of $25,283.88. Following the completion of the transaction, the insider owned 22,543 shares in the company, valued at $128,720.53. This represents a 24.44% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 19.78% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SG. Larson Financial Group LLC increased its position in shares of Sweetgreen by 165.8% in the 3rd quarter. Larson Financial Group LLC now owns 3,766 shares of the company’s stock valued at $30,000 after purchasing an additional 2,349 shares during the last quarter. Bogart Wealth LLC raised its holdings in shares of Sweetgreen by 1,150.0% in the 3rd quarter. Bogart Wealth LLC now owns 5,000 shares of the company’s stock valued at $40,000 after purchasing an additional 4,600 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Sweetgreen by 312.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,808 shares of the company’s stock worth $42,000 after purchasing an additional 2,127 shares during the last quarter. CWM LLC grew its stake in shares of Sweetgreen by 212.2% during the fourth quarter. CWM LLC now owns 7,333 shares of the company’s stock worth $50,000 after purchasing an additional 4,984 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Sweetgreen by 281.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 7,912 shares of the company’s stock worth $53,000 after purchasing an additional 5,839 shares in the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

About Sweetgreen

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.