JPMorgan Chase & Co. Lowers Sweetgreen (NYSE:SG) Price Target to $20.00

Sweetgreen (NYSE:SG) had its price objective lowered by JPMorgan Chase & Co. from $25.00 to $20.00 in a report issued on Monday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research analysts have also issued reports on the company. UBS Group cut their price target on Sweetgreen from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Morgan Stanley dropped their target price on Sweetgreen from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Friday, May 9th. Royal Bank of Canada restated an “outperform” rating and issued a $45.00 target price on shares of Sweetgreen in a report on Tuesday, February 25th. TD Securities dropped their target price on Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Oppenheimer dropped their target price on Sweetgreen from $35.00 to $29.00 and set an “outperform” rating on the stock in a report on Friday, May 9th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Sweetgreen currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.73.

Sweetgreen Stock Performance

Shares of NYSE:SG opened at $15.35 on Monday. The business’s 50 day simple moving average is $21.26 and its two-hundred day simple moving average is $29.05. The firm has a market cap of $1.80 billion, a P/E ratio of -19.68 and a beta of 2.31. Sweetgreen has a 52-week low of $14.61 and a 52-week high of $45.12.

Sweetgreen (NYSE:SG) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.21). The business had revenue of $166.30 million for the quarter, compared to analyst estimates of $164.68 million. Sweetgreen had a negative return on equity of 18.82% and a negative net margin of 13.27%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.23) earnings per share. On average, equities analysts forecast that Sweetgreen will post -0.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mitch Reback sold 10,926 shares of Sweetgreen stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the sale, the chief financial officer now directly owns 344,055 shares in the company, valued at approximately $9,093,373.65. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jonathan Neman sold 5,717 shares of Sweetgreen stock in a transaction on Monday, March 17th. The stock was sold at an average price of $23.80, for a total value of $136,064.60. Following the sale, the chief executive officer now owns 1,810,263 shares in the company, valued at $43,084,259.40. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,852 shares of company stock worth $871,417. 21.52% of the stock is owned by company insiders.

Institutional Trading of Sweetgreen

A number of large investors have recently bought and sold shares of SG. Massachusetts Financial Services Co. MA purchased a new stake in Sweetgreen in the fourth quarter worth $52,558,000. Invesco Ltd. increased its position in Sweetgreen by 40.9% in the fourth quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock worth $176,850,000 after buying an additional 1,601,666 shares during the last quarter. Wellington Management Group LLP increased its position in Sweetgreen by 30.0% in the first quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company’s stock worth $144,180,000 after buying an additional 1,330,094 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in Sweetgreen by 189.9% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,134,398 shares of the company’s stock worth $36,369,000 after buying an additional 743,157 shares during the last quarter. Finally, RPG Investment Advisory LLC purchased a new stake in Sweetgreen in the first quarter worth $18,502,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.