Piper Sandler Cuts Sweetgreen (NYSE:SG) Price Target to $9.00

Sweetgreen (NYSE:SG) had its price target reduced by Piper Sandler from $12.00 to $9.00 in a research note released on Friday, MarketBeat Ratings reports. They currently have a neutral rating on the stock.

SG has been the subject of several other research reports. Wells Fargo & Company dropped their price objective on shares of Sweetgreen from $19.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, October 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Sweetgreen in a research note on Wednesday, October 8th. Sanford C. Bernstein set a $8.00 target price on Sweetgreen in a research report on Wednesday, October 22nd. Royal Bank Of Canada reduced their price target on Sweetgreen from $25.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Finally, Morgan Stanley set a $10.00 price target on Sweetgreen in a report on Tuesday, October 21st. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $12.04.

Sweetgreen Stock Performance

SG stock traded down $0.33 during midday trading on Friday, reaching $5.46. 3,025,509 shares of the company were exchanged, compared to its average volume of 5,116,525. The company has a market cap of $644.84 million, a price-to-earnings ratio of -5.62 and a beta of 1.94. Sweetgreen has a 1-year low of $5.20 and a 1-year high of $45.12. The stock’s 50-day simple moving average is $7.85 and its 200 day simple moving average is $11.54.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.13). Sweetgreen had a negative return on equity of 25.06% and a negative net margin of 16.55%.The firm had revenue of $172.39 million for the quarter, compared to analyst estimates of $179.29 million. During the same period last year, the firm earned ($0.18) EPS. The company’s quarterly revenue was down .6% on a year-over-year basis. Sweetgreen has set its FY 2025 guidance at EPS. On average, research analysts anticipate that Sweetgreen will post -0.74 earnings per share for the current year.

Insider Buying and Selling at Sweetgreen

In related news, CFO Mitch Reback sold 11,530 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.19, for a total transaction of $105,960.70. Following the completion of the transaction, the chief financial officer owned 322,891 shares in the company, valued at approximately $2,967,368.29. This represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 19.78% of the stock is owned by insiders.

Institutional Trading of Sweetgreen

Several institutional investors and hedge funds have recently modified their holdings of SG. Teacher Retirement System of Texas increased its position in shares of Sweetgreen by 5.8% during the second quarter. Teacher Retirement System of Texas now owns 15,981 shares of the company’s stock valued at $238,000 after buying an additional 877 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Sweetgreen by 98.2% in the second quarter. Nisa Investment Advisors LLC now owns 2,129 shares of the company’s stock valued at $32,000 after acquiring an additional 1,055 shares in the last quarter. Police & Firemen s Retirement System of New Jersey increased its holdings in Sweetgreen by 5.5% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 23,212 shares of the company’s stock valued at $345,000 after acquiring an additional 1,209 shares during the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych increased its holdings in shares of Sweetgreen by 70.8% in the 1st quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 4,100 shares of the company’s stock worth $103,000 after buying an additional 1,700 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. boosted its position in shares of Sweetgreen by 4.9% during the second quarter. Northwest & Ethical Investments L.P. now owns 39,912 shares of the company’s stock valued at $594,000 after buying an additional 1,870 shares during the period. Hedge funds and other institutional investors own 95.75% of the company’s stock.

About Sweetgreen

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.