Sweetgreen (NYSE:SG) Price Target Cut to $16.00 by Analysts at JPMorgan Chase & Co.

Sweetgreen (NYSE:SG) had its target price lowered by JPMorgan Chase & Co. from $20.00 to $16.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts have also recently issued reports about the stock. TD Securities restated a “buy” rating and set a $25.00 price target on shares of Sweetgreen in a research note on Thursday, May 15th. Royal Bank Of Canada restated an “outperform” rating and set a $45.00 price target on shares of Sweetgreen in a research note on Tuesday, February 25th. UBS Group dropped their price target on shares of Sweetgreen from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. The Goldman Sachs Group dropped their price target on shares of Sweetgreen from $23.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 4th. Finally, Morgan Stanley dropped their price target on shares of Sweetgreen from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Friday, May 9th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $28.00.

Sweetgreen Stock Down 5.0%

Sweetgreen stock opened at $12.67 on Wednesday. Sweetgreen has a twelve month low of $11.86 and a twelve month high of $45.12. The firm has a 50 day moving average price of $15.25 and a 200-day moving average price of $23.70. The company has a market capitalization of $1.49 billion, a P/E ratio of -16.45 and a beta of 2.06.

Sweetgreen (NYSE:SG) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, meeting analysts’ consensus estimates of ($0.21). The company had revenue of $166.30 million for the quarter, compared to analysts’ expectations of $164.68 million. Sweetgreen had a negative net margin of 13.04% and a negative return on equity of 19.72%. Sweetgreen’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.23) EPS. Equities analysts expect that Sweetgreen will post -0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Clifford Burrows bought 19,200 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The stock was bought 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 now owns 19,200 shares of the company’s stock, valued at approximately $251,712. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mitch Reback sold 4,000 shares of the company’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $21.07, for a total transaction of $84,280.00. Following the completion of the transaction, the chief financial officer now owns 344,509 shares of the company’s stock, valued at $7,258,804.63. This trade represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SG. Massachusetts Financial Services Co. MA purchased a new position in Sweetgreen in the fourth quarter worth $52,558,000. Invesco Ltd. raised its position in Sweetgreen by 40.9% in the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock worth $176,850,000 after purchasing an additional 1,601,666 shares during the period. Wellington Management Group LLP raised its position in Sweetgreen by 30.0% in the 1st quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company’s stock worth $144,180,000 after purchasing an additional 1,330,094 shares during the period. Champlain Investment Partners LLC purchased a new position in Sweetgreen in the 1st quarter worth $31,558,000. Finally, Durable Capital Partners LP raised its position in Sweetgreen by 29.5% in the 1st quarter. Durable Capital Partners LP now owns 4,525,109 shares of the company’s stock worth $113,218,000 after purchasing an additional 1,030,176 shares during the period. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

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.