Wells Fargo & Company Lowers Sweetgreen (NYSE:SG) Price Target to $6.00

Sweetgreen (NYSE:SG) had its price objective decreased by equities research analysts at Wells Fargo & Company from $7.00 to $6.00 in a report released on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 14.42% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. UBS Group reissued a “neutral” rating on shares of Sweetgreen in a report on Friday. Wall Street Zen upgraded shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Citigroup upped their price objective on shares of Sweetgreen from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Oppenheimer raised their target price on shares of Sweetgreen from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 20th. Finally, DA Davidson increased their price target on Sweetgreen from $5.50 to $7.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.47.

Sweetgreen Trading Down 10.7%

Shares of NYSE:SG opened at $5.24 on Friday. The company’s 50 day moving average is $7.75 and its 200 day moving average is $6.86. Sweetgreen has a twelve month low of $4.49 and a twelve month high of $10.63. The company has a market cap of $623.14 million, a PE ratio of 46.05 and a beta of 2.19.

Sweetgreen (NYSE:SG) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.09). The company had revenue of $192.66 million for the quarter, compared to analyst estimates of $194.50 million. Sweetgreen had a negative return on equity of 33.07% and a net margin of 2.49%.The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.20) earnings per share. Equities research analysts predict that Sweetgreen will post -0.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sweetgreen

Institutional investors and hedge funds have recently made changes to their positions in the stock. Woodson Capital Management LP raised its stake in Sweetgreen by 152.6% in the fourth quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock valued at $40,560,000 after buying an additional 3,625,000 shares in the last quarter. Marshall Wace LLP lifted its position in Sweetgreen by 1,428.8% in the third quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock valued at $31,313,000 after acquiring an additional 3,667,306 shares during the last quarter. Federated Hermes Inc. boosted its stake in Sweetgreen by 366.8% in the fourth quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock valued at $17,900,000 after acquiring an additional 2,080,628 shares in the last quarter. Geode Capital Management LLC boosted its stake in Sweetgreen by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 2,453,564 shares of the company’s stock valued at $16,589,000 after acquiring an additional 16,281 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Sweetgreen by 35.6% during the fourth quarter. BNP Paribas Financial Markets now owns 2,295,867 shares of the company’s stock worth $15,520,000 after purchasing an additional 603,029 shares during the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

Sweetgreen Company Profile

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.