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

Sweetgreen (NYSE:SG) had its price target cut by analysts at Piper Sandler from $39.00 to $27.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential upside of 15.20% from the stock’s previous close.

SG has been the subject of a number of other reports. Royal Bank of Canada restated an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a research note on Tuesday. UBS Group boosted their target price on shares of Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Citigroup dropped their price target on shares of Sweetgreen from $49.00 to $43.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th. KeyCorp assumed coverage on Sweetgreen in a research report on Wednesday, December 11th. They set a “sector weight” rating for the company. Finally, Oppenheimer decreased their price objective on Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $37.55.

Sweetgreen Stock Performance

Shares of SG stock opened at $23.44 on Thursday. The company’s 50-day simple moving average is $30.47 and its 200-day simple moving average is $34.25. Sweetgreen has a one year low of $11.31 and a one year high of $45.12. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of -30.05 and a beta of 2.37.

Insider Activity at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 10,926 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $26.43, for a total value of $288,774.18. Following the completion of the sale, the chief financial officer now directly owns 344,055 shares of the company’s stock, valued at approximately $9,093,373.65. This represents a 3.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jonathan Neman sold 41,805 shares of Sweetgreen stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $38.61, for a total transaction of $1,614,091.05. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares in the company, valued at $74,526,103.08. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 516,817 shares of company stock valued at $19,677,637 over the last 90 days. 21.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sweetgreen

Institutional investors and hedge funds have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC raised its position in shares of Sweetgreen by 3,571.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock worth $33,000 after purchasing an additional 1,000 shares during the period. Hollencrest Capital Management purchased a new position in Sweetgreen in the 3rd quarter worth about $35,000. Headlands Technologies LLC increased its stake in Sweetgreen by 156.0% in the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock worth $39,000 after purchasing an additional 741 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in Sweetgreen by 45.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after buying an additional 494 shares during the period. Finally, Millstone Evans Group LLC purchased a new stake in Sweetgreen during the fourth quarter valued at about $53,000. Institutional investors and hedge funds 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.