Sweetgreen (NYSE:SG) Given New $6.00 Price Target at Wells Fargo & Company

Sweetgreen (NYSE:SG) had its target price lowered by Wells Fargo & Company from $7.00 to $6.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities research analysts also recently issued reports on SG. Wall Street Zen raised shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Citigroup raised their price target on Sweetgreen from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Weiss Ratings upgraded shares of Sweetgreen from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. BNP Paribas Exane lifted their target price on Sweetgreen from $4.50 to $5.00 and gave the company an “underperform” rating in a research report on Friday, May 8th. Finally, UBS Group reiterated a “buy” rating on shares of Sweetgreen in a research note on Friday. Four investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $7.19.

Sweetgreen Trading Down 8.2%

NYSE SG opened at $5.39 on Friday. The stock has a market cap of $640.49 million, a PE ratio of 53.91 and a beta of 2.19. Sweetgreen has a 12 month low of $4.49 and a 12 month high of $10.63. The stock’s 50 day moving average is $7.66 and its 200 day moving average is $6.85.

Sweetgreen (NYSE:SG) last released its earnings results on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.09). The company had revenue of $192.66 million during the quarter, compared to analysts’ expectations of $194.50 million. Sweetgreen had a negative return on equity of 34.03% and a net margin of 2.01%.Sweetgreen’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.20) EPS. On average, analysts forecast that Sweetgreen will post -0.52 EPS for the current fiscal year.

Institutional Investors Weigh In On Sweetgreen

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new stake in Sweetgreen during the 2nd quarter valued at approximately $2,792,000. Versant Capital Management Inc boosted its position in Sweetgreen by 241.5% during the second quarter. Versant Capital Management Inc now owns 10,518 shares of the company’s stock worth $93,000 after purchasing an additional 7,438 shares in the last quarter. Eastern Bank raised its position in Sweetgreen by 29.1% during the second quarter. Eastern Bank now owns 25,224 shares of the company’s stock worth $222,000 after acquiring an additional 5,693 shares during the period. Quantinno Capital Management LP boosted its holdings in Sweetgreen by 495.3% in the 1st quarter. Quantinno Capital Management LP now owns 193,757 shares of the company’s stock worth $1,006,000 after buying an additional 161,209 shares during the last quarter. Finally, SummitTX Capital L.P. purchased a new position in Sweetgreen in the 1st quarter valued at $98,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

Sweetgreen News Roundup

Here are the key news stories impacting Sweetgreen this week:

• Positive Sentiment: Second-quarter revenue increased 3.8% year over year to $192.66 million, indicating continued sales growth despite the challenging environment. Oppenheimer maintained an “outperform” rating, although it reduced its price target from $10 to $8.50. Oppenheimer lowers Sweetgreen price target
• Neutral Sentiment: Sweetgreen said it has not been implicated in the ongoing cyclospora outbreak, but consumer concerns about fresh produce are affecting traffic. The company removed jalapeños from its offerings amid the broader food-safety concerns. Sweetgreen cuts full-year outlook as cyclospora fears weigh on sales
• Negative Sentiment: Sweetgreen reported a second-quarter loss of $0.22 per share, wider than the $0.13 loss analysts expected and worse than the $0.20 loss a year earlier. Revenue also fell slightly short of estimates. Sweetgreen reports second-quarter loss and misses revenue estimates
• Negative Sentiment: Same-store sales declined 6.2% in the quarter, marking the chain’s sixth consecutive comparable-sales decline. Management now expects full-year same-store sales to fall 7%–8%, reflecting weaker customer demand linked to cyclospora fears. Sweetgreen shares slide as cyclosporiasis fears prompt forecast cut
• Negative Sentiment: Analysts lowered their valuations following the earnings release: Wells Fargo cut its target from $7 to $6, while TD Cowen reduced its target from $8 to $5 and assigned a “hold” rating. Analysts lower Sweetgreen price targets

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.