Sweetgreen (NYSE:SG) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Sweetgreen (NYSE:SG) from a sell rating to a strong sell rating in a report released on Saturday morning.

Several other analysts also recently commented on the company. Royal Bank Of Canada lowered their price objective on Sweetgreen from $7.00 to $6.50 and set an “outperform” rating for the company in a research note on Friday. 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. UBS Group upgraded Sweetgreen from a “neutral” rating to a “buy” rating in a report on Friday. Citigroup lowered their price target on Sweetgreen from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday. Finally, Oppenheimer dropped their price objective on Sweetgreen from $10.00 to $8.50 and set an “outperform” rating on the stock in a research note on Friday. Four investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Sweetgreen currently has a consensus rating of “Hold” and an average price target of $7.10.

Sweetgreen Price Performance

NYSE:SG opened at $5.48 on Friday. Sweetgreen has a one year low of $4.49 and a one year high of $10.63. The company has a market cap of $651.19 million, a PE ratio of 54.81 and a beta of 2.20. The firm has a 50-day moving average of $7.58 and a 200-day moving average of $6.83.

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

Hedge Funds Weigh In On Sweetgreen

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

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.