Citigroup Cuts Sweetgreen (NYSE:SG) Price Target to $43.00

Sweetgreen (NYSE:SG) had its price target reduced by Citigroup from $49.00 to $43.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

SG has been the topic of several other research reports. KeyCorp started coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They issued a “sector weight” rating on the stock. The Goldman Sachs Group reiterated a “neutral” rating and issued a $40.00 target price on shares of Sweetgreen in a research note on Friday, November 8th. Morgan Stanley decreased their price target on Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. UBS Group lifted their price objective on Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Oppenheimer decreased their target price on Sweetgreen from $45.00 to $41.00 and set an “outperform” rating on the stock in a report on Tuesday, January 7th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $40.60.

Sweetgreen Price Performance

Sweetgreen stock opened at $27.17 on Wednesday. The business has a 50 day simple moving average of $32.49 and a 200 day simple moving average of $34.41. Sweetgreen has a one year low of $10.93 and a one year high of $45.12. The company has a market capitalization of $3.14 billion, a PE ratio of -34.84 and a beta of 2.37.

Insider Activity

In other Sweetgreen news, insider Adrienne Gemperle sold 5,372 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $34.05, for a total transaction of $182,916.60. Following the transaction, the insider now owns 107,313 shares in the company, valued at approximately $3,654,007.65. This trade represents a 4.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mitch Reback sold 8,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $33.13, for a total value of $265,040.00. Following the transaction, the chief financial officer now owns 350,981 shares of the company’s stock, valued at $11,628,000.53. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 601,607 shares of company stock valued at $23,177,393. 21.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SG. GLOBALT Investments LLC GA bought a new stake in shares of Sweetgreen in the 3rd quarter valued at $591,000. Verition Fund Management LLC lifted its stake in Sweetgreen by 189.6% in the third quarter. Verition Fund Management LLC now owns 173,501 shares of the company’s stock valued at $6,151,000 after buying an additional 113,586 shares in the last quarter. Stephens Investment Management Group LLC boosted its holdings in shares of Sweetgreen by 139.9% in the third quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock valued at $33,299,000 after buying an additional 547,816 shares during the period. Zweig DiMenna Associates LLC bought a new stake in shares of Sweetgreen during the third quarter worth $3,329,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Sweetgreen by 13.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,258,484 shares of the company’s stock worth $44,613,000 after acquiring an additional 148,684 shares during the period. Institutional investors 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.