The Goldman Sachs Group Lowers Sweetgreen (NYSE:SG) Price Target to $32.00

Sweetgreen (NYSE:SG) had its target price lowered by equities researchers at The Goldman Sachs Group from $37.00 to $32.00 in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 41.14% from the stock’s previous close.

Several other research analysts have also recently weighed in on SG. Morgan Stanley reduced their price target on shares of Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st. KeyCorp started coverage on Sweetgreen in a report on Wednesday, December 11th. They set a “sector weight” rating for the company. Royal Bank of Canada restated an “outperform” rating and issued a $45.00 price target on shares of Sweetgreen in a report on Tuesday. 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. Finally, UBS Group lifted their target price on Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.27.

Sweetgreen Price Performance

NYSE:SG opened at $22.67 on Thursday. The business’s 50-day simple moving average is $29.99 and its 200-day simple moving average is $34.09. Sweetgreen has a fifty-two week low of $12.32 and a fifty-two week high of $45.12. The stock has a market capitalization of $2.62 billion, a PE ratio of -29.07 and a beta of 2.37.

Insider Activity at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 33,444 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $40.16, for a total transaction of $1,343,111.04. Following the transaction, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at $77,517,956.48. The trade was a 1.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mitch Reback sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $33.13, for a total value of $265,040.00. Following the completion of the sale, the chief financial officer now owns 350,981 shares in the company, valued at $11,628,000.53. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 516,817 shares of company stock valued at $19,677,637. 21.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sweetgreen

Institutional investors and hedge funds have recently modified their holdings of the stock. GLOBALT Investments LLC GA bought a new stake in shares of Sweetgreen during the 3rd quarter worth about $591,000. Verition Fund Management LLC grew its position in shares of 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 purchasing an additional 113,586 shares during the last quarter. Stephens Investment Management Group LLC increased its stake in shares of Sweetgreen by 139.9% during the third quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock worth $33,299,000 after purchasing an additional 547,816 shares during the period. Cox Capital Mgt LLC lifted its holdings in Sweetgreen by 76.0% during the 4th quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company’s stock worth $1,728,000 after purchasing an additional 23,278 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in Sweetgreen by 670.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 143,441 shares of the company’s stock valued at $5,085,000 after purchasing an additional 124,813 shares during the period. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Sweetgreen Company Profile

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.