Sweetgreen, Inc. (NYSE:SG) Receives $40.60 Average PT from Brokerages

Sweetgreen, Inc. (NYSE:SG) has been given a consensus rating of “Moderate Buy” by the thirteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $36.27.

SG has been the subject of several recent analyst reports. The Goldman Sachs Group lowered their price target on Sweetgreen from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Royal Bank of Canada reissued an “outperform” rating and issued a $45.00 price objective on shares of Sweetgreen in a research report on Tuesday, February 25th. Piper Sandler dropped their price objective on shares of Sweetgreen from $39.00 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. UBS Group cut their price target on Sweetgreen from $45.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, TD Securities reduced their price objective on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th.

Insiders Place Their Bets

In related news, insider Nicolas Jammet sold 33,598 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $40.14, for a total value of $1,348,623.72. Following the sale, the insider now directly owns 1,930,233 shares in the company, valued at $77,479,552.62. This trade represents a 1.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jonathan Neman sold 51,128 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $38.60, for a total value of $1,973,540.80. Following the transaction, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at $74,506,800.80. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 433,013 shares of company stock valued at $16,439,025 over the last three months. Company insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA acquired a new stake in shares of Sweetgreen in the 4th quarter worth approximately $52,558,000. Invesco Ltd. raised its holdings in Sweetgreen by 40.9% during the fourth quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock worth $176,850,000 after purchasing an additional 1,601,666 shares in the last quarter. Wellington Management Group LLP lifted its position in Sweetgreen by 30.1% in the fourth quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock worth $142,106,000 after purchasing an additional 1,025,341 shares during the period. Frontier Capital Management Co. LLC boosted its stake in Sweetgreen by 189.9% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,134,398 shares of the company’s stock valued at $36,369,000 after purchasing an additional 743,157 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in Sweetgreen by 848.5% during the 4th quarter. Voya Investment Management LLC now owns 748,581 shares of the company’s stock valued at $24,000,000 after purchasing an additional 669,657 shares in the last quarter. Institutional investors own 95.75% of the company’s stock.

Sweetgreen Stock Performance

SG stock opened at $21.54 on Thursday. The stock has a market capitalization of $2.49 billion, a P/E ratio of -27.62 and a beta of 2.37. The company has a 50 day moving average price of $29.76 and a two-hundred day moving average price of $33.98. Sweetgreen has a one year low of $16.42 and a one year high of $45.12.

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.