Citigroup Issues Pessimistic Forecast for Sweetgreen (NYSE:SG) Stock Price

Sweetgreen (NYSE:SG) had its price target cut by equities researchers at Citigroup from $49.00 to $43.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 57.86% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley reduced their target price on shares of Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 21st. KeyCorp initiated coverage on shares of Sweetgreen in a research report on Wednesday, December 11th. They issued a “sector weight” rating for the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $40.00 target price on shares of Sweetgreen in a research report on Friday, November 8th. Oppenheimer reduced their target price on shares of Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. Finally, TD Cowen reiterated a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a research report on Monday, November 18th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.60.

Sweetgreen Stock Up 3.5 %

SG opened at $27.24 on Wednesday. The company has a market cap of $3.15 billion, a price-to-earnings ratio of -34.92 and a beta of 2.37. Sweetgreen has a 52-week low of $10.93 and a 52-week high of $45.12. The firm’s fifty day simple moving average is $32.78 and its two-hundred day simple moving average is $34.40.

Insiders Place Their Bets

In other news, CFO Mitch Reback sold 8,000 shares of the firm’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 transaction, the chief financial officer now owns 350,981 shares of the company’s stock, valued at approximately $11,628,000.53. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jonathan Neman sold 14,745 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $45.00, for a total transaction of $663,525.00. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at approximately $86,860,260. The trade was a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 601,607 shares of company stock valued at $23,177,393 over the last 90 days. 21.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SG. Ameritas Investment Partners Inc. raised its holdings in Sweetgreen by 4.7% during the fourth quarter. Ameritas Investment Partners Inc. now owns 10,479 shares of the company’s stock worth $336,000 after purchasing an additional 473 shares in the last quarter. Cypress Wealth Services LLC raised its holdings in Sweetgreen by 6.1% during the fourth quarter. Cypress Wealth Services LLC now owns 8,423 shares of the company’s stock worth $270,000 after purchasing an additional 483 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Sweetgreen by 2.0% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 27,913 shares of the company’s stock worth $990,000 after purchasing an additional 537 shares in the last quarter. Hillsdale Investment Management Inc. raised its holdings in Sweetgreen by 1.2% during the fourth quarter. Hillsdale Investment Management Inc. now owns 50,164 shares of the company’s stock worth $1,608,000 after purchasing an additional 600 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Sweetgreen by 2.1% in the 4th quarter. Arizona State Retirement System now owns 29,535 shares of the company’s stock valued at $947,000 after acquiring an additional 613 shares during the period. Hedge funds and other institutional investors own 95.75% of the company’s stock.

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.