Sweetgreen (NYSE:SG) Stock Rating Upgraded by Citigroup

Sweetgreen (NYSE:SG) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, MarketBeat reports. The firm presently has a $49.00 price objective on the stock, up from their previous price objective of $44.00. Citigroup’s price objective would suggest a potential upside of 47.99% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. TD Cowen restated a “buy” rating and set a $45.00 price objective on shares of Sweetgreen in a research note on Monday, November 18th. Oppenheimer decreased their price target 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. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $40.00 price objective on shares of Sweetgreen in a research report on Friday, November 8th. UBS Group increased their target price on shares of Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, KeyCorp initiated coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They issued a “sector weight” rating on the stock. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $41.10.

Sweetgreen Trading Up 2.7 %

SG opened at $33.11 on Friday. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of -42.45 and a beta of 2.38. Sweetgreen has a 12-month low of $9.66 and a 12-month high of $45.12. The business’s fifty day simple moving average is $36.78 and its 200-day simple moving average is $33.65.

Insider Buying and Selling at Sweetgreen

In other news, CEO Jonathan Neman sold 1,010 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $40.01, for a total value of $40,410.10. Following the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at approximately $77,228,422.28. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Nathaniel Ru sold 1,263 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $40.01, for a total transaction of $50,532.63. Following the completion of the transaction, the insider now directly owns 1,952,129 shares in the company, valued at $78,104,681.29. This trade represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 640,838 shares of company stock valued at $24,800,733 over the last ninety days. Corporate insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors and hedge funds have recently bought and sold shares of the company. Driehaus Capital Management LLC lifted its position in Sweetgreen by 231.8% in the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after buying an additional 1,878,216 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Sweetgreen in the 2nd quarter worth approximately $29,109,000. Stephens Investment Management Group LLC boosted its position in shares of Sweetgreen by 139.9% during the 3rd 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. Hood River Capital Management LLC raised its position in Sweetgreen by 42.6% in the second quarter. Hood River Capital Management LLC now owns 1,643,028 shares of the company’s stock valued at $49,521,000 after purchasing an additional 490,806 shares during the period. Finally, Lord Abbett & CO. LLC lifted its stake in Sweetgreen by 13.3% during the third quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock worth $82,032,000 after purchasing an additional 272,340 shares in the last quarter. 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.