Royal Bank of Canada Reiterates Outperform Rating for Sweetgreen (NYSE:SG)

Sweetgreen (NYSE:SG)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a report issued on Tuesday,Benzinga reports. They currently have a $45.00 target price on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 92.00% from the stock’s current price.

Several other analysts have also recently issued reports on the company. Morgan Stanley dropped their target price 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. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $40.00 target price on shares of Sweetgreen in a research report on Friday, November 8th. Oppenheimer dropped their target price on Sweetgreen from $45.00 to $41.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 7th. TD Cowen reissued a “buy” rating and issued a $45.00 price objective on shares of Sweetgreen in a research report on Monday, November 18th. Finally, UBS Group raised their price objective on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Sweetgreen presently has an average rating of “Moderate Buy” and a consensus price target of $40.60.

Sweetgreen Trading Up 4.6 %

Shares of NYSE SG opened at $23.44 on Tuesday. The stock has a market capitalization of $2.71 billion, a PE ratio of -30.05 and a beta of 2.37. The stock’s fifty day simple moving average is $30.47 and its two-hundred day simple moving average is $34.25. Sweetgreen has a 12-month low of $11.31 and a 12-month high of $45.12.

Insider Buying and Selling

In related news, CFO Mitch Reback sold 10,926 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total value of $288,774.18. Following the completion of the transaction, the chief financial officer now owns 344,055 shares in the company, valued at $9,093,373.65. This trade represents a 3.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Nicolas Jammet sold 170,199 shares of Sweetgreen stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $37.73, for a total value of $6,421,608.27. Following the transaction, the insider now owns 1,760,034 shares of the company’s stock, valued at $66,406,082.82. The trade was a 8.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 516,817 shares of company stock worth $19,677,637 in the last 90 days. Insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors have recently modified their holdings of the stock. Forum Financial Management LP raised its stake in shares of Sweetgreen by 17.5% during the 4th quarter. Forum Financial Management LP now owns 8,112 shares of the company’s stock valued at $260,000 after buying an additional 1,209 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Sweetgreen during the 4th quarter valued at about $395,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Sweetgreen by 18.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 226,552 shares of the company’s stock valued at $7,263,000 after buying an additional 35,276 shares during the last quarter. Spyglass Capital Management LLC raised its stake in shares of Sweetgreen by 12.0% during the 4th quarter. Spyglass Capital Management LLC now owns 2,296,894 shares of the company’s stock valued at $73,638,000 after buying an additional 246,283 shares during the last quarter. Finally, Twinbeech Capital LP purchased a new position in shares of Sweetgreen during the 4th quarter valued at about $7,287,000. Hedge funds and other 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.