Citigroup Cuts Sweetgreen (NYSE:SG) Price Target to $39.00

Sweetgreen (NYSE:SG) had its price target trimmed by Citigroup from $43.00 to $39.00 in a report issued on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently weighed in on SG. UBS Group decreased their target price on Sweetgreen from $45.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday. The Goldman Sachs Group decreased their target price on Sweetgreen from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Thursday. KeyCorp assumed coverage on Sweetgreen in a research report on Wednesday, December 11th. They issued a “sector weight” rating for the company. TD Cowen reissued a “buy” rating and issued a $45.00 price target on shares of Sweetgreen in a report on Monday, November 18th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $45.00 target price on shares of Sweetgreen in a report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

Sweetgreen Price Performance

Shares of NYSE SG opened at $22.67 on Thursday. Sweetgreen has a 1-year low of $12.32 and a 1-year high of $45.12. The business has a 50-day moving average of $29.99 and a 200-day moving average of $34.09. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of -29.07 and a beta of 2.37.

Insider Activity at Sweetgreen

In other news, insider Nicolas Jammet sold 170,199 shares of Sweetgreen stock in a transaction on Friday, December 13th. The stock was sold at an average price of $37.73, for a total transaction of $6,421,608.27. Following the transaction, the insider now directly owns 1,760,034 shares in the company, valued at approximately $66,406,082.82. This trade represents a 8.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mitch Reback sold 10,926 shares of Sweetgreen stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $26.43, for a total value of $288,774.18. Following the transaction, the chief financial officer now owns 344,055 shares in the company, valued at approximately $9,093,373.65. This trade represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 516,817 shares of company stock worth $19,677,637 in the last three months. 21.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sweetgreen

Hedge funds have recently modified their holdings of the company. Hollencrest Capital Management bought a new stake in shares of Sweetgreen during the 3rd quarter worth $35,000. Steward Partners Investment Advisory LLC boosted its stake in shares of Sweetgreen by 3,571.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock worth $33,000 after acquiring an additional 1,000 shares in the last quarter. Headlands Technologies LLC boosted its position in shares of Sweetgreen by 156.0% in the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock worth $39,000 after buying an additional 741 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Sweetgreen by 45.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after buying an additional 494 shares during the period. Finally, Millstone Evans Group LLC acquired a new stake in shares of Sweetgreen in the fourth quarter worth $53,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

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.