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

Sweetgreen (NYSE:SG) had its target price lowered by investment analysts at Citigroup from $49.00 to $43.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 65.65% from the company’s current price.

Several other research analysts have also issued reports on the stock. 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 note on Tuesday, January 7th. TD Cowen reissued a “buy” rating and issued a $45.00 price target on shares of Sweetgreen in a research report on Monday, November 18th. 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 report on Tuesday, January 21st. UBS Group lifted their price target on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, KeyCorp began coverage on shares of Sweetgreen in a research report on Wednesday, December 11th. They set a “sector weight” rating on the stock. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.60.

Sweetgreen Stock Down 10.5 %

Shares of SG stock opened at $25.96 on Wednesday. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of -33.28 and a beta of 2.37. The business’s fifty day moving average is $33.32 and its 200 day moving average is $34.51. Sweetgreen has a twelve month low of $10.93 and a twelve month high of $45.12.

Insiders Place Their Bets

In related news, CEO Jonathan Neman sold 14,745 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $45.00, for a total transaction of $663,525.00. Following the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $86,860,260. This represents a 0.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Wouleta Ayele sold 4,347 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $34.05, for a total value of $148,015.35. Following the sale, the chief technology officer now directly owns 140,302 shares in the company, valued at $4,777,283.10. This represents a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 601,607 shares of company stock valued at $23,177,393 over the last ninety days. 21.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in Sweetgreen in the 3rd quarter valued at about $35,000. Steward Partners Investment Advisory LLC boosted its position 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 purchasing an additional 1,000 shares during the period. Millstone Evans Group LLC acquired a new stake in Sweetgreen in the 4th quarter valued at approximately $53,000. Denver PWM LLC purchased a new stake in Sweetgreen in the fourth quarter valued at approximately $60,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in Sweetgreen during the fourth quarter worth $62,000. 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.