Citigroup Lowers Sweetgreen (NYSE:SG) Price Target to $43.00

Sweetgreen (NYSE:SG - Free Report) had its price objective cut by Citigroup from $49.00 to $43.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

SG has been the topic of a number of other reports. TD Cowen restated a "buy" rating and issued a $45.00 target price on shares of Sweetgreen in a report on Monday, November 18th. The Goldman Sachs Group restated a "neutral" rating and issued a $40.00 target price on shares of Sweetgreen in a 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 on the stock in a report on Tuesday, January 7th. UBS Group upped their target price on shares of Sweetgreen from $37.00 to $45.00 and gave the company a "buy" rating in a report on Friday, November 8th. Finally, Morgan Stanley cut their price objective on shares of Sweetgreen from $32.00 to $28.00 and set an "equal weight" rating on the stock in a report on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.60.

Sweetgreen Price Performance

NYSE:SG traded up $0.01 on Wednesday, reaching $27.17. The stock had a trading volume of 2,823,150 shares, compared to its average volume of 2,506,635. The company has a market cap of $3.14 billion, a price-to-earnings ratio of -34.84 and a beta of 2.37. The firm's fifty day moving average is $32.49 and its two-hundred day moving average is $34.41. Sweetgreen has a 12-month low of $10.93 and a 12-month high of $45.12.

Insider Buying and Selling

In related news, CFO Mitch Reback sold 8,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $33.13, for a total transaction of $265,040.00. Following the completion of the sale, the chief financial officer now owns 350,981 shares of the company's stock, valued at approximately $11,628,000.53. This represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicolas Jammet sold 170,199 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $37.73, for a total transaction of $6,421,608.27. Following the completion of the sale, the insider now directly owns 1,760,034 shares of the company's stock, valued at $66,406,082.82. This trade represents a 8.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 601,607 shares of company stock valued at $23,177,393. 21.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Sweetgreen

Several large investors have recently bought and sold shares of the company. Comerica Bank grew its position in Sweetgreen by 278.0% in the fourth quarter. Comerica Bank now owns 134,557 shares of the company's stock valued at $4,314,000 after acquiring an additional 98,956 shares in the last quarter. PDT Partners LLC grew its position in Sweetgreen by 3.9% in the fourth quarter. PDT Partners LLC now owns 102,665 shares of the company's stock valued at $3,291,000 after acquiring an additional 3,862 shares in the last quarter. Northern Trust Corp grew its position in Sweetgreen by 7.5% in the fourth quarter. Northern Trust Corp now owns 941,959 shares of the company's stock valued at $30,199,000 after acquiring an additional 65,451 shares in the last quarter. Tudor Investment Corp ET AL grew its position in Sweetgreen by 108.9% in the fourth quarter. Tudor Investment Corp ET AL now owns 81,489 shares of the company's stock valued at $2,613,000 after acquiring an additional 42,480 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Sweetgreen in the fourth quarter valued at approximately $1,250,000. Institutional investors and hedge funds 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.