TD Securities Lowers Sweetgreen (NYSE:SG) Price Target to $33.00

Sweetgreen (NYSE:SG) had its target price lowered by equities researchers at TD Securities from $45.00 to $33.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Securities’ price objective suggests a potential upside of 45.55% from the stock’s current price.

A number of other equities analysts also recently issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Sweetgreen from $37.00 to $32.00 and set a “neutral” rating on the stock in a research note on Thursday. Oppenheimer cut their price target on Sweetgreen from $45.00 to $41.00 and set an “outperform” rating on the stock in a report on Tuesday, January 7th. KeyCorp assumed coverage on Sweetgreen in a research report on Wednesday, December 11th. They issued a “sector weight” rating for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a research report on Tuesday. Finally, Citigroup reduced their target price on shares of Sweetgreen from $49.00 to $43.00 and set a “buy” rating for the company in a report on Wednesday, February 12th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Sweetgreen presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

Sweetgreen Price Performance

Shares of Sweetgreen stock opened at $22.67 on Thursday. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -29.07 and a beta of 2.37. The firm’s 50-day moving average is $29.99 and its two-hundred day moving average is $34.09. Sweetgreen has a 1 year low of $12.32 and a 1 year high of $45.12.

Insiders Place Their Bets

In related news, CFO Mitch Reback sold 72,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $37.77, for a total value of $2,719,440.00. Following the completion of the transaction, the chief financial officer now owns 43,901 shares in the company, valued at $1,658,140.77. This trade represents a 62.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jonathan Neman sold 41,805 shares of Sweetgreen stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $38.61, for a total value of $1,614,091.05. Following the sale, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at approximately $74,526,103.08. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 516,817 shares of company stock valued at $19,677,637. 21.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SG. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Sweetgreen in the fourth quarter valued at approximately $5,492,000. Forum Financial Management LP raised its position in Sweetgreen by 17.5% during the 4th quarter. Forum Financial Management LP now owns 8,112 shares of the company’s stock worth $260,000 after buying an additional 1,209 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Sweetgreen during the 4th quarter valued at approximately $395,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Sweetgreen by 18.4% in 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 acquiring an additional 35,276 shares during the last quarter. Finally, Spyglass Capital Management LLC increased its stake in shares of Sweetgreen by 12.0% in the fourth quarter. Spyglass Capital Management LLC now owns 2,296,894 shares of the company’s stock worth $73,638,000 after acquiring an additional 246,283 shares during the period. 95.75% of the stock is 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.