Sweetgreen (NYSE:SG) Price Target Cut to $27.00 by Analysts at Piper Sandler

Sweetgreen (NYSE:SG) had its price target decreased by stock analysts at Piper Sandler from $39.00 to $27.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price objective points to a potential upside of 19.08% from the stock’s previous close.

Other analysts also recently issued reports about the company. UBS Group lifted their target price on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Morgan Stanley decreased their price objective on shares of Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st. TD Cowen restated a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a research note on Monday, November 18th. KeyCorp started coverage on shares of Sweetgreen in a research note on Wednesday, December 11th. They set a “sector weight” rating for the company. Finally, Citigroup dropped their price objective on Sweetgreen from $49.00 to $43.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.27.

Sweetgreen Stock Performance

Shares of SG stock opened at $22.67 on Thursday. The stock has a 50 day moving average price of $29.99 and a 200 day moving average price of $34.09. Sweetgreen has a 52-week low of $12.32 and a 52-week high of $45.12. The firm has a market capitalization of $2.62 billion, a P/E ratio of -29.07 and a beta of 2.37.

Insider Transactions at Sweetgreen

In other news, CFO Mitch Reback sold 10,926 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $26.43, for a total value of $288,774.18. Following the sale, the chief financial officer now directly owns 344,055 shares in the company, valued at approximately $9,093,373.65. This trade represents a 3.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicolas Jammet sold 41,999 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $38.68, for a total transaction of $1,624,521.32. Following the transaction, the insider now owns 1,930,233 shares of the company’s stock, valued at approximately $74,661,412.44. This trade represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 516,817 shares of company stock valued at $19,677,637. Corporate insiders own 21.52% of the company’s stock.

Institutional Trading of Sweetgreen

A number of institutional investors have recently made changes to their positions in the business. GLOBALT Investments LLC GA purchased a new stake in Sweetgreen in the third quarter valued at about $591,000. Verition Fund Management LLC increased its holdings in shares of Sweetgreen by 189.6% during the third quarter. Verition Fund Management LLC now owns 173,501 shares of the company’s stock valued at $6,151,000 after acquiring an additional 113,586 shares in the last quarter. Stephens Investment Management Group LLC raised its position in shares of Sweetgreen by 139.9% in the 3rd quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock valued at $33,299,000 after purchasing an additional 547,816 shares during the last quarter. Cox Capital Mgt LLC boosted its stake in Sweetgreen by 76.0% in the 4th quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company’s stock worth $1,728,000 after purchasing an additional 23,278 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in Sweetgreen by 670.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 143,441 shares of the company’s stock worth $5,085,000 after purchasing an additional 124,813 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

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.