Citigroup Boosts Sweetgreen (NYSE:SG) Price Target to $32.00

Sweetgreen (NYSE:SG) had its price objective boosted by investment analysts at Citigroup from $30.00 to $32.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential downside of 8.57% from the stock’s previous close.

SG has been the topic of several other research reports. William Blair restated an “outperform” rating on shares of Sweetgreen in a report on Wednesday, May 15th. Oppenheimer lifted their target price on shares of Sweetgreen from $34.00 to $36.00 and gave the company an “outperform” rating in a report on Friday. TD Cowen upped their price target on shares of Sweetgreen from $26.00 to $31.00 and gave the stock a “hold” rating in a research report on Thursday, June 13th. Royal Bank of Canada raised their price objective on Sweetgreen from $35.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Finally, Morgan Stanley boosted their price objective on Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.60.

Sweetgreen Stock Up 33.3 %

Shares of NYSE SG traded up $8.75 during trading on Friday, hitting $35.00. 15,860,520 shares of the company traded hands, compared to its average volume of 2,687,511. The firm has a market capitalization of $3.97 billion, a P/E ratio of -37.63 and a beta of 2.30. The company has a 50-day moving average price of $28.25 and a 200-day moving average price of $23.16. Sweetgreen has a 1 year low of $8.64 and a 1 year high of $36.72.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $184.60 million for the quarter, compared to analysts’ expectations of $180.79 million. Sweetgreen had a negative net margin of 17.15% and a negative return on equity of 20.74%. Sweetgreen’s revenue was up 21.0% on a year-over-year basis. During the same period last year, the firm posted ($0.20) EPS. Research analysts predict that Sweetgreen will post -0.73 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $31.30, for a total value of $6,260,000.00. Following the transaction, the chief executive officer now directly owns 2,100,000 shares of the company’s stock, valued at approximately $65,730,000. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CTO Wouleta Ayele sold 2,748 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $31.35, for a total transaction of $86,149.80. Following the transaction, the chief technology officer now owns 147,480 shares of the company’s stock, valued at $4,623,498. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jonathan Neman sold 200,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $31.30, for a total value of $6,260,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,100,000 shares of the company’s stock, valued at $65,730,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 440,692 shares of company stock valued at $13,738,038. 21.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Quest Partners LLC bought a new position in shares of Sweetgreen in the 2nd quarter worth about $76,000. Versor Investments LP bought a new position in Sweetgreen in the second quarter worth about $217,000. Thoroughbred Financial Services LLC acquired a new position in Sweetgreen in the second quarter valued at approximately $233,000. Moloney Securities Asset Management LLC bought a new position in shares of Sweetgreen during the second quarter valued at approximately $256,000. Finally, Perigon Wealth Management LLC bought a new position in shares of Sweetgreen during the first quarter valued at approximately $223,000. Institutional investors 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.