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

by · The Cerbat Gem

Sweetgreen (NYSE:SG – Get Free Report) had its price target reduced by investment analysts at Oppenheimer from $45.00 to $41.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s price target indicates a potential upside of 16.94% from the company’s current price.

SG has been the topic of a number of other research reports. The Goldman Sachs Group restated a “neutral” rating and issued a $40.00 target price on shares of Sweetgreen in a research note on Friday, November 8th. UBS Group increased their price objective on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. KeyCorp started coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They set a “sector weight” rating on the stock. Finally, TD Cowen reiterated a “buy” rating and issued a $45.00 price objective on shares of Sweetgreen in a report on Monday, November 18th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $39.40.

Get Our Latest Report on Sweetgreen

Sweetgreen Stock Up 5.8 %

Shares of NYSE:SG opened at $35.06 on Tuesday. Sweetgreen has a 12-month low of $9.66 and a 12-month high of $45.12. The firm has a market capitalization of $4.06 billion, a P/E ratio of -44.95 and a beta of 2.38. The firm has a fifty day moving average of $37.19 and a two-hundred day moving average of $33.59.

Insider Buying and Selling at Sweetgreen

In other news, insider Nicolas Jammet sold 170,199 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 1,760,034 shares in the company, valued at approximately $66,406,082.82. The trade was a 8.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Wouleta Ayele sold 4,347 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $34.05, for a total transaction of $148,015.35. Following the transaction, the chief technology officer now directly owns 140,302 shares of the company’s stock, valued at $4,777,283.10. This represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 640,838 shares of company stock worth $24,800,733 over the last ninety days. Company insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its stake in Sweetgreen by 7.5% during the third quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company’s stock worth $120,784,000 after acquiring an additional 236,874 shares in the last quarter. Driehaus Capital Management LLC increased its position in shares of Sweetgreen by 231.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock worth $81,028,000 after purchasing an additional 1,878,216 shares in the last quarter. Lord Abbett & CO. LLC lifted its holdings in Sweetgreen by 13.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock valued at $82,032,000 after purchasing an additional 272,340 shares during the last quarter. State Street Corp boosted its position in Sweetgreen by 3.2% in the third quarter. State Street Corp now owns 2,263,025 shares of the company’s stock valued at $80,224,000 after buying an additional 69,120 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Sweetgreen by 5.4% in the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company’s stock valued at $79,757,000 after buying an additional 116,243 shares in the last quarter. Institutional investors own 95.75% of the company’s stock.

About Sweetgreen

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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.

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