TD Securities Has Lowered Expectations for Sweetgreen (NYSE:SG) Stock Price

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

Several other equities analysts have also recently issued reports on the stock. KeyCorp initiated coverage on shares of Sweetgreen in a research note on Wednesday, December 11th. They issued a “sector weight” rating for the company. Oppenheimer decreased their price objective on shares of Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. Morgan Stanley dropped their target price on Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. TD Cowen reaffirmed a “buy” rating and issued a $45.00 price target on shares of Sweetgreen in a report on Monday, November 18th. Finally, Citigroup dropped their price objective on Sweetgreen from $49.00 to $43.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Sweetgreen presently has a consensus rating of “Moderate Buy” and an average target price of $36.27.

Sweetgreen Trading Down 2.1 %

Shares of NYSE:SG opened at $22.67 on Thursday. Sweetgreen has a 12-month low of $12.32 and a 12-month high of $45.12. The business has a 50 day moving average of $29.99 and a two-hundred day moving average of $34.09. The company has a market capitalization of $2.62 billion, a PE ratio of -29.07 and a beta of 2.37.

Insider Activity

In other news, CEO Jonathan Neman sold 33,444 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $40.16, for a total value of $1,343,111.04. Following the completion of the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at $77,517,956.48. This represents a 1.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mitch Reback sold 8,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $33.13, for a total transaction of $265,040.00. Following the transaction, the chief financial officer now owns 350,981 shares in the company, valued at $11,628,000.53. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 516,817 shares of company stock worth $19,677,637 over the last quarter. 21.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sweetgreen

A number of large investors have recently made changes to their positions in the stock. Creative Planning boosted its stake in Sweetgreen by 61.7% during the third quarter. Creative Planning now owns 11,439 shares of the company’s stock worth $406,000 after buying an additional 4,364 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Sweetgreen by 2.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 27,913 shares of the company’s stock worth $990,000 after acquiring an additional 537 shares during the period. Stephens Investment Management Group LLC raised its holdings in shares of Sweetgreen by 139.9% during the 3rd quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock worth $33,299,000 after acquiring an additional 547,816 shares during the period. Optas LLC boosted its position in shares of Sweetgreen by 9.1% during the 3rd quarter. Optas LLC now owns 16,778 shares of the company’s stock valued at $595,000 after acquiring an additional 1,395 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of Sweetgreen by 670.0% in the third quarter. Harbor Capital Advisors Inc. now owns 143,441 shares of the company’s stock valued at $5,085,000 after purchasing an additional 124,813 shares during the period. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

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.