Sweetgreen’s (SG) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Sweetgreen (NYSE:SG) in a report published on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a $45.00 price objective on the stock.

SG has been the subject of several other reports. Oppenheimer reduced their price objective on Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a research note on Tuesday, January 7th. Citigroup reduced their price objective on Sweetgreen from $49.00 to $43.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. UBS Group raised their price objective on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. KeyCorp started coverage on Sweetgreen in a research note on Wednesday, December 11th. They issued a “sector weight” rating for the company. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $40.00 price objective on shares of Sweetgreen in a research note on Friday, November 8th. Four 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.60.

Sweetgreen Stock Performance

Shares of NYSE SG opened at $22.34 on Tuesday. The company has a market cap of $2.58 billion, a PE ratio of -28.64 and a beta of 2.37. The business has a 50-day simple moving average of $30.67 and a two-hundred day simple moving average of $34.32. Sweetgreen has a fifty-two week low of $11.21 and a fifty-two week high of $45.12.

Insider Transactions at Sweetgreen

In other news, CEO Jonathan Neman sold 33,444 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $40.16, for a total transaction of $1,343,111.04. Following the completion of the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $77,517,956.48. This represents a 1.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Mitch Reback sold 10,926 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total value of $288,774.18. Following the transaction, the chief financial officer now directly owns 344,055 shares of the company’s stock, valued at approximately $9,093,373.65. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 516,817 shares of company stock valued at $19,677,637 in the last three months. 21.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SG. Steward Partners Investment Advisory LLC increased its position in shares of Sweetgreen by 3,571.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock worth $33,000 after purchasing an additional 1,000 shares in the last quarter. Hollencrest Capital Management purchased a new stake in shares of Sweetgreen during the third quarter worth approximately $35,000. Headlands Technologies LLC increased its position in shares of Sweetgreen by 156.0% during the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock worth $39,000 after purchasing an additional 741 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Sweetgreen by 45.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after purchasing an additional 494 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Sweetgreen during the fourth quarter worth approximately $53,000. 95.75% of the stock is owned by institutional investors and hedge funds.

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.