Sweetgreen (NYSE:SG) Trading 8.8% Higher – Here’s What Happened

Sweetgreen, Inc. (NYSE:SG)’s share price shot up 8.8% on Wednesday . The company traded as high as $5.86 and last traded at $5.8650. 1,519,466 shares traded hands during trading, a decline of 70% from the average session volume of 5,079,291 shares. The stock had previously closed at $5.39.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SG. BNP Paribas Exane increased their price objective on Sweetgreen from $4.50 to $5.00 and gave the stock an “underperform” rating in a research report on Friday, May 8th. Royal Bank Of Canada lowered their target price on Sweetgreen from $7.00 to $6.50 and set an “outperform” rating on the stock in a report on Friday, August 7th. Weiss Ratings downgraded shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday. Citigroup dropped their target price on Sweetgreen from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Finally, Wells Fargo & Company cut their price target on shares of Sweetgreen from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Four research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $7.10.

Sweetgreen Stock Up 3.8%

The firm has a market capitalization of $717.61 million, a PE ratio of 60.40 and a beta of 2.19. The firm’s 50 day moving average price is $7.46 and its two-hundred day moving average price is $6.80.

Sweetgreen (NYSE:SG) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.09). The business had revenue of $192.66 million during the quarter, compared to analysts’ expectations of $194.50 million. Sweetgreen had a net margin of 2.01% and a negative return on equity of 34.03%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.20) EPS. On average, sell-side analysts anticipate that Sweetgreen, Inc. will post -0.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sweetgreen

A number of institutional investors have recently modified their holdings of the business. Larson Financial Group LLC grew its holdings in shares of Sweetgreen by 165.8% during the third quarter. Larson Financial Group LLC now owns 3,766 shares of the company’s stock valued at $30,000 after purchasing an additional 2,349 shares during the last quarter. Fifth Third Bancorp bought a new position in Sweetgreen during the 1st quarter valued at $38,000. CWM LLC grew its holdings in Sweetgreen by 212.2% during the fourth quarter. CWM LLC now owns 7,333 shares of the company’s stock worth $50,000 after acquiring an additional 4,984 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of Sweetgreen by 281.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 7,912 shares of the company’s stock worth $53,000 after purchasing an additional 5,839 shares during the last quarter. Finally, Onyx Bridge Wealth Group LLC acquired a new position in Sweetgreen in the first quarter worth approximately $56,000. Institutional investors own 95.75% of the company’s stock.

Sweetgreen Company Profile

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.