Sweetgreen (NYSE:SG) Trading Up 4.6% – Here’s Why

Sweetgreen, Inc. (NYSE:SG) rose 4.6% during mid-day trading on Monday . The company traded as high as $8.84 and last traded at $8.7420. Approximately 323,346 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 4,739,998 shares. The stock had previously closed at $8.36.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Citizens Jmp began coverage on Sweetgreen in a report on Monday, March 30th. They set a “mkt underperform” rating and a $4.50 target price for the company. Weiss Ratings raised Sweetgreen from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Wall Street Zen upgraded Sweetgreen from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. UBS Group upped their price objective on Sweetgreen from $6.50 to $7.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Finally, JPMorgan Chase & Co. raised Sweetgreen from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $8.00 to $13.00 in a research report on Friday, May 22nd. Four research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $7.57.

Sweetgreen Trading Down 14.1%

The firm’s 50-day simple moving average is $8.41 and its 200 day simple moving average is $6.98. The stock has a market cap of $844.29 million, a P/E ratio of 59.21 and a beta of 2.17.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The business had revenue of $161.52 million for the quarter, compared to the consensus estimate of $163.94 million. Sweetgreen had a net margin of 2.49% and a negative return on equity of 33.07%. The business’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period last year, the firm posted ($0.21) EPS. On average, analysts anticipate that Sweetgreen, Inc. will post -0.76 EPS for the current year.

Institutional Trading of Sweetgreen

Hedge funds have recently added to or reduced their stakes in the business. Woodson Capital Management LP grew its stake in shares of Sweetgreen by 152.6% in the fourth quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock worth $40,560,000 after purchasing an additional 3,625,000 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Sweetgreen by 1,428.8% during the third quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock valued at $31,313,000 after purchasing an additional 3,667,306 shares in the last quarter. Federated Hermes Inc. raised its stake in shares of Sweetgreen by 366.8% during the fourth quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock valued at $17,900,000 after purchasing an additional 2,080,628 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Sweetgreen by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 2,453,564 shares of the company’s stock worth $16,589,000 after purchasing an additional 16,281 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in Sweetgreen by 35.6% in the fourth quarter. BNP Paribas Financial Markets now owns 2,295,867 shares of the company’s stock worth $15,520,000 after purchasing an additional 603,029 shares during the period. 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.