Sweetgreen (NYSE:SG) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Sweetgreen (NYSE:SG - Get Free Report) posted its earnings results on Thursday. The company reported ($0.23) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.02), Briefing.com reports. The firm had revenue of $157.85 million for the quarter, compared to analysts' expectations of $152.02 million. Sweetgreen had a negative return on equity of 21.58% and a negative net margin of 19.41%. The business's revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.29) earnings per share. Sweetgreen updated its FY 2024 guidance to EPS.

Sweetgreen Stock Performance

SG stock traded up $8.05 during midday trading on Friday, reaching $31.61. The stock had a trading volume of 21,429,624 shares, compared to its average volume of 2,203,157. Sweetgreen has a 52-week low of $8.64 and a 52-week high of $34.45. The firm has a fifty day simple moving average of $22.34 and a two-hundred day simple moving average of $14.74.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SG shares. JPMorgan Chase & Co. increased their price target on shares of Sweetgreen from $28.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday. Citigroup raised their price target on shares of Sweetgreen from $25.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday. Oppenheimer raised their price target on shares of Sweetgreen from $17.00 to $34.00 and gave the company an "outperform" rating in a research report on Monday, April 1st. TD Cowen raised their price target on shares of Sweetgreen from $22.00 to $26.00 and gave the company a "hold" rating in a research report on Friday. Finally, Royal Bank of Canada raised their price target on shares of Sweetgreen from $20.00 to $35.00 and gave the company an "outperform" rating in a research report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Sweetgreen has an average rating of "Moderate Buy" and an average target price of $25.75.

Insider Activity

In related news, CFO Mitch Reback sold 29,475 shares of Sweetgreen stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $21.01, for a total value of $619,269.75. Following the sale, the chief financial officer now directly owns 405,584 shares in the company, valued at approximately $8,521,319.84. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Mitch Reback sold 29,475 shares of Sweetgreen stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $21.01, for a total value of $619,269.75. Following the sale, the chief financial officer now directly owns 405,584 shares in the company, valued at approximately $8,521,319.84. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Adrienne Gemperle sold 4,000 shares of Sweetgreen stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $16.00, for a total value of $64,000.00. Following the completion of the sale, the insider now owns 129,407 shares in the company, valued at $2,070,512. The disclosure for this sale can be found here. Insiders have sold 130,267 shares of company stock worth $2,090,933 in the last ninety days. Company insiders own 21.52% of the company's stock.

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.