Sweetgreen (NYSE:SG) Stock Price Up 4.1% - Here's Why

Key Points

• Sweetgreen shares rose 4.1% to $7.07 in mid-day trading, although volume was about 93% below the stock’s average daily volume.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $7.10; recent target changes included cuts from Wells Fargo and RBC, while JPMorgan raised its target to $13.
• Sweetgreen’s latest quarterly results missed expectations, reporting a loss of $0.22 per share versus the estimated $0.13 loss and revenue of $192.66 million versus the $194.50 million consensus.

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price rose 4.1% during mid-day trading on Friday . The company traded as high as $7.09 and last traded at $7.07. 337,915 shares changed hands during trading, a decline of 93% from the average daily volume of 5,075,442 shares. The stock had previously closed at $6.79.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price target on shares of Sweetgreen from $7.00 to $6.00 and set an "equal weight" rating for the company in a research note on Friday, August 7th. Royal Bank Of Canada lowered their price target on Sweetgreen from $7.00 to $6.50 and set an "outperform" rating on the stock in a research report on Friday, August 7th. Wall Street Zen upgraded Sweetgreen from a "strong sell" rating to a "sell" rating in a report on Sunday, August 16th. JPMorgan Chase & Co. upgraded shares of Sweetgreen from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $8.00 to $13.00 in a research report on Friday, May 22nd. Finally, Weiss Ratings downgraded Sweetgreen from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $7.10.

Sweetgreen Trading Up 4.3%

The company has a market capitalization of $842.81 million, a price-to-earnings ratio of 70.81 and a beta of 2.19. The company has a 50 day moving average price of $7.07 and a 200 day moving average price of $6.82.

Sweetgreen (NYSE:SG - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.09). The business had revenue of $192.66 million during the quarter, compared to the consensus estimate of $194.50 million. Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The firm's revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.20) earnings per share. Equities analysts predict that Sweetgreen, Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, CFO Jamie Mcconnell sold 15,033 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $93,354.93. Following the sale, the chief financial officer directly owned 210,489 shares of the company's stock, valued at $1,307,136.69. The trade was a 6.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of Sweetgreen stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $29,863.89. Following the completion of the sale, the chief operating officer directly owned 207,076 shares in the company, valued at approximately $1,285,941.96. This represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sweetgreen

Several large investors have recently made changes to their positions in SG. Larson Financial Group LLC raised its position in Sweetgreen by 165.8% during the third quarter. Larson Financial Group LLC now owns 3,766 shares of the company's stock worth $30,000 after acquiring an additional 2,349 shares in the last quarter. Fifth Third Bancorp bought a new stake in shares of Sweetgreen in the 1st quarter valued at about $38,000. CWM LLC lifted its stake in Sweetgreen by 212.2% in the 4th quarter. CWM LLC now owns 7,333 shares of the company's stock valued at $50,000 after purchasing an additional 4,984 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Sweetgreen by 281.7% during the fourth 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 period. Finally, Versant Capital Management Inc grew its holdings in Sweetgreen by 241.5% during the second quarter. Versant Capital Management Inc now owns 10,518 shares of the company's stock worth $93,000 after purchasing an additional 7,438 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source