Sweetgreen (NYSE:SG) Stock Price Up 8.8% – Here’s Why

Shares of Sweetgreen, Inc. (NYSE:SG) rose 8.8% on Wednesday . The stock traded as high as $5.86 and last traded at $5.8650. 1,519,466 shares changed 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

A number of research firms have recently issued reports on SG. DA Davidson reduced their price target on shares of Sweetgreen from $7.00 to $5.50 and set a “neutral” rating on the stock in a research report on Monday. BNP Paribas Exane boosted their price objective on shares of Sweetgreen from $4.50 to $5.00 and gave the company an “underperform” rating in a research report on Friday, May 8th. TD Cowen dropped their price objective on shares of Sweetgreen from $8.00 to $5.00 and set a “hold” rating on the stock in a research note on Friday, August 7th. KeyCorp restated a “sector weight” rating on shares of Sweetgreen in a research note on Monday. Finally, Wells Fargo & Company lowered their target price on Sweetgreen from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Friday, August 7th. Four analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $7.10.

Sweetgreen Stock Performance

The stock’s fifty day moving average is $7.52 and its two-hundred day moving average is $6.82. The firm has a market cap of $685.65 million, a price-to-earnings ratio of 57.71 and a beta of 2.19.

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

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SG. Royal Bank of Canada boosted its position in Sweetgreen by 22.4% during the 1st quarter. Royal Bank of Canada now owns 291,477 shares of the company’s stock worth $7,292,000 after acquiring an additional 53,427 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Sweetgreen by 6.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,572 shares of the company’s stock valued at $1,516,000 after purchasing an additional 3,553 shares in the last quarter. Prudential Financial Inc. bought a new stake in shares of Sweetgreen during the second quarter valued at about $197,000. Qube Research & Technologies Ltd acquired a new stake in Sweetgreen in the second quarter worth about $538,000. Finally, Frontier Capital Management Co. LLC lifted its holdings in Sweetgreen by 121.7% in the second quarter. Frontier Capital Management Co. LLC now owns 680,255 shares of the company’s stock worth $10,122,000 after purchasing an additional 373,350 shares during the period. 95.75% of the stock is owned by institutional investors.

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.