Sweetgreen (NYSE:SG) Shares Up 6.9% – Here’s What Happened

Sweetgreen, Inc. (NYSE:SG) shares shot up 6.9% during trading on Friday . The company traded as high as $7.14 and last traded at $7.3620. 350,117 shares traded hands during trading, a decline of 92% from the average session volume of 4,247,942 shares. The stock had previously closed at $6.89.

Analyst Ratings Changes

A number of research firms have recently commented on SG. DA Davidson lifted their target price on Sweetgreen from $5.50 to $7.00 and gave the stock a “neutral” rating in a research report on Monday. Royal Bank Of Canada cut their target price on Sweetgreen from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. TD Cowen lifted their target price on Sweetgreen from $5.00 to $7.00 and gave the stock a “hold” rating in a research report on Friday, May 8th. The Goldman Sachs Group lifted their target price on Sweetgreen from $5.00 to $5.60 and gave the stock a “sell” rating in a research report on Wednesday, January 28th. Finally, Oppenheimer dropped their price target on Sweetgreen from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Three equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Sweetgreen has an average rating of “Hold” and an average target price of $7.60.

Sweetgreen Stock Performance

The stock has a market cap of $922.72 million, a price-to-earnings ratio of 65.02 and a beta of 2.03. The company has a 50-day moving average of $6.02 and a 200-day moving average of $6.32.

Sweetgreen (NYSE:SG) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The company had revenue of $161.52 million during the quarter, compared to analyst estimates of $163.95 million. Sweetgreen had a net margin of 2.49% and a negative return on equity of 33.07%. The business’s revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.21) EPS. As a group, equities research analysts forecast that Sweetgreen, Inc. will post -0.76 EPS for the current year.

Insider Activity at Sweetgreen

In other Sweetgreen news, major shareholder Goldman Sachs Group Inc bought 594,553 shares of the company’s stock in a transaction on Tuesday, April 7th. The shares were bought at an average price of $5.69 per share, for a total transaction of $3,383,006.57. Following the transaction, the insider owned 11,900,255 shares of the company’s stock, valued at approximately $67,712,450.95. This trade represents a 5.26% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Nicolas Jammet bought 4,428 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were acquired at an average price of $5.71 per share, for a total transaction of $25,283.88. Following the transaction, the insider directly owned 22,543 shares in the company, valued at $128,720.53. This trade represents a 24.44% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 19.78% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC increased its position in Sweetgreen by 165.8% during the 3rd quarter. Larson Financial Group LLC now owns 3,766 shares of the company’s stock worth $30,000 after purchasing an additional 2,349 shares during the period. Fifth Third Bancorp acquired a new position in Sweetgreen during the 1st quarter worth approximately $38,000. Bogart Wealth LLC increased its position in Sweetgreen by 1,150.0% during the 3rd quarter. Bogart Wealth LLC now owns 5,000 shares of the company’s stock worth $40,000 after purchasing an additional 4,600 shares during the period. Skandinaviska Enskilda Banken AB publ increased its position in Sweetgreen by 124.1% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 6,292 shares of the company’s stock worth $50,000 after purchasing an additional 3,484 shares during the period. Finally, CWM LLC increased its position in Sweetgreen by 212.2% during the 4th quarter. CWM LLC now owns 7,333 shares of the company’s stock worth $50,000 after purchasing an additional 4,984 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.