Sweetgreen (NYSE:SG) Shares Gap Up – What’s Next?

Sweetgreen, Inc. (NYSE:SG)’s share price gapped up before the market opened on Friday . The stock had previously closed at $6.22, but opened at $6.71. Sweetgreen shares last traded at $7.32, with a volume of 2,879,393 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SG shares. DA Davidson lifted their price objective on shares of Sweetgreen from $5.50 to $7.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. JPMorgan Chase & Co. raised Sweetgreen from a “neutral” rating to an “overweight” rating and upped their target price for the company from $8.00 to $13.00 in a research report on Friday, May 22nd. Oppenheimer raised their target price on Sweetgreen from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 20th. UBS Group raised their target price on Sweetgreen from $6.50 to $7.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Finally, TD Cowen lifted their price target on Sweetgreen from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Wednesday, May 27th. Four research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Sweetgreen has a consensus rating of “Hold” and an average target price of $7.57.

Sweetgreen Stock Performance

The firm’s 50 day simple moving average is $8.39 and its 200 day simple moving average is $6.97. The firm has a market capitalization of $844.52 million, a price-to-earnings ratio of 59.23 and a beta of 2.17.

Sweetgreen (NYSE:SG) last released its quarterly earnings data 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). Sweetgreen had a negative return on equity of 33.07% and a net margin of 2.49%.The business had revenue of $161.52 million during the quarter, compared to analyst estimates of $163.94 million. During the same quarter in the previous year, the company earned ($0.21) EPS. The firm’s revenue was down 2.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Sweetgreen, Inc. will post -0.76 earnings per share for the current year.

Institutional Investors Weigh In On Sweetgreen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SG. Larson Financial Group LLC grew its holdings 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 during the period. Fifth Third Bancorp acquired a new position in Sweetgreen in the first quarter valued at approximately $38,000. CWM LLC lifted its holdings in Sweetgreen by 212.2% in the fourth quarter. CWM LLC now owns 7,333 shares of the company’s stock valued at $50,000 after acquiring an additional 4,984 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in Sweetgreen by 281.7% in the 4th 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 in the last quarter. Finally, Eastern Bank boosted its position in Sweetgreen by 228.5% in the 4th quarter. Eastern Bank now owns 8,780 shares of the company’s stock worth $59,000 after purchasing an additional 6,107 shares in the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

About Sweetgreen

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.