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

Shares of Sweetgreen, Inc. (NYSE:SG) gapped up prior to trading 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 changing hands.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. JPMorgan Chase & Co. raised Sweetgreen from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $8.00 to $13.00 in a research report on Friday, May 22nd. Piper Sandler lowered their target price on Sweetgreen from $9.00 to $7.00 and set a “neutral” rating on the stock in a research note on Friday, March 27th. Wall Street Zen raised shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. TD Cowen increased their price target on shares of Sweetgreen from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Wednesday, May 27th. Finally, DA Davidson raised their price objective on shares of Sweetgreen from $5.50 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Four research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Sweetgreen currently has a consensus rating of “Hold” and an average price target of $7.57.

Sweetgreen Price Performance

The firm has a fifty day simple moving average of $8.39 and a two-hundred day simple moving average of $6.97. The firm has a market capitalization of $860.69 million, a P/E ratio of 59.88 and a beta of 2.17.

Sweetgreen (NYSE:SG) last issued its earnings results on Friday, May 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Sweetgreen had a net margin of 2.49% and a negative return on equity of 33.07%. The firm had revenue of $161.52 million during the quarter, compared to the consensus estimate of $163.94 million. During the same quarter in the previous year, the firm earned ($0.21) earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, research analysts anticipate that Sweetgreen, Inc. will post -0.76 EPS for the current year.

Institutional Investors Weigh In On Sweetgreen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SG. Marshall Wace LLP boosted its position in Sweetgreen by 1,428.8% during the third quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock worth $31,313,000 after purchasing an additional 3,667,306 shares during the period. Woodson Capital Management LP raised its position in shares of Sweetgreen by 152.6% in the fourth quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock valued at $40,560,000 after purchasing an additional 3,625,000 shares during the period. Federated Hermes Inc. raised its position in shares of Sweetgreen by 366.8% in the fourth quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock valued at $17,900,000 after purchasing an additional 2,080,628 shares during the period. BNP Paribas Financial Markets raised its position in shares of Sweetgreen by 240.9% in the third quarter. BNP Paribas Financial Markets now owns 1,692,838 shares of the company’s stock valued at $13,509,000 after purchasing an additional 1,196,222 shares during the period. Finally, Ibex Investors LLC lifted its stake in shares of Sweetgreen by 5,058.7% during the 4th quarter. Ibex Investors LLC now owns 825,400 shares of the company’s stock valued at $5,580,000 after buying an additional 809,400 shares in the last quarter. 95.75% of the stock is currently 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.