Q2 2024 EPS Estimates for Sweetgreen, Inc. (NYSE:SG) Cut by Analyst

Sweetgreen, Inc. (NYSE:SG) – William Blair decreased their Q2 2024 earnings estimates for shares of Sweetgreen in a report issued on Wednesday, April 24th. William Blair analyst S. Zackfia now expects that the company will post earnings per share of ($0.10) for the quarter, down from their previous estimate of ($0.09). The consensus estimate for Sweetgreen’s current full-year earnings is ($0.71) per share.

A number of other research analysts also recently commented on SG. TD Cowen restated a “hold” rating and issued a $17.00 target price on shares of Sweetgreen in a research note on Wednesday, April 10th. JPMorgan Chase & Co. boosted their price objective on Sweetgreen from $20.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. Morgan Stanley raised their price objective on shares of Sweetgreen from $11.00 to $16.00 and gave the stock an “underweight” rating in a research note on Friday, April 12th. Citigroup upped their target price on shares of Sweetgreen from $16.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Royal Bank of Canada raised their price target on shares of Sweetgreen from $13.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.00.

Sweetgreen Price Performance

Shares of SG opened at $22.48 on Monday. The company has a 50-day moving average of $20.87 and a two-hundred day moving average of $14.24. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of -22.48 and a beta of 2.19. Sweetgreen has a one year low of $7.53 and a one year high of $26.45.

Sweetgreen (NYSE:SG) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). Sweetgreen had a negative net margin of 19.41% and a negative return on equity of 21.58%. The business had revenue of $153.00 million during the quarter, compared to analyst estimates of $152.04 million. During the same period in the previous year, the company posted ($0.44) earnings per share. Sweetgreen’s revenue was up 29.0% compared to the same quarter last year.

Hedge Funds Weigh In On Sweetgreen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in Sweetgreen during the third quarter worth about $241,000. Compagnie Lombard Odier SCmA increased its stake in Sweetgreen by 300.0% in the third quarter. Compagnie Lombard Odier SCmA now owns 8,000 shares of the company’s stock valued at $94,000 after acquiring an additional 6,000 shares during the last quarter. Curated Wealth Partners LLC bought a new stake in Sweetgreen during the third quarter worth $848,000. Bank of New York Mellon Corp lifted its stake in Sweetgreen by 6.0% during the third quarter. Bank of New York Mellon Corp now owns 343,549 shares of the company’s stock worth $4,037,000 after purchasing an additional 19,538 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Sweetgreen by 31.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,505 shares of the company’s stock valued at $570,000 after purchasing an additional 11,500 shares in the last quarter. 95.75% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Adrienne Gemperle sold 4,286 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.32, for a total value of $52,803.52. Following the completion of the transaction, the insider now owns 139,693 shares of the company’s stock, valued at approximately $1,721,017.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Sweetgreen news, insider Adrienne Gemperle sold 4,286 shares of Sweetgreen stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $12.32, for a total value of $52,803.52. Following the transaction, the insider now owns 139,693 shares of the company’s stock, valued at $1,721,017.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mitch Reback sold 29,475 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $21.01, for a total transaction of $619,269.75. Following the completion of the sale, the chief financial officer now directly owns 405,584 shares in the company, valued at $8,521,319.84. The disclosure for this sale can be found here. Insiders sold a total of 140,555 shares of company stock valued at $2,214,389 in the last ninety days. 21.52% of the stock is owned by insiders.

About Sweetgreen

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.