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Sweetgreen (SG) Surges 12.8%: Is This an Indication of Further Gains?
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Sweetgreen, Inc. (SG - Free Report) shares ended the last trading session 12.8% higher at $34.98. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 33.3% gain over the past four weeks.
Shares of SG are expected to have increased on the back of its notable gains from net new restaurant openings, favorable menu pricing and operation excellence. The increase in its fiscal 2024 outlook along with its aim of expanding its robotic kitchen program, Infinite Kitchen, are quite likely to have induced bullish sentiments among investors.
This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents a year-over-year change of +40%. Revenues are expected to be $180.2 million, up 18.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Sweetgreen, the consensus EPS estimate for the quarter has been revised 4.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SG going forward to see if this recent jump can turn into more strength down the road.
Sweetgreen belongs to the Zacks Retail - Restaurants industry. Another stock from the same industry, Meritage Hospitality Group Inc. (MHGU - Free Report) , closed the last trading session 0.6% lower at $17.40. Over the past month, MHGU has returned -5.8%.
Meritage Hospitality Group's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.17. Compared to the company's year-ago EPS, this represents a change of +156.7%. Meritage Hospitality Group currently boasts a Zacks Rank of #3 (Hold).
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Sweetgreen (SG) Surges 12.8%: Is This an Indication of Further Gains?
Sweetgreen, Inc. (SG - Free Report) shares ended the last trading session 12.8% higher at $34.98. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 33.3% gain over the past four weeks.
Shares of SG are expected to have increased on the back of its notable gains from net new restaurant openings, favorable menu pricing and operation excellence. The increase in its fiscal 2024 outlook along with its aim of expanding its robotic kitchen program, Infinite Kitchen, are quite likely to have induced bullish sentiments among investors.
This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents a year-over-year change of +40%. Revenues are expected to be $180.2 million, up 18.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Sweetgreen, the consensus EPS estimate for the quarter has been revised 4.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SG going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Sweetgreen belongs to the Zacks Retail - Restaurants industry. Another stock from the same industry, Meritage Hospitality Group Inc. (MHGU - Free Report) , closed the last trading session 0.6% lower at $17.40. Over the past month, MHGU has returned -5.8%.
Meritage Hospitality Group's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.17. Compared to the company's year-ago EPS, this represents a change of +156.7%. Meritage Hospitality Group currently boasts a Zacks Rank of #3 (Hold).