Sweetgreen was among the top trending tickers on Stocktwits late Thursday, with sentiment and message volume climbing.
Sweetgreen (SG) shares plummeted over 22% in extended trading on Thursday, after the salad-focused diner chain reported weak quarterly results and lowered its full-year same-store sales target.
The performance is another confirmation of a broader pullback by budget-conscious consumers, particularly at dining spots perceived as more premium.
Sweetgreen, which sells $15 salad platters, expects a 4% to 6% drop in comparable sales this year; it had earlier forecast the metric to be flat.
In the second quarter, the company’s revenue increased a mere 0.5%, while same-store sales declined 7.6%, missing analysts’ estimates on both counts.
Sweetgreen’s latest quarterly results were weighed down by broader economic pressures, weaker industry trends, especially in several of its key urban markets, and high year-over-year comparison rates, CEO Jonathan Neman said.
While the launch of a steak menu item in May 2024 had previously lifted sales, the latest quarter saw a dip in traffic as customers opted for more affordable alternatives, according to the company.
The results arrive as the stock remains under pressure, down more than 70% from its November peak. If after-hours losses carry into Friday’s session, it could mark the stock’s worst single-day performance on record.
On Stocktwits, the retail sentiment for Sweetgreen shifted to ‘extremely bullish’ as of late Thursday, from ‘bearish’ the previous day. Message volume rose over 3,000%, among the highest in consumer stocks, in the past 24 hours. The stock was among the top 20 trending tickers at the time of writing.
“$SG a lot of room for growth, but I don’t think consumers really wanted expensive healthy food,” said a Stocktwits user.
Another user said the “stock price [is] down much more than it should be.”
Sweetgreen was founded in 2006 and listed on the New York Stock Exchange in 2021. The company’s shares are down over 60% this year.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<