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Sweetgreen Skyrockets on Steak Plate Rollout and Stellar Earnings

Sweetgreen (SG) - ★★★ - Ranked #54 in Q2 2024 SMID Equity Rankings



Call option traders feasted on profits from Sweetgreen (SG) on Friday as the healthy fast-casual chain's stock soared over 40% after a blockbuster earnings report. The May 17 2024 $25 strike call options exploded 429% higher to $9.00 per contract at the peak, up from just $1.70 at the prior close.


The massive move in Sweetgreen's options came as the company's shares rallied as high as 45% in pre-market trading. Investors celebrated the chain's Q1 earnings beat driven by a 5% increase in same-store sales. Despite posting a wider net loss, Sweetgreen raised its full-year revenue guidance to $660-$675 million.


Analysts applauded the strong results, particularly highlighting Sweetgreen's nationwide launch of new steak plate dinner entrees this week after a successful test run in Boston. The steak plates could provide a sizeable sales boost by attracting customers for dinner beyond Sweetgreen's typical lunch crowd.


The call option frenzy demonstrates the leverage and upside available to options traders when an underlying stock makes an explosive move. With Sweetgreen shares up over 200% year-to-date, bullish options positioning ahead of earnings paid off handsomely for traders looking to capitalize on the healthy chain's sizzling momentum.


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The information provided in this report is for general informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. The opinions expressed in the report are our own and are subject to change without notice. We may have a position in the securities mentioned in the report, and we may buy or sell such securities without notice. Any investment decisions made based on the information in this report are solely the responsibility of the recipient. We do not accept any liability for any direct, indirect, or consequential loss arising from any use of this report or its contents.

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