CAVA Group, Inc. (NYSE:CAVA) to Post Q1 2024 Earnings of $0.06 Per Share, Wedbush Forecasts

CAVA Group, Inc. (NYSE:CAVA) – Investment analysts at Wedbush raised their Q1 2024 earnings per share estimates for CAVA Group in a report issued on Tuesday, April 16th. Wedbush analyst N. Setyan now anticipates that the company will post earnings of $0.06 per share for the quarter, up from their prior estimate of $0.05. Wedbush currently has a “Outperform” rating and a $74.00 price target on the stock. The consensus estimate for CAVA Group’s current full-year earnings is $0.24 per share. Wedbush also issued estimates for CAVA Group’s Q2 2024 earnings at $0.13 EPS, FY2024 earnings at $0.29 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.15 EPS, Q3 2025 earnings at $0.13 EPS and FY2025 earnings at $0.38 EPS.

CAVA has been the subject of a number of other research reports. JPMorgan Chase & Co. boosted their price objective on CAVA Group from $50.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. TD Cowen restated a “buy” rating and set a $63.00 price objective on shares of CAVA Group in a report on Wednesday, April 10th. Piper Sandler boosted their price objective on CAVA Group from $46.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday, February 28th. Citigroup boosted their price objective on CAVA Group from $49.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, February 28th. Finally, Morgan Stanley boosted their price objective on CAVA Group from $62.00 to $68.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, CAVA Group has an average rating of “Moderate Buy” and a consensus target price of $60.42.

CAVA Group Price Performance

NYSE CAVA traded down $1.30 during trading on Wednesday, reaching $61.56. 1,650,255 shares of the company’s stock were exchanged, compared to its average volume of 2,236,657. The business has a 50 day moving average price of $60.49 and a 200-day moving average price of $45.72. CAVA Group has a fifty-two week low of $29.05 and a fifty-two week high of $71.60.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Monday, February 26th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $175.50 million for the quarter, compared to the consensus estimate of $240.03 million. CAVA Group had a return on equity of 4.28% and a net margin of 1.82%. The business’s revenue for the quarter was up 52.6% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. CWM LLC increased its holdings in shares of CAVA Group by 101.2% during the first quarter. CWM LLC now owns 505 shares of the company’s stock worth $35,000 after buying an additional 254 shares in the last quarter. Montag A & Associates Inc. acquired a new stake in CAVA Group in the fourth quarter valued at $26,000. Headlands Technologies LLC bought a new stake in CAVA Group during the third quarter valued at $26,000. PNC Financial Services Group Inc. boosted its position in shares of CAVA Group by 190.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 870 shares of the company’s stock worth $27,000 after purchasing an additional 570 shares in the last quarter. Finally, Clearstead Advisors LLC bought a new position in shares of CAVA Group during the 3rd quarter worth about $31,000. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, Director International S.C.A. Artal sold 2,000,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $66.25, for a total transaction of $132,500,000.00. Following the completion of the transaction, the director now directly owns 26,507,990 shares in the company, valued at $1,756,154,337.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other CAVA Group news, Director International S.C.A. Artal sold 2,000,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $66.25, for a total transaction of $132,500,000.00. Following the completion of the transaction, the director now directly owns 26,507,990 shares in the company, valued at $1,756,154,337.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Ronald M. Shaich sold 1,500,000 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $57.20, for a total transaction of $85,800,000.00. Following the transaction, the insider now owns 4,457,634 shares of the company’s stock, valued at $254,976,664.80. The disclosure for this sale can be found here. Insiders sold a total of 3,547,239 shares of company stock worth $221,525,951 over the last three months.

About CAVA Group

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.