CAVA Group, Inc. $CAVA Holdings Raised by Econ Financial Services Corp

Econ Financial Services Corp grew its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 49.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,408 shares of the company’s stock after purchasing an additional 3,790 shares during the period. Econ Financial Services Corp’s holdings in CAVA Group were worth $961,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CAVA. Jennison Associates LLC lifted its holdings in shares of CAVA Group by 246.1% during the first quarter. Jennison Associates LLC now owns 8,519,459 shares of the company’s stock valued at $736,166,000 after purchasing an additional 6,057,727 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of CAVA Group by 114.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company’s stock worth $206,915,000 after buying an additional 1,277,912 shares during the period. Vanguard Group Inc. boosted its position in shares of CAVA Group by 13.2% in the first quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company’s stock worth $783,374,000 after buying an additional 1,054,180 shares during the period. Nuveen LLC acquired a new stake in shares of CAVA Group in the first quarter worth $72,800,000. Finally, Alliancebernstein L.P. boosted its position in shares of CAVA Group by 2,072.1% in the first quarter. Alliancebernstein L.P. now owns 852,691 shares of the company’s stock worth $73,681,000 after buying an additional 813,434 shares during the period. 73.15% of the stock is owned by hedge funds and other institutional investors.

CAVA Group Trading Down 1.2%

CAVA opened at $62.21 on Wednesday. The stock has a market cap of $7.21 billion, a price-to-earnings ratio of 52.28, a PEG ratio of 3.63 and a beta of 2.50. CAVA Group, Inc. has a 1 year low of $58.33 and a 1 year high of $172.43. The stock has a fifty day moving average price of $64.37 and a 200 day moving average price of $77.86.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The firm had revenue of $280.62 million during the quarter, compared to analysts’ expectations of $285.65 million. CAVA Group had a return on equity of 9.83% and a net margin of 12.98%.The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.17 earnings per share. As a group, sell-side analysts forecast that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CAVA. Mizuho began coverage on CAVA Group in a research report on Monday. They issued a “neutral” rating and a $65.00 target price for the company. KeyCorp decreased their target price on CAVA Group from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, August 13th. Melius began coverage on CAVA Group in a research report on Monday, July 14th. They issued a “hold” rating and a $95.00 target price for the company. UBS Group decreased their target price on CAVA Group from $96.00 to $75.00 and set a “neutral” rating for the company in a research report on Wednesday, August 13th. Finally, Argus set a $76.00 target price on CAVA Group in a research report on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.30.

CAVA Group Company Profile

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.