Morgan Stanley upgraded shares of CAVA Group (NYSE:CAVA – Free Report) from an equal weight rating to an overweight rating in a research report report published on Wednesday, MarketBeat reports. The firm currently has $90.00 price target on the stock, up from their previous price target of $86.00.
CAVA has been the topic of a number of other reports. Robert W. Baird lifted their price target on CAVA Group from $88.00 to $98.00 and gave the stock an “outperform” rating in a report on Wednesday, May 20th. BMO Capital Markets set a $100.00 price objective on CAVA Group in a research note on Wednesday, May 20th. Piper Sandler raised their target price on CAVA Group from $85.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, May 20th. Northcoast Research upgraded CAVA Group to a “strong sell” rating in a research note on Tuesday, April 21st. Finally, UBS Group raised shares of CAVA Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $85.00 to $90.00 in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $93.54.
Check Out Our Latest Report on CAVA Group
CAVA Group Stock Performance
CAVA Group (NYSE:CAVA – Get Free Report) last posted its earnings results on Tuesday, May 19th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The firm had revenue of $438.27 million for the quarter, compared to analysts’ expectations of $360.89 million. During the same quarter last year, the firm earned $0.22 EPS. The company’s quarterly revenue was up 32.1% compared to the same quarter last year. On average, sell-side analysts forecast that CAVA Group will post 0.55 EPS for the current fiscal year.
Insiders Place Their Bets
In other CAVA Group news, insider Kelly Costanza sold 12,490 shares of the business’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total value of $1,124,100.00. Following the sale, the insider directly owned 98,490 shares in the company, valued at $8,864,100. The trade was a 11.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Theodoros Xenohristos sold 3,252 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $290,826.36. Following the transaction, the insider directly owned 324,630 shares in the company, valued at $29,031,660.90. This represents a 0.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 91,747 shares of company stock valued at $7,970,838. Company insiders own 6.70% of the company’s stock.
Institutional Investors Weigh In On CAVA Group
Institutional investors have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC purchased a new position in shares of CAVA Group in the fourth quarter worth about $25,000. Harbor Investment Advisory LLC lifted its stake in shares of CAVA Group by 347.8% during the 4th quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock valued at $30,000 after buying an additional 400 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of CAVA Group during the 2nd quarter valued at approximately $31,000. TD Private Client Wealth LLC boosted its holdings in CAVA Group by 118.2% in the 4th quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock worth $35,000 after buying an additional 325 shares during the period. Finally, Strategic Investment Solutions Inc. IL bought a new position in CAVA Group in the 3rd quarter worth approximately $36,000. 73.15% of the stock is owned by hedge funds and other institutional investors.
About CAVA Group
CAVA Group, Inc (NYSE: CAVA) is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.
Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe’s Kitchen.
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