Nemes Rush Group LLC lowered its stake in CAVA Group, Inc. (NYSE:CAVA – Free Report) by 91.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,461 shares of the company’s stock after selling 15,404 shares during the period. Nemes Rush Group LLC’s holdings in CAVA Group were worth $86,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in CAVA. Capital International Investors lifted its position in shares of CAVA Group by 105.4% in the third quarter. Capital International Investors now owns 4,228,736 shares of the company’s stock worth $255,451,000 after buying an additional 2,169,553 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in shares of CAVA Group in the third quarter worth about $114,098,000. Alliancebernstein L.P. lifted its position in shares of CAVA Group by 118.3% in the third quarter. Alliancebernstein L.P. now owns 2,953,688 shares of the company’s stock worth $178,432,000 after buying an additional 1,600,630 shares during the last quarter. Capital Research Global Investors lifted its position in shares of CAVA Group by 28.5% in the third quarter. Capital Research Global Investors now owns 6,634,866 shares of the company’s stock worth $400,801,000 after buying an additional 1,469,758 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of CAVA Group in the fourth quarter worth about $50,278,000. Institutional investors and hedge funds own 73.15% of the company’s stock.
Insider Activity at CAVA Group
In related news, insider Theodoros Xenohristos sold 9,044 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $79.75, for a total transaction of $721,259.00. Following the transaction, the insider directly owned 327,882 shares in the company, valued at $26,148,589.50. The trade was a 2.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kelly Costanza sold 10,010 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $79.87, for a total value of $799,498.70. Following the transaction, the insider owned 113,850 shares in the company, valued at $9,093,199.50. This represents a 8.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 24,235 shares of company stock worth $1,920,420 over the last three months. Company insiders own 6.70% of the company’s stock.
CAVA Group Stock Performance
CAVA Group (NYSE:CAVA – Get Free Report) last posted its quarterly earnings data on Tuesday, May 19th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.03. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The business had revenue of $438.27 million during the quarter, compared to analysts’ expectations of $360.89 million. During the same quarter in the previous year, the firm earned $0.22 EPS. The firm’s revenue was up 32.1% compared to the same quarter last year. As a group, equities research analysts forecast that CAVA Group, Inc. will post 0.55 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on CAVA. Truist Financial boosted their price target on CAVA Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. JPMorgan Chase & Co. boosted their price target on CAVA Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. The Goldman Sachs Group boosted their price objective on CAVA Group from $75.00 to $86.00 and gave the stock a “neutral” rating in a research report on Monday, April 13th. Telsey Advisory Group boosted their price objective on CAVA Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 20th. Finally, Mizuho boosted their price objective on CAVA Group from $72.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, CAVA Group currently has an average rating of “Moderate Buy” and an average target price of $93.19.
Check Out Our Latest Analysis on CAVA
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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