CAVA Group, Inc. (NYSE:CAVA – Get Free Report) traded down 4.8% on Monday . The company traded as low as $65.53 and last traded at $65.5430. Approximately 436,936 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 3,306,323 shares. The stock had previously closed at $68.85.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on CAVA shares. Guggenheim began coverage on shares of CAVA Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $100.00 target price for the company. Royal Bank Of Canada lifted their target price on shares of CAVA Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 20th. The Goldman Sachs Group raised their price objective on CAVA Group from $75.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday, April 13th. Mizuho upped their target price on CAVA Group from $72.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, April 2nd. Finally, Stifel Nicolaus increased their target price on CAVA Group from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $93.54.
View Our Latest Report on CAVA Group
CAVA Group Stock Up 0.2%
CAVA Group (NYSE:CAVA – Get Free Report) last released its quarterly earnings data on Tuesday, May 19th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. The business had revenue of $438.27 million for the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The company’s revenue was up 32.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.22 EPS. On average, research analysts forecast that CAVA Group, Inc. will post 0.55 EPS for the current fiscal year.
Insider Buying and Selling
In other news, Director Karen Kochevar sold 10,000 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the sale, the director owned 3,074 shares of the company’s stock, valued at $276,660. This represents a 76.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Theodoros Xenohristos sold 3,252 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.43, for a total transaction of $290,826.36. Following the completion of the transaction, the insider directly owned 324,630 shares in the company, valued at approximately $29,031,660.90. This represents a 0.99% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 91,747 shares of company stock valued at $7,970,838. 6.70% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On CAVA Group
Hedge funds have recently modified their holdings of the stock. Bison Wealth LLC purchased a new position in shares of CAVA Group in the fourth quarter valued at $208,000. Goldman Sachs Group Inc. increased its stake in CAVA Group by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock worth $52,432,000 after buying an additional 75,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in CAVA Group by 17.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company’s stock worth $20,447,000 after buying an additional 34,860 shares during the period. Brown Advisory Inc. lifted its holdings in CAVA Group by 9.3% in the 2nd quarter. Brown Advisory Inc. now owns 2,979 shares of the company’s stock worth $251,000 after buying an additional 253 shares in the last quarter. Finally, Cresset Asset Management LLC lifted its holdings in CAVA Group by 20.3% in the 2nd quarter. Cresset Asset Management LLC now owns 9,165 shares of the company’s stock worth $772,000 after buying an additional 1,549 shares in the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.
CAVA Group Company Profile
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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