CAVA Group, Inc. (NYSE:CAVA – Get Free Report) fell 6.6% during trading on Tuesday . The company traded as low as $61.58 and last traded at $61.4390. Approximately 1,415,050 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 3,339,781 shares. The stock had previously closed at $65.75.
Analyst Ratings Changes
A number of brokerages have weighed in on CAVA. Roth Capital reiterated a “buy” rating and issued a $95.00 target price (down from $106.00) on shares of CAVA Group in a report on Wednesday, August 12th. Stifel Nicolaus lifted their price target on CAVA Group from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Royal Bank Of Canada boosted their price objective on CAVA Group from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. UBS Group raised CAVA Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $90.00 in a research report on Wednesday, June 10th. Finally, Argus set a $92.00 target price on shares of CAVA Group in a research report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.44.
Check Out Our Latest Stock Report on CAVA
CAVA Group Stock Performance
CAVA Group (NYSE:CAVA – Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $368.44 million for the quarter, compared to analysts’ expectations of $360.09 million. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The business’s quarterly revenue was up 31.3% on a year-over-year basis. During the same period last year, the business earned $0.16 earnings per share. On average, equities analysts anticipate that CAVA Group, Inc. will post 0.54 earnings per share for the current fiscal year.
Insider Buying and Selling
In other CAVA Group news, CFO Tricia K. Tolivar sold 4,969 shares of the business’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 $444,377.67. Following the completion of the sale, the chief financial officer directly owned 234,931 shares of the company’s stock, valued at $21,009,879.33. The trade was a 2.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $90.00, for a total transaction of $900,000.00. Following the sale, the director owned 3,074 shares of the company’s stock, valued at approximately $276,660. The trade was a 76.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 67,512 shares of company stock worth $6,050,417 over the last 90 days. Insiders own 6.70% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. Trillium Asset Management LLC purchased a new stake in shares of CAVA Group during the second quarter worth about $3,279,000. Oppenheimer Asset Management Inc. purchased a new position in CAVA Group during the 2nd quarter valued at about $1,551,000. Prospect Financial Services LLC bought a new position in CAVA Group during the 2nd quarter valued at approximately $1,348,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in CAVA Group during the 2nd quarter valued at approximately $6,833,000. Finally, Prime Capital Management Co Ltd lifted its holdings in CAVA Group by 90.6% in the 4th quarter. Prime Capital Management Co Ltd now owns 1,031,630 shares of the company’s stock worth $60,546,000 after buying an additional 490,300 shares during the period. Institutional investors own 73.15% of the company’s stock.
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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