Analysts Issue Forecasts for CAVA Group FY2024 Earnings

CAVA Group, Inc. (NYSE:CAVA) – Research analysts at William Blair increased their FY2024 earnings estimates for shares of CAVA Group in a report released on Wednesday, November 13th. William Blair analyst S. Zackfia now anticipates that the company will post earnings per share of $0.49 for the year, up from their previous forecast of $0.40. William Blair has a “Outperform” rating on the stock. The consensus estimate for CAVA Group’s current full-year earnings is $0.46 per share.

Several other research firms have also weighed in on CAVA. Argus raised their price objective on CAVA Group from $104.00 to $128.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Wedbush lifted their price target on shares of CAVA Group from $155.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday. Citigroup increased their price objective on shares of CAVA Group from $140.00 to $163.00 and gave the company a “neutral” rating in a research note on Wednesday. Piper Sandler upped their price target on shares of CAVA Group from $100.00 to $142.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Morgan Stanley increased their price target on CAVA Group from $123.00 to $135.00 and gave the company an “equal weight” rating in a research note on Thursday. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, CAVA Group presently has an average rating of “Moderate Buy” and an average target price of $143.71.

CAVA Group Stock Performance

Shares of CAVA opened at $141.23 on Friday. CAVA Group has a 52-week low of $31.47 and a 52-week high of $172.43. The firm has a market cap of $16.15 billion, a price-to-earnings ratio of 307.02 and a beta of 3.23. The business’s fifty day moving average is $131.69 and its 200-day moving average is $104.24.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. CAVA Group had a net margin of 5.88% and a return on equity of 9.23%. The business had revenue of $243.82 million for the quarter, compared to analysts’ expectations of $233.05 million. During the same period last year, the firm posted $0.06 earnings per share. The firm’s quarterly revenue was up 38.9% compared to the same quarter last year.

Institutional Trading of CAVA Group

Several large investors have recently modified their holdings of CAVA. Jamison Private Wealth Management Inc. acquired a new position in CAVA Group during the 2nd quarter worth approximately $28,000. Nemes Rush Group LLC bought a new position in shares of CAVA Group in the 2nd quarter worth $28,000. Mark Sheptoff Financial Planning LLC acquired a new stake in CAVA Group in the 2nd quarter valued at $36,000. Headlands Technologies LLC bought a new stake in CAVA Group during the 2nd quarter valued at $37,000. Finally, GAMMA Investing LLC raised its holdings in CAVA Group by 68.3% during the third quarter. GAMMA Investing LLC now owns 308 shares of the company’s stock worth $38,000 after buying an additional 125 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

Insider Transactions at CAVA Group

In other CAVA Group news, CEO Brett Schulman sold 201,504 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $125.53, for a total transaction of $25,294,797.12. Following the completion of the sale, the chief executive officer now directly owns 702,590 shares in the company, valued at approximately $88,196,122.70. This trade represents a 22.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Tricia K. Tolivar sold 5,000 shares of CAVA Group stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $125.64, for a total value of $628,200.00. Following the completion of the transaction, the chief financial officer now directly owns 292,600 shares of the company’s stock, valued at approximately $36,762,264. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 304,994 shares of company stock worth $38,310,084 over the last ninety days. 12.10% of the stock is owned by insiders.

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.