Bank of America Begins Coverage on CAVA Group (NYSE:CAVA)

Bank of America started coverage on shares of CAVA Group (NYSE:CAVA) in a note issued to investors on Monday,Benzinga reports. The firm set a “buy” rating and a $112.00 price target on the stock. Bank of America‘s price target would indicate a potential upside of 30.61% from the stock’s current price.

Several other equities analysts have also weighed in on CAVA. Citigroup cut their target price on CAVA Group from $163.00 to $140.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. JPMorgan Chase & Co. upgraded CAVA Group from a “neutral” rating to an “overweight” rating and set a $110.00 target price for the company in a report on Thursday, March 20th. Piper Sandler raised CAVA Group from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $142.00 to $115.00 in a research report on Friday, February 28th. William Blair reissued an “outperform” rating on shares of CAVA Group in a research report on Wednesday, February 26th. Finally, UBS Group decreased their price objective on shares of CAVA Group from $160.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.25.

CAVA Group Trading Down 3.0 %

Shares of NYSE:CAVA opened at $85.75 on Monday. CAVA Group has a 1 year low of $58.22 and a 1 year high of $172.43. The business has a fifty day simple moving average of $108.04 and a 200 day simple moving average of $121.95. The firm has a market cap of $9.91 billion, a price-to-earnings ratio of 186.41 and a beta of 3.58.

CAVA Group (NYSE:CAVA) last posted its earnings results on Tuesday, February 25th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The business had revenue of $227.40 million during the quarter, compared to analyst estimates of $223.34 million. On average, sell-side analysts forecast that CAVA Group will post 0.5 EPS for the current year.

Insiders Place Their Bets

In other news, insider Theodoros Xenohristos sold 851 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $119.18, for a total transaction of $101,422.18. Following the sale, the insider now directly owns 358,995 shares of the company’s stock, valued at $42,785,024.10. This represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kenneth Robert Bertram sold 678 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $124.39, for a total value of $84,336.42. Following the transaction, the insider now directly owns 57,312 shares in the company, valued at approximately $7,129,039.68. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,235 shares of company stock valued at $3,514,101. 12.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CAVA Group

Institutional investors and hedge funds have recently modified their holdings of the business. Cerity Partners LLC acquired a new position in shares of CAVA Group in the 3rd quarter valued at $1,425,000. The Manufacturers Life Insurance Company boosted its holdings in CAVA Group by 5.5% during the third quarter. The Manufacturers Life Insurance Company now owns 22,162 shares of the company’s stock worth $2,745,000 after buying an additional 1,155 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of CAVA Group by 31.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,470 shares of the company’s stock worth $1,297,000 after buying an additional 2,511 shares during the period. Captrust Financial Advisors increased its stake in shares of CAVA Group by 17.6% in the 3rd quarter. Captrust Financial Advisors now owns 9,173 shares of the company’s stock valued at $1,136,000 after acquiring an additional 1,372 shares during the last quarter. Finally, Tradition Wealth Management LLC acquired a new stake in shares of CAVA Group in the 3rd quarter valued at approximately $250,000. 73.15% of the stock is owned by institutional investors.

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.