Brett Schulman Sells 33,174 Shares of CAVA Group (NYSE:CAVA) Stock

CAVA Group, Inc. (NYSE:CAVA) CEO Brett Schulman sold 33,174 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $2,966,750.82. Following the sale, the chief executive officer owned 798,669 shares of the company’s stock, valued at approximately $71,424,968.67. The trade was a 3.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

CAVA Group Stock Up 0.9%

Shares of CAVA stock traded up $0.79 during trading hours on Wednesday, reaching $88.09. 2,619,620 shares of the company’s stock were exchanged, compared to its average volume of 3,388,191. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $98.79. The stock has a market capitalization of $10.26 billion, a P/E ratio of 169.41, a P/E/G ratio of 6.14 and a beta of 1.70. The business has a fifty day moving average price of $83.87 and a 200-day moving average price of $73.62.

CAVA Group (NYSE:CAVA) last posted 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. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The company had revenue of $438.27 million during the quarter, compared to analysts’ expectations of $360.89 million. During the same period in the prior year, the business earned $0.22 earnings per share. CAVA Group’s revenue for the quarter was up 32.1% compared to the same quarter last year. As a group, research analysts expect that CAVA Group, Inc. will post 0.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CAVA has been the subject of several research reports. The Goldman Sachs Group increased their price objective on CAVA Group from $75.00 to $86.00 and gave the company a “neutral” rating in a research report on Monday, April 13th. UBS Group raised CAVA Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $85.00 to $90.00 in a research report on Wednesday, June 10th. TD Cowen reissued a “buy” rating and set a $100.00 target price on shares of CAVA Group in a research report on Thursday, June 4th. Northcoast Research upgraded CAVA Group to a “strong sell” rating in a research note on Tuesday, April 21st. Finally, BMO Capital Markets set a $100.00 price target on CAVA Group in a report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, CAVA Group has an average rating of “Moderate Buy” and a consensus target price of $93.37.

Institutional Trading of CAVA Group

Hedge funds have recently modified their holdings of the company. Los Angeles Capital Management LLC bought a new stake in shares of CAVA Group in the 4th quarter worth approximately $25,000. Harbor Investment Advisory LLC boosted its holdings in CAVA Group by 347.8% during the fourth quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock valued at $30,000 after purchasing an additional 400 shares in the last quarter. TD Private Client Wealth LLC grew its stake in shares of CAVA Group by 118.2% in the 4th quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after purchasing an additional 325 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in shares of CAVA Group in the 3rd quarter valued at approximately $36,000. Finally, Allworth Financial LP raised its holdings in shares of CAVA Group by 57.4% in the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after buying an additional 237 shares in the last quarter. 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.