CAVA Group, Inc. (NYSE:CAVA) Receives $93.38 Consensus PT from Brokerages

CAVA Group, Inc. (NYSE:CAVA) has received a consensus recommendation of “Moderate Buy” from the twenty-eight brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation, eighteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $93.5385.

A number of equities analysts have commented on the stock. BMO Capital Markets set a $100.00 price objective on shares of CAVA Group in a report on Wednesday, May 20th. Mizuho increased their target price on shares of CAVA Group from $72.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, April 2nd. Guggenheim initiated coverage on shares of CAVA Group in a research report on Thursday, March 26th. They issued a “buy” rating and a $100.00 price target on the stock. KeyCorp lifted their price target on shares of CAVA Group from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Finally, Morgan Stanley raised shares of CAVA Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $86.00 to $90.00 in a research report on Wednesday.

CAVA Group Stock Up 1.0%

CAVA Group stock opened at $68.81 on Tuesday. The firm has a fifty day moving average of $77.98 and a 200-day moving average of $77.06. CAVA Group has a 52-week low of $43.41 and a 52-week high of $98.79. The firm has a market capitalization of $8.01 billion, a P/E ratio of 132.33, a PEG ratio of 4.72 and a beta of 1.69.

CAVA Group (NYSE:CAVA) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The business’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.22 earnings per share. On average, research analysts expect that CAVA Group will post 0.55 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Kelly Costanza sold 12,490 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total transaction of $1,124,100.00. Following the completion of the transaction, the insider directly owned 98,490 shares of the company’s stock, valued at approximately $8,864,100. This represents a 11.25% decrease in their ownership of the stock. The transaction 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. Also, Director Karen Kochevar sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $90.00, for a total value of $900,000.00. Following the sale, the director owned 3,074 shares in the company, valued at $276,660. The trade was a 76.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 91,747 shares of company stock valued at $7,970,838 over the last 90 days. 6.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CAVA Group

A number of hedge funds have recently added to or reduced their stakes in CAVA. Bison Wealth LLC acquired a new stake in shares of CAVA Group in the 4th quarter worth about $208,000. Goldman Sachs Group Inc. boosted 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 valued at $52,432,000 after purchasing an additional 75,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 valued at $20,447,000 after purchasing an additional 34,860 shares during the period. Brown Advisory Inc. grew its position 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 purchasing an additional 253 shares during the last quarter. Finally, Cresset Asset Management LLC grew its position 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 purchasing an additional 1,549 shares during the last quarter. 73.15% of the stock is currently owned by institutional investors.

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.