CAVA Group, Inc. to Post Q1 2024 Earnings of $0.06 Per Share, Wedbush Forecasts (NYSE:CAVA)

CAVA Group, Inc. (NYSE:CAVA) – Equities research analysts at Wedbush raised their Q1 2024 earnings per share estimates for CAVA Group in a note issued to investors on Tuesday, April 16th. Wedbush analyst N. Setyan now expects that the company will post earnings per share of $0.06 for the quarter, up from their previous estimate of $0.05. Wedbush has a “Outperform” rating and a $74.00 price target on the stock. The consensus estimate for CAVA Group’s current full-year earnings is $0.25 per share. Wedbush also issued estimates for CAVA Group’s Q2 2024 earnings at $0.13 EPS, FY2024 earnings at $0.29 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.15 EPS, Q3 2025 earnings at $0.13 EPS and FY2025 earnings at $0.38 EPS.

CAVA has been the topic of a number of other research reports. Piper Sandler raised their price target on CAVA Group from $46.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday, February 28th. Morgan Stanley raised their price target on CAVA Group from $62.00 to $68.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Citigroup raised their price target on CAVA Group from $49.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, February 28th. Barclays began coverage on CAVA Group in a research report on Monday. They set an “equal weight” rating and a $58.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price target on CAVA Group from $50.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $60.42.

CAVA Group Price Performance

NYSE:CAVA opened at $61.50 on Wednesday. CAVA Group has a 52-week low of $29.05 and a 52-week high of $71.60. The stock has a fifty day moving average of $60.95 and a 200 day moving average of $46.06.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings data on Monday, February 26th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $175.50 million during the quarter, compared to analyst estimates of $240.03 million. CAVA Group had a return on equity of 4.28% and a net margin of 1.82%. The company’s quarterly revenue was up 52.6% compared to the same quarter last year.

Institutional Trading of CAVA Group

Large investors have recently bought and sold shares of the company. Headlands Technologies LLC bought a new stake in CAVA Group during the 3rd quarter valued at approximately $26,000. Montag A & Associates Inc. bought a new stake in CAVA Group during the 4th quarter valued at approximately $26,000. PNC Financial Services Group Inc. boosted its position in CAVA Group by 190.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 870 shares of the company’s stock valued at $27,000 after acquiring an additional 570 shares in the last quarter. Clearstead Advisors LLC bought a new stake in CAVA Group during the 3rd quarter valued at approximately $31,000. Finally, CWM LLC boosted its position in CAVA Group by 101.2% during the 1st quarter. CWM LLC now owns 505 shares of the company’s stock valued at $35,000 after acquiring an additional 254 shares in the last quarter. 73.15% of the stock is owned by institutional investors.

Insider Transactions at CAVA Group

In related news, major shareholder Ronald M. Shaich sold 1,500,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $57.20, for a total value of $85,800,000.00. Following the sale, the insider now directly owns 4,457,634 shares of the company’s stock, valued at $254,976,664.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CAVA Group news, Director International S.C.A. Artal sold 2,000,000 shares of CAVA Group stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $66.25, for a total transaction of $132,500,000.00. Following the sale, the director now directly owns 26,507,990 shares of the company’s stock, valued at approximately $1,756,154,337.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Ronald M. Shaich sold 1,500,000 shares of CAVA Group stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $57.20, for a total value of $85,800,000.00. Following the sale, the insider now directly owns 4,457,634 shares in the company, valued at $254,976,664.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,547,239 shares of company stock worth $221,525,951.

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.