CAVA Group (NYSE:CAVA) Given New $121.00 Price Target at Bank of America

CAVA Group (NYSE:CAVA) had its price objective increased by equities research analysts at Bank of America from $112.00 to $121.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 32.57% from the stock’s previous close.

A number of other research firms have also recently issued reports on CAVA. JPMorgan Chase & Co. raised CAVA Group from a “neutral” rating to an “overweight” rating and set a $110.00 target price for the company in a research note on Thursday, March 20th. Barclays lowered their target price on CAVA Group from $104.00 to $90.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. UBS Group lowered their target price on CAVA Group from $125.00 to $112.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Loop Capital lowered their target price on CAVA Group from $147.00 to $100.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Finally, TD Securities reaffirmed a “buy” rating and set a $120.00 price target on shares of CAVA Group in a research note on Friday. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $123.00.

CAVA Group Trading Down 5.7%

Shares of NYSE:CAVA traded down $5.54 during mid-day trading on Monday, reaching $91.27. The stock had a trading volume of 3,639,621 shares, compared to its average volume of 3,172,663. The firm has a market cap of $10.56 billion, a PE ratio of 198.41 and a beta of 3.28. The firm has a 50 day simple moving average of $88.07 and a two-hundred day simple moving average of $111.61. CAVA Group has a twelve month low of $70.00 and a twelve month high of $172.43.

CAVA Group (NYSE:CAVA) last posted its earnings results on Thursday, May 15th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.08. CAVA Group had a return on equity of 9.10% and a net margin of 5.88%. The business had revenue of $331.83 million during the quarter, compared to analysts’ expectations of $327.98 million. During the same period in the prior year, the business earned $0.12 EPS. CAVA Group’s revenue for the quarter was up 28.1% compared to the same quarter last year. On average, equities analysts anticipate that CAVA Group will post 0.5 EPS for the current fiscal year.

Insider Activity at CAVA Group

In related news, insider Theodoros Xenohristos sold 9,348 shares of the firm’s stock in a transaction on Friday, May 9th. The shares were sold at an average price of $94.88, for a total value of $886,938.24. Following the completion of the transaction, the insider now directly owns 353,271 shares of the company’s stock, valued at approximately $33,518,352.48. This trade represents a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On CAVA Group

Several hedge funds have recently added to or reduced their stakes in CAVA. Jennison Associates LLC lifted its holdings in CAVA Group by 246.1% during the 1st quarter. Jennison Associates LLC now owns 8,519,459 shares of the company’s stock valued at $736,166,000 after purchasing an additional 6,057,727 shares during the last quarter. Vanguard Group Inc. lifted its holdings in CAVA Group by 20.4% during the 4th quarter. Vanguard Group Inc. now owns 8,011,602 shares of the company’s stock valued at $903,709,000 after purchasing an additional 1,357,187 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in CAVA Group by 114.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company’s stock valued at $206,915,000 after purchasing an additional 1,277,912 shares during the last quarter. Nuveen LLC acquired a new stake in CAVA Group during the 1st quarter valued at $72,800,000. Finally, Alliancebernstein L.P. lifted its holdings in CAVA Group by 2,072.1% during the 1st quarter. Alliancebernstein L.P. now owns 852,691 shares of the company’s stock valued at $73,681,000 after purchasing an additional 813,434 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

About CAVA Group

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.