CAVA Group (NYSE:CAVA) Stock Price Down 6.6% – Here’s What Happened

Shares of CAVA Group, Inc. (NYSE:CAVA) fell 6.6% during mid-day trading on Tuesday . The company traded as low as $61.58 and last traded at $61.4390. Approximately 1,415,050 shares traded hands during trading, a decline of 58% from the average session volume of 3,339,781 shares. The stock had previously closed at $65.75.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CAVA shares. Piper Sandler raised their price target on CAVA Group from $85.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, May 20th. TD Cowen cut their price objective on CAVA Group from $100.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. BMO Capital Markets set a $100.00 target price on CAVA Group in a research note on Wednesday, May 20th. Wall Street Zen raised CAVA Group from a “sell” rating to a “hold” rating in a report on Sunday, May 24th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of CAVA Group in a research report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $89.44.

CAVA Group Trading Down 6.4%

The stock has a market capitalization of $7.19 billion, a P/E ratio of 111.95, a P/E/G ratio of 4.56 and a beta of 1.75. The business’s fifty day simple moving average is $69.68 and its two-hundred day simple moving average is $77.33.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. The company had revenue of $368.44 million for the quarter, compared to the consensus estimate of $360.09 million. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The business’s revenue was up 31.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.16 EPS. On average, equities research analysts anticipate that CAVA Group, Inc. will post 0.54 earnings per share for the current year.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, CAO Adam David Phillips sold 757 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $67,698.51. Following the completion of the sale, the chief accounting officer owned 6,848 shares in the company, valued at approximately $612,416.64. This trade represents a 9.95% decrease in their position. The sale was disclosed in a legal filing 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 firm’s 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 completion of the sale, the director owned 3,074 shares of the company’s stock, valued at $276,660. This represents a 76.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 67,512 shares of company stock valued at $6,050,417 over the last quarter. Company insiders own 6.70% of the company’s stock.

Institutional Trading of CAVA Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bison Wealth LLC bought a new position in CAVA Group in the fourth quarter worth $208,000. Goldman Sachs Group Inc. increased its holdings in CAVA Group by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock valued at $52,432,000 after buying an additional 75,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of CAVA Group by 17.3% in 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 buying an additional 34,860 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of CAVA Group by 9.3% in the 2nd quarter. Brown Advisory Inc. now owns 2,979 shares of the company’s stock valued at $251,000 after buying an additional 253 shares in the last quarter. Finally, Cresset Asset Management LLC raised its stake in shares of CAVA Group by 20.3% in the 2nd quarter. Cresset Asset Management LLC now owns 9,165 shares of the company’s stock valued at $772,000 after buying an additional 1,549 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors.

CAVA Group Company Profile

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.