Granahan Investment Management LLC Raises Holdings in CAVA Group, Inc. $CAVA

Granahan Investment Management LLC lifted its position in shares of CAVA Group, Inc. (NYSE:CAVA) by 31.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 303,891 shares of the company’s stock after buying an additional 73,088 shares during the quarter. CAVA Group makes up 1.2% of Granahan Investment Management LLC’s holdings, making the stock its 21st largest holding. Granahan Investment Management LLC’s holdings in CAVA Group were worth $24,585,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Capital Research Global Investors raised its holdings in shares of CAVA Group by 27.2% in the fourth quarter. Capital Research Global Investors now owns 8,440,040 shares of the company’s stock valued at $495,344,000 after acquiring an additional 1,805,174 shares in the last quarter. Marshall Wace LLP grew its holdings in CAVA Group by 689.8% during the 4th quarter. Marshall Wace LLP now owns 1,387,774 shares of the company’s stock worth $81,448,000 after acquiring an additional 1,212,068 shares in the last quarter. Primecap Management Co. CA increased its position in CAVA Group by 1,378.3% during the 4th quarter. Primecap Management Co. CA now owns 1,260,250 shares of the company’s stock valued at $73,964,000 after purchasing an additional 1,175,000 shares during the period. Norges Bank purchased a new position in CAVA Group during the 4th quarter valued at about $50,278,000. Finally, Morgan Stanley raised its holdings in shares of CAVA Group by 33.7% in the 4th quarter. Morgan Stanley now owns 3,318,894 shares of the company’s stock valued at $194,786,000 after purchasing an additional 835,628 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

Insider Activity

In related news, insider Theodoros Xenohristos sold 3,252 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $290,826.36. Following the transaction, the insider directly owned 324,630 shares in the company, valued at $29,031,660.90. The trade was a 0.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the transaction, the director directly owned 3,074 shares in the company, valued at $276,660. This represents a 76.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 91,747 shares of company stock worth $7,970,838. Company insiders own 6.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Telsey Advisory Group increased their price objective on shares of CAVA Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, May 20th. Stifel Nicolaus boosted their price objective on shares of CAVA Group from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. The Goldman Sachs Group lifted their price target on CAVA Group from $75.00 to $86.00 and gave the company a “neutral” rating in a report on Monday, April 13th. Robert W. Baird boosted their price target on CAVA Group from $88.00 to $98.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 20th. Finally, BMO Capital Markets set a $100.00 price objective on CAVA Group in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $93.54.

CAVA Group Stock Down 1.7%

NYSE CAVA opened at $62.12 on Friday. CAVA Group, Inc. has a 52 week low of $43.41 and a 52 week high of $98.79. The company has a 50 day moving average price of $76.63 and a 200 day moving average price of $77.19. The firm has a market cap of $7.23 billion, a PE ratio of 119.46, a price-to-earnings-growth ratio of 4.35 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. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The company had revenue of $438.27 million during the quarter, compared to the consensus estimate of $360.89 million. During the same period last year, the firm earned $0.22 earnings per share. CAVA Group’s revenue was up 32.1% compared to the same quarter last year. On average, equities research analysts anticipate that CAVA Group, Inc. will post 0.54 earnings per share for the current fiscal year.

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.