Lewis Asset Management LLC Acquires New Shares in CAVA Group, Inc. $CAVA

Lewis Asset Management LLC acquired a new stake in CAVA Group, Inc. (NYSE:CAVA) in the second quarter, according to its most recent filing with the SEC. The fund acquired 5,985 shares of the company’s stock, valued at approximately $504,000.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of CAVA Group by 13.2% during the 1st quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company’s stock valued at $783,374,000 after purchasing an additional 1,054,180 shares in the last quarter. Jennison Associates LLC grew its position in shares of 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 in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of 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 in the last quarter. Alliancebernstein L.P. grew its position in shares of 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 in the last quarter. Finally, Nuveen LLC purchased a new position in shares of CAVA Group during the 1st quarter valued at $72,800,000. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

CAVA Group Price Performance

Shares of CAVA opened at $63.65 on Monday. CAVA Group, Inc. has a one year low of $61.90 and a one year high of $172.43. The company has a 50-day simple moving average of $75.69 and a two-hundred day simple moving average of $81.70. The firm has a market capitalization of $7.38 billion, a PE ratio of 53.49, a price-to-earnings-growth ratio of 3.18 and a beta of 2.62.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The business had revenue of $280.62 million during the quarter, compared to analyst estimates of $285.65 million. During the same period last year, the business posted $0.17 earnings per share. CAVA Group’s quarterly revenue was up 20.2% compared to the same quarter last year. Analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Citigroup dropped their price objective on shares of CAVA Group from $102.00 to $88.00 and set a “neutral” rating for the company in a report on Wednesday, August 13th. Robert W. Baird set a $95.00 price objective on shares of CAVA Group in a report on Wednesday, August 13th. Bank of America dropped their price objective on shares of CAVA Group from $121.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, August 13th. Barclays dropped their price objective on shares of CAVA Group from $91.00 to $74.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. Finally, Melius assumed coverage on shares of CAVA Group in a report on Monday, July 14th. They set a “hold” rating and a $95.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.41.

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.