Nicholas Investment Partners LP Invests $9.41 Million in CAVA Group, Inc. $CAVA

Nicholas Investment Partners LP bought a new stake in CAVA Group, Inc. (NYSE:CAVA) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 119,882 shares of the company’s stock, valued at approximately $9,408,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC purchased a new stake in CAVA Group in the fourth quarter valued at approximately $25,000. FNY Investment Advisers LLC purchased a new position in shares of CAVA Group during the second quarter worth $31,000. TD Private Client Wealth LLC grew its stake in shares of CAVA Group by 118.2% in the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after buying an additional 325 shares in the last quarter. Allworth Financial LP grew its stake in shares of CAVA Group by 57.4% in the fourth quarter. Allworth Financial LP now owns 650 shares of the company’s stock valued at $38,000 after buying an additional 237 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of CAVA Group by 115.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company’s stock valued at $38,000 after buying an additional 347 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Sanford C. Bernstein reissued an “outperform” rating on shares of CAVA Group in a research note on Wednesday, August 12th. Wall Street Zen raised CAVA Group from a “sell” rating to a “hold” rating in a research report on Sunday, May 24th. Argus set a $92.00 price target on shares of CAVA Group in a research note on Friday, May 22nd. Piper Sandler increased their price target on shares of CAVA Group from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 20th. Finally, DA Davidson reduced their price target on shares of CAVA Group from $84.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, August 13th. Seventeen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.44.

Insider Activity at CAVA Group

In other CAVA Group news, insider Theodoros Xenohristos sold 3,252 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $290,826.36. Following the sale, the insider owned 324,630 shares in the company, valued at $29,031,660.90. This represents a 0.99% decrease in their position. The sale was disclosed in a document filed 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, CAO Adam David Phillips sold 757 shares of the stock in a transaction dated Monday, June 15th. The shares were 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 directly owned 6,848 shares in the company, valued at $612,416.64. This represents a 9.95% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 67,512 shares of company stock worth $6,050,417 over the last quarter. 6.70% of the stock is currently owned by insiders.

CAVA Group Stock Down 2.1%

NYSE:CAVA opened at $72.08 on Tuesday. CAVA Group, Inc. has a 52 week low of $43.41 and a 52 week high of $98.79. The company has a fifty day simple moving average of $71.65 and a two-hundred day simple moving average of $77.37. The company has a market cap of $8.42 billion, a price-to-earnings ratio of 131.06, a price-to-earnings-growth ratio of 5.07 and a beta of 1.75.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The business had revenue of $368.44 million for the quarter, compared to analysts’ expectations of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The company’s revenue for the quarter was up 31.3% compared to the same quarter last year. During the same period last year, the firm earned $0.16 earnings per share. On average, analysts expect that CAVA Group, Inc. will post 0.53 EPS for the current year.

CAVA Group 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.