CAVA Group (NYSE:CAVA) Issues Earnings Results

CAVA Group (NYSE:CAVA) posted its earnings results on Tuesday. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01), Zacks reports. The business had revenue of $292.24 million during the quarter, compared to analyst estimates of $292.88 million. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. CAVA Group’s revenue was up 19.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.15 earnings per share.

CAVA Group Stock Performance

Shares of CAVA stock traded down $1.01 during mid-day trading on Wednesday, reaching $50.69. The company’s stock had a trading volume of 6,318,792 shares, compared to its average volume of 3,896,767. CAVA Group has a 1-year low of $49.62 and a 1-year high of $172.43. The company has a market cap of $5.88 billion, a P/E ratio of 42.61, a PEG ratio of 3.03 and a beta of 2.47. The firm’s 50-day moving average is $63.08 and its two-hundred day moving average is $76.63.

Hedge Funds Weigh In On CAVA Group

A number of hedge funds have recently made changes to their positions in the business. State Street Corp raised its stake in shares of CAVA Group by 5.0% in the 2nd quarter. State Street Corp now owns 2,543,335 shares of the company’s stock valued at $214,225,000 after buying an additional 122,163 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of CAVA Group by 58.7% in the 2nd quarter. Alliancebernstein L.P. now owns 1,353,058 shares of the company’s stock worth $113,968,000 after purchasing an additional 500,367 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of CAVA Group by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock worth $52,432,000 after purchasing an additional 75,828 shares during the last quarter. Raymond James Financial Inc. grew its holdings in shares of CAVA Group by 10.9% in the 2nd quarter. Raymond James Financial Inc. now owns 575,638 shares of the company’s stock worth $48,486,000 after purchasing an additional 56,615 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings 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 worth $20,447,000 after purchasing an additional 34,860 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on CAVA shares. Mizuho upgraded shares of CAVA Group to a “hold” rating in a research note on Tuesday, October 28th. Stifel Nicolaus reduced their target price on shares of CAVA Group from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, October 31st. Piper Sandler reduced their price objective on shares of CAVA Group from $100.00 to $71.00 and set an “overweight” rating for the company in a research note on Wednesday. Barclays set a $52.00 price objective on shares of CAVA Group in a research note on Wednesday. Finally, Royal Bank Of Canada initiated coverage on shares of CAVA Group in a research note on Wednesday, October 8th. They issued an “outperform” rating and a $80.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $86.45.

CAVA Group Company Profile

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.