Renaissance Capital LLC Acquires 31,651 Shares of CAVA Group, Inc. $CAVA

Renaissance Capital LLC lifted its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 42.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 105,730 shares of the company’s stock after acquiring an additional 31,651 shares during the period. CAVA Group makes up 3.6% of Renaissance Capital LLC’s holdings, making the stock its 12th biggest holding. Renaissance Capital LLC owned 0.09% of CAVA Group worth $6,387,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Quadcap Wealth Management LLC increased its holdings in CAVA Group by 1.4% during the 2nd quarter. Quadcap Wealth Management LLC now owns 8,966 shares of the company’s stock worth $755,000 after purchasing an additional 124 shares in the last quarter. McDonough Capital Management Inc boosted its position in shares of CAVA Group by 4.7% during the second quarter. McDonough Capital Management Inc now owns 2,910 shares of the company’s stock valued at $245,000 after buying an additional 131 shares during the last quarter. Tsfg LLC grew its holdings in CAVA Group by 19.1% during the second quarter. Tsfg LLC now owns 937 shares of the company’s stock worth $79,000 after buying an additional 150 shares in the last quarter. Baltimore Washington Financial Advisors Inc. raised its position in CAVA Group by 5.6% in the 2nd quarter. Baltimore Washington Financial Advisors Inc. now owns 2,810 shares of the company’s stock valued at $237,000 after buying an additional 150 shares during the last quarter. Finally, D.A. Davidson & CO. raised its position in CAVA Group by 0.4% in the 2nd quarter. D.A. Davidson & CO. now owns 34,342 shares of the company’s stock valued at $2,893,000 after buying an additional 153 shares during the last quarter. Institutional investors own 73.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Citigroup reaffirmed a “neutral” rating on shares of CAVA Group in a report on Wednesday, November 12th. The Goldman Sachs Group restated a “neutral” rating and set a $68.00 price target on shares of CAVA Group in a report on Wednesday, November 5th. Mizuho upgraded shares of CAVA Group to a “hold” rating in a research note on Tuesday, October 28th. UBS Group dropped their target price on shares of CAVA Group from $75.00 to $61.00 and set a “neutral” rating on the stock in a research report on Monday, November 3rd. Finally, Stifel Nicolaus set a $75.00 target price on CAVA Group in a research note on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.00.

Insider Transactions at CAVA Group

In other CAVA Group news, insider Kenneth Robert Bertram sold 3,788 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $50.70, for a total value of $192,051.60. Following the sale, the insider directly owned 51,143 shares in the company, valued at $2,592,950.10. The trade was a 6.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 12.10% of the stock is owned by corporate insiders.

CAVA Group Stock Performance

Shares of CAVA stock opened at $58.37 on Wednesday. The firm has a market cap of $6.77 billion, a price-to-earnings ratio of 50.32, a P/E/G ratio of 3.38 and a beta of 2.51. CAVA Group, Inc. has a 52 week low of $43.41 and a 52 week high of $144.49. The firm’s 50-day simple moving average is $53.45 and its two-hundred day simple moving average is $66.67.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). The company had revenue of $292.24 million for the quarter, compared to analysts’ expectations of $292.88 million. CAVA Group had a return on equity of 8.88% and a net margin of 12.14%.The company’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.15 EPS. Analysts forecast that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

About CAVA Group

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.