Granahan Investment Management LLC Invests $13.55 Million in CAVA Group, Inc. $CAVA

Granahan Investment Management LLC purchased a new position in shares of CAVA Group, Inc. (NYSE:CAVA) during the fourth quarter, Holdings Channel.com reports. The fund purchased 230,803 shares of the company’s stock, valued at approximately $13,546,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. DMC Group LLC increased its position in CAVA Group by 3.7% in the 4th quarter. DMC Group LLC now owns 4,426 shares of the company’s stock valued at $260,000 after acquiring an additional 157 shares during the period. Bridgewater Associates LP increased its position in CAVA Group by 2.4% in the 4th quarter. Bridgewater Associates LP now owns 6,827 shares of the company’s stock valued at $401,000 after acquiring an additional 163 shares during the period. Western Pacific Wealth Management LP increased its position in CAVA Group by 32.5% in the 4th quarter. Western Pacific Wealth Management LP now owns 729 shares of the company’s stock valued at $43,000 after acquiring an additional 179 shares during the period. Allworth Financial LP increased its position in CAVA Group by 57.4% in the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock valued at $38,000 after acquiring an additional 237 shares during the period. Finally, Clearstead Advisors LLC increased its position in CAVA Group by 18.2% in the 4th quarter. Clearstead Advisors LLC now owns 1,566 shares of the company’s stock valued at $92,000 after acquiring an additional 241 shares during the period. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CAVA has been the topic of several analyst reports. Piper Sandler raised their target price on CAVA Group from $85.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, May 20th. Stifel Nicolaus raised their target price on CAVA Group from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Sanford C. Bernstein restated an “outperform” rating and issued a $95.00 target price on shares of CAVA Group in a research report on Wednesday, May 20th. TD Cowen restated a “buy” rating and issued a $100.00 target price on shares of CAVA Group in a research report on Thursday, June 4th. Finally, JPMorgan Chase & Co. raised their target price on CAVA Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.37.

CAVA Group Stock Performance

Shares of CAVA stock opened at $87.45 on Wednesday. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79. The stock has a market cap of $10.19 billion, a PE ratio of 168.18, a price-to-earnings-growth ratio of 6.14 and a beta of 1.70. The business’s fifty day moving average is $83.87 and its 200-day moving average is $73.62.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.03. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The company had revenue of $438.27 million for the quarter, compared to analysts’ expectations of $360.89 million. During the same period last year, the firm earned $0.22 EPS. The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. Equities research analysts predict that CAVA Group, Inc. will post 0.55 earnings per share for the current year.

Insider Activity

In other news, insider Kelly Costanza sold 10,010 shares of CAVA Group stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $79.87, for a total transaction of $799,498.70. Following the transaction, the insider directly owned 113,850 shares in the company, valued at approximately $9,093,199.50. This trade represents a 8.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 5,181 shares of CAVA Group stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $77.14, for a total value of $399,662.34. Following the transaction, the chief accounting officer owned 9,505 shares in the company, valued at approximately $733,215.70. This trade represents a 35.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 24,235 shares of company stock worth $1,920,420. 6.70% of the stock is owned by company insiders.

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.