Analysts Set CAVA Group, Inc. (NYSE:CAVA) PT at $92.46

Shares of CAVA Group, Inc. (NYSE:CAVA) have been given an average recommendation of “Moderate Buy” by the twenty-eight analysts that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $92.4615.

CAVA has been the subject of several research analyst reports. 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. Morgan Stanley raised shares of CAVA Group from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $86.00 to $90.00 in a report on Wednesday, July 15th. KeyCorp raised their price objective on shares of CAVA Group from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. Piper Sandler raised their price objective on shares of CAVA Group from $85.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, May 20th. Finally, Robert W. Baird lifted their price objective on shares of CAVA Group from $88.00 to $98.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 20th.

CAVA Group Stock Down 1.4%

CAVA Group stock opened at $61.53 on Friday. CAVA Group has a 52 week low of $43.41 and a 52 week high of $98.79. The company’s 50 day moving average price is $73.29 and its two-hundred day moving average price is $76.84. The stock has a market cap of $7.17 billion, a P/E ratio of 118.33, a P/E/G ratio of 4.28 and a beta of 1.75.

CAVA Group (NYSE:CAVA) last released its 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. The company had revenue of $438.27 million during the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.CAVA Group’s quarterly revenue was up 32.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 earnings per share. On average, equities analysts anticipate that CAVA Group will post 0.54 EPS for the current year.

Insider Activity

In related news, Director Karen Kochevar sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $90.00, for a total value of $900,000.00. Following the transaction, the director owned 3,074 shares in the company, valued at approximately $276,660. This represents a 76.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brett Schulman sold 33,174 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $2,966,750.82. Following the transaction, the chief executive officer directly owned 798,669 shares of the company’s stock, valued at approximately $71,424,968.67. This trade represents a 3.99% decrease in their ownership of the stock. 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. Over the last ninety days, insiders sold 82,703 shares of company stock worth $7,249,579. 6.70% of the stock is owned by insiders.

Institutional Trading of CAVA Group

Several hedge funds have recently made changes to their positions in CAVA. FNY Investment Advisers LLC bought a new position in shares of CAVA Group during the 2nd quarter worth $31,000. Los Angeles Capital Management LLC bought a new stake in CAVA Group in the 4th quarter valued at about $25,000. TD Private Client Wealth LLC lifted its holdings in CAVA Group by 118.2% during the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after purchasing an additional 325 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in CAVA Group by 115.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company’s stock valued at $38,000 after purchasing an additional 347 shares during the last quarter. Finally, Allworth Financial LP boosted its position in CAVA Group by 57.4% during the fourth quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after purchasing an additional 237 shares during the period. 73.15% of the stock is currently owned by institutional investors.

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.