Quantbot Technologies LP Makes New Investment in CAVA Group, Inc. $CAVA

Quantbot Technologies LP purchased a new position in shares of CAVA Group, Inc. (NYSE:CAVA) during the second quarter, HoldingsChannel.com reports. The fund purchased 10,811 shares of the company’s stock, valued at approximately $848,000.

Several other institutional investors have also modified their holdings of the business. Evolve Private Wealth LLC bought a new stake in CAVA Group during the 2nd quarter worth approximately $325,000. William Blair Investment Management LLC bought a new position in CAVA Group in the second quarter valued at approximately $89,861,000. Rakuten Securities Inc. bought a new position in CAVA Group in the second quarter valued at approximately $107,000. Allworth Financial LP acquired a new position in shares of CAVA Group in the second quarter valued at approximately $60,000. Finally, D L Carlson Investment Group Inc. acquired a new position in shares of CAVA Group in the second quarter valued at approximately $2,705,000. Institutional investors own 73.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CAVA shares. KeyCorp dropped their price objective on shares of CAVA Group from $110.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, August 12th. TD Cowen reduced their target price on shares of CAVA Group from $100.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Guggenheim lowered their target price on CAVA Group from $100.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Wolfe Research lifted their price target on CAVA Group from $79.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Finally, Telsey Advisory Group boosted their price target on CAVA Group from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, CAVA Group currently has a consensus rating of “Moderate Buy” and an average target price of $89.44.

Insider Activity

In related news, insider Kelly Costanza sold 12,490 shares of CAVA Group stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total value of $1,124,100.00. Following the sale, the insider owned 98,490 shares of the company’s stock, valued at approximately $8,864,100. The trade was a 11.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Theodoros Xenohristos sold 3,252 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $290,826.36. Following the transaction, the insider directly owned 324,630 shares of the company’s stock, valued at $29,031,660.90. This trade represents a 0.99% 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 67,512 shares of company stock worth $6,050,417. 6.70% of the stock is currently owned by company insiders.

CAVA Group Stock Down 2.2%

Shares of CAVA stock opened at $67.75 on Thursday. The company’s fifty day simple moving average is $70.87 and its 200-day simple moving average is $77.42. The firm has a market cap of $7.91 billion, a PE ratio of 123.18, a P/E/G ratio of 4.72 and a beta of 1.74. CAVA Group, Inc. has a 12 month low of $43.41 and a 12 month high of $98.79.

CAVA Group (NYSE:CAVA) last announced its earnings results on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.18 by $0.01. The business had revenue of $368.44 million during the quarter, compared to analysts’ expectations of $360.09 million. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The firm’s revenue was up 31.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 earnings per share. On average, equities analysts predict that CAVA Group, Inc. will post 0.54 earnings per share for the current fiscal 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.