CAVA Group (NYSE:CAVA) Upgraded to Strong-Buy at Benchmark

CAVA Group (NYSE:CAVA) was upgraded by investment analysts at Benchmark to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

Several other equities analysts have also weighed in on CAVA. Royal Bank Of Canada set a $70.00 target price on CAVA Group in a research note on Wednesday, November 5th. TD Cowen reiterated a “buy” rating on shares of CAVA Group in a research report on Monday, January 5th. Mizuho lifted their price objective on shares of CAVA Group from $52.00 to $64.00 and gave the stock a “neutral” rating in a research note on Friday, January 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CAVA Group in a research note on Wednesday, January 21st. Finally, Morgan Stanley cut their target price on shares of CAVA Group from $86.00 to $80.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.50.

CAVA Group Stock Performance

Shares of CAVA Group stock opened at $69.95 on Thursday. The firm has a fifty day moving average of $61.28 and a two-hundred day moving average of $63.61. The stock has a market capitalization of $8.11 billion, a price-to-earnings ratio of 60.30, a PEG ratio of 4.74 and a beta of 2.41. CAVA Group has a 52 week low of $43.41 and a 52 week high of $144.49.

CAVA Group (NYSE:CAVA) last posted 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). CAVA Group had a return on equity of 8.88% and a net margin of 12.14%.The company had revenue of $292.24 million during the quarter, compared to the consensus estimate of $292.88 million. During the same quarter in the prior year, the business earned $0.15 earnings per share. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, research analysts forecast that CAVA Group will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Kelly Costanza sold 1,707 shares of the stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $106,072.98. Following the completion of the sale, the insider owned 119,139 shares of the company’s stock, valued at $7,403,297.46. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brett Schulman sold 21,650 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $67.41, for a total transaction of $1,459,426.50. Following the sale, the chief executive officer owned 807,325 shares in the company, valued at approximately $54,421,778.25. The trade was a 2.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 42,843 shares of company stock valued at $2,764,355. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of CAVA Group

A number of institutional investors have recently modified their holdings of the company. Cornerstone Planning Group LLC increased its position in shares of CAVA Group by 378.7% during the 3rd quarter. Cornerstone Planning Group LLC now owns 450 shares of the company’s stock worth $27,000 after purchasing an additional 356 shares during the last quarter. Harbor Investment Advisory LLC grew its stake in shares of CAVA Group by 347.8% in the fourth quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock valued at $30,000 after buying an additional 400 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in CAVA Group during the second quarter worth $31,000. Toth Financial Advisory Corp raised its position in CAVA Group by 656.7% during the third quarter. Toth Financial Advisory Corp now owns 507 shares of the company’s stock worth $31,000 after acquiring an additional 440 shares in the last quarter. Finally, Western Pacific Wealth Management LP acquired a new stake in CAVA Group in the third quarter valued at $33,000. 73.15% of the stock is currently owned by institutional investors.

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.