Granite Investment Partners LLC Makes New Investment in CAVA Group, Inc. $CAVA

Granite Investment Partners LLC purchased a new stake in shares of CAVA Group, Inc. (NYSE:CAVA) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 10,441 shares of the company’s stock, valued at approximately $631,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of CAVA. Ameritas Investment Partners Inc. boosted its stake in CAVA Group by 16.8% during the third quarter. Ameritas Investment Partners Inc. now owns 18,693 shares of the company’s stock valued at $1,129,000 after buying an additional 2,693 shares in the last quarter. Citigroup Inc. lifted its holdings in CAVA Group by 138.2% in the 3rd quarter. Citigroup Inc. now owns 886,666 shares of the company’s stock valued at $53,563,000 after acquiring an additional 514,385 shares during the last quarter. Prakash Investment Advisors LLC boosted its position in shares of CAVA Group by 20.9% during the 3rd quarter. Prakash Investment Advisors LLC now owns 3,475 shares of the company’s stock valued at $210,000 after purchasing an additional 600 shares in the last quarter. Advisors Capital Management LLC grew its stake in shares of CAVA Group by 12.2% in the 3rd quarter. Advisors Capital Management LLC now owns 26,028 shares of the company’s stock worth $1,572,000 after purchasing an additional 2,836 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of CAVA Group by 3.5% in the 3rd quarter. Vanguard Group Inc. now owns 9,345,976 shares of the company’s stock worth $564,590,000 after purchasing an additional 313,938 shares during the last quarter. Institutional investors own 73.15% of the company’s stock.

CAVA Group Trading Down 2.5%

Shares of CAVA stock opened at $68.36 on Tuesday. The company has a market capitalization of $7.93 billion, a price-to-earnings ratio of 58.93, a P/E/G ratio of 5.15 and a beta of 2.41. CAVA Group, Inc. has a 1-year low of $43.41 and a 1-year high of $108.98. The stock’s fifty day simple moving average is $64.35 and its 200-day simple moving average is $61.64.

Insider Activity at CAVA Group

In related news, insider Theodoros Xenohristos sold 1,039 shares of the business’s stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $64,563.46. Following the transaction, the insider directly owned 332,205 shares of the company’s stock, valued at approximately $20,643,218.70. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kenneth Robert Bertram sold 3,788 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $50.70, for a total transaction of $192,051.60. Following the completion of the transaction, the insider owned 51,143 shares in the company, valued at approximately $2,592,950.10. This represents a 6.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 42,843 shares of company stock worth $2,764,355. Company insiders own 12.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CAVA shares. Royal Bank Of Canada set a $70.00 price target on shares of CAVA Group in a research report on Wednesday, November 5th. Telsey Advisory Group restated an “outperform” rating and issued a $85.00 target price on shares of CAVA Group in a report on Thursday, February 19th. Stifel Nicolaus set a $75.00 target price on CAVA Group in a report on Wednesday, November 5th. KeyCorp decreased their price target on CAVA Group from $85.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Finally, TD Cowen restated a “buy” rating on shares of CAVA Group in a report on Monday, January 5th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.29.

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.