CAVA Group (NYSE:CAVA) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

CAVA Group (NYSE:CAVA) posted its quarterly earnings results on Tuesday. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03, FiscalAI reports. The firm had revenue of $438.27 million for the quarter, compared to analysts’ expectations of $418.46 million. CAVA Group had a net margin of 5.40% and a return on equity of 8.43%.

CAVA Group Price Performance

Shares of NYSE:CAVA traded down $1.84 during midday trading on Tuesday, hitting $78.05. The company had a trading volume of 6,164,241 shares, compared to its average volume of 3,353,939. CAVA Group has a 12-month low of $43.41 and a 12-month high of $98.79. The company has a fifty day moving average of $85.00 and a two-hundred day moving average of $69.15. The company has a market cap of $9.09 billion, a price-to-earnings ratio of 144.54, a PEG ratio of 5.44 and a beta of 1.90.

Analysts Set New Price Targets

CAVA has been the topic of several recent analyst reports. Wall Street Zen cut CAVA Group from a “hold” rating to a “sell” rating in a research report on Saturday. Citigroup upped their target price on shares of CAVA Group from $75.00 to $92.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. The Goldman Sachs Group lifted their price target on shares of CAVA Group from $75.00 to $86.00 and gave the stock a “neutral” rating in a research note on Monday, April 13th. JPMorgan Chase & Co. boosted their price objective on shares of CAVA Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, April 24th. Finally, Sanford C. Bernstein increased their price objective on shares of CAVA Group from $75.00 to $84.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, CAVA Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.81.

Insiders Place Their Bets

In other CAVA Group news, insider Theodoros Xenohristos sold 9,044 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $79.75, for a total transaction of $721,259.00. Following the completion of the sale, the insider owned 327,882 shares of the company’s stock, valued at approximately $26,148,589.50. The trade was a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CAVA. Bridgewater Associates LP increased its stake in CAVA Group by 2.4% in the 4th quarter. Bridgewater Associates LP now owns 6,827 shares of the company’s stock worth $401,000 after buying an additional 163 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of CAVA Group by 53.5% in the fourth quarter. Advisors Asset Management Inc. now owns 694 shares of the company’s stock valued at $41,000 after acquiring an additional 242 shares in the last quarter. Brown Advisory Inc. boosted its stake in shares of CAVA Group by 9.3% in the second quarter. Brown Advisory Inc. now owns 2,979 shares of the company’s stock worth $251,000 after acquiring an additional 253 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in shares of CAVA Group by 0.4% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 77,227 shares of the company’s stock worth $4,532,000 after acquiring an additional 290 shares during the period. Finally, Horizon Investments LLC grew its position in shares of CAVA Group by 47.9% during the third quarter. Horizon Investments LLC now owns 1,040 shares of the company’s stock worth $63,000 after purchasing an additional 337 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

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.