CAVA Group (NYSE:CAVA) Price Target Lowered to $80.00 at JPMorgan Chase & Co.

CAVA Group (NYSE:CAVA) had its price target decreased by stock analysts at JPMorgan Chase & Co. from $85.00 to $80.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 54.96% from the stock’s current price.

Several other brokerages have also recently weighed in on CAVA. Mizuho reduced their price objective on CAVA Group from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Seaport Research Partners initiated coverage on shares of CAVA Group in a research note on Wednesday. They issued a “buy” rating and a $58.00 target price on the stock. KeyCorp lowered their target price on CAVA Group from $110.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, August 12th. Northcoast Research raised CAVA Group from a “sell” rating to a “neutral” rating in a research report on Thursday, August 13th. Finally, Wall Street Zen upgraded CAVA Group from a “sell” rating to a “hold” rating in a research note on Sunday, May 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $88.64.

CAVA Group Trading Up 0.8%

Shares of NYSE:CAVA traded up $0.41 during mid-day trading on Friday, reaching $51.62. The stock had a trading volume of 1,438,579 shares, compared to its average volume of 3,364,495. The business’s 50 day moving average price is $64.48 and its 200 day moving average price is $76.08. CAVA Group has a 1 year low of $43.41 and a 1 year high of $98.79. The company has a market cap of $6.03 billion, a P/E ratio of 93.93, a price-to-earnings-growth ratio of 3.86 and a beta of 1.74.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $368.44 million for the quarter, compared to the consensus estimate of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The company’s revenue was up 31.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS. Analysts predict that CAVA Group will post 0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Douglas Thompson bought 6,500 shares of the business’s stock in a transaction on Monday, August 31st. The shares were bought at an average price of $66.52 per share, for a total transaction of $432,380.00. Following the completion of the purchase, the insider directly owned 19,371 shares of the company’s stock, valued at approximately $1,288,558.92. This trade represents a 50.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.70% of the stock is currently owned by insiders.

Institutional Trading of CAVA Group

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of CAVA Group during the 2nd quarter worth approximately $757,013,000. Capital Research Global Investors lifted its stake in shares of CAVA Group by 27.2% in the 4th quarter. Capital Research Global Investors now owns 8,440,040 shares of the company’s stock valued at $495,344,000 after purchasing an additional 1,805,174 shares during the period. Capital International Investors boosted its holdings in CAVA Group by 15.5% during the fourth quarter. Capital International Investors now owns 4,885,317 shares of the company’s stock worth $286,718,000 after buying an additional 656,581 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in CAVA Group by 28.1% during the fourth quarter. William Blair Investment Management LLC now owns 2,419,247 shares of the company’s stock worth $141,986,000 after buying an additional 530,524 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in CAVA Group by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 1,936,699 shares of the company’s stock valued at $113,687,000 after buying an additional 40,356 shares during the period. 73.15% of the stock is owned by hedge funds and other institutional investors.

About CAVA Group

CAVA Group, Inc is a U.S.-based restaurant company that operates the CAVA fast-casual Mediterranean restaurant brand. Its restaurants offer customizable meals, including grain bowls, salads, pitas, dips, spreads and sides made with Mediterranean-inspired ingredients and flavors. Customers can order meals in restaurants, through digital channels and for catering.

The company’s menu is centered on a build-your-own format, allowing guests to select proteins, grains, greens, toppings, sauces and dips.