CAVA Group (NYSE:CAVA) Downgraded by Morgan Stanley to Equal Weight

Morgan Stanley lowered shares of CAVA Group (NYSE:CAVA) from an overweight rating to an equal weight rating in a report released on Thursday, Marketbeat Ratings reports. Morgan Stanley currently has $110.00 price target on the stock, up from their prior price target of $90.00.

A number of other brokerages have also weighed in on CAVA. Jefferies Financial Group boosted their price objective on shares of CAVA Group from $94.00 to $117.00 and gave the stock a buy rating in a report on Friday, August 23rd. Robert W. Baird raised their price target on CAVA Group from $105.00 to $125.00 and gave the stock an outperform rating in a research report on Friday, August 23rd. TD Cowen boosted their price objective on CAVA Group from $95.00 to $115.00 and gave the company a buy rating in a research report on Friday, August 23rd. Wedbush raised their target price on shares of CAVA Group from $100.00 to $120.00 and gave the stock an outperform rating in a report on Friday, August 23rd. Finally, Loop Capital increased their price target on shares of CAVA Group from $80.00 to $122.00 and gave the company a hold rating in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $106.75.

CAVA Group Price Performance

NYSE:CAVA opened at $110.84 on Thursday. CAVA Group has a 1 year low of $29.05 and a 1 year high of $128.18. The stock’s fifty day moving average price is $91.78 and its two-hundred day moving average price is $77.68. The company has a market cap of $12.64 billion, a P/E ratio of 270.34 and a beta of 3.27.

CAVA Group (NYSE:CAVA) last announced its earnings results on Thursday, August 22nd. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. The business had revenue of $233.50 million for the quarter, compared to analyst estimates of $219.47 million. CAVA Group had a return on equity of 5.18% and a net margin of 3.75%. The company’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 EPS. On average, analysts expect that CAVA Group will post 0.34 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Theodoros Xenohristos sold 98,490 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $125.77, for a total value of $12,387,087.30. Following the sale, the director now directly owns 424,846 shares of the company’s stock, valued at $53,432,881.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other CAVA Group news, Director Theodoros Xenohristos sold 98,490 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.77, for a total value of $12,387,087.30. Following the sale, the director now owns 424,846 shares in the company, valued at $53,432,881.42. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Tricia K. Tolivar sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $125.64, for a total transaction of $628,200.00. Following the transaction, the chief financial officer now directly owns 292,600 shares of the company’s stock, valued at approximately $36,762,264. The disclosure for this sale can be found here. Insiders sold a total of 1,725,558 shares of company stock worth $163,000,919 in the last quarter.

Hedge Funds Weigh In On CAVA Group

A number of hedge funds have recently added to or reduced their stakes in CAVA. Private Advisor Group LLC boosted its holdings in shares of CAVA Group by 69.1% during the 1st quarter. Private Advisor Group LLC now owns 33,619 shares of the company’s stock valued at $2,355,000 after acquiring an additional 13,739 shares during the last quarter. CHURCHILL MANAGEMENT Corp bought a new stake in CAVA Group in the 1st quarter worth approximately $3,213,000. Swiss National Bank purchased a new stake in CAVA Group during the 4th quarter valued at $1,926,000. Stephens Inc. AR bought a new position in shares of CAVA Group during the 4th quarter valued at $1,014,000. Finally, Cetera Investment Advisers purchased a new position in shares of CAVA Group in the 1st quarter worth $2,455,000. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

CAVA Group Company Profile

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.