CAVA Group (NYSE:CAVA) Trading 2.9% Higher After Analyst Upgrade

CAVA Group, Inc. (NYSE:CAVA) shares were up 2.9% on Thursday after Argus raised their price target on the stock from $104.00 to $128.00. Argus currently has a buy rating on the stock. CAVA Group traded as high as $125.16 and last traded at $124.71. Approximately 887,714 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 2,806,447 shares. The stock had previously closed at $121.25.

Several other research firms also recently weighed in on CAVA. Piper Sandler downgraded CAVA Group from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $63.00 to $92.00 in a report on Thursday, May 30th. 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 note on Friday, August 23rd. Barclays raised their target price on shares of CAVA Group from $72.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 23rd. Morgan Stanley downgraded shares of CAVA Group from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $90.00 to $110.00 in a research report on Thursday, August 29th. Finally, Jefferies Financial Group raised their price objective on shares of CAVA Group from $94.00 to $117.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $111.58.

Insider Activity at CAVA Group

In other news, CFO Tricia K. Tolivar sold 5,949 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $94.47, for a total transaction of $562,002.03. Following the transaction, the chief financial officer now directly owns 297,600 shares of the company’s stock, valued at approximately $28,114,272. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Brett Schulman sold 201,504 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $125.53, for a total value of $25,294,797.12. Following the completion of the transaction, the chief executive officer now directly owns 702,590 shares of the company’s stock, valued at approximately $88,196,122.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Tricia K. Tolivar sold 5,949 shares of CAVA Group stock in a transaction on Monday, July 1st. The stock was sold at an average price of $94.47, for a total value of $562,002.03. Following the transaction, the chief financial officer now directly owns 297,600 shares of the company’s stock, valued at $28,114,272. The disclosure for this sale can be found here. Insiders have sold a total of 427,165 shares of company stock worth $49,526,186 over the last three months.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new position in CAVA Group during the second quarter worth $1,539,000. Cetera Investment Advisers raised its stake in CAVA Group by 12.3% in the 2nd quarter. Cetera Investment Advisers now owns 39,344 shares of the company’s stock valued at $3,649,000 after purchasing an additional 4,295 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in CAVA Group in the 2nd quarter valued at about $368,000. Northwestern Mutual Wealth Management Co. lifted its holdings in CAVA Group by 98.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 875 shares of the company’s stock valued at $81,000 after purchasing an additional 433 shares in the last quarter. Finally, Creative Planning boosted its stake in shares of CAVA Group by 24.7% during the 2nd quarter. Creative Planning now owns 5,046 shares of the company’s stock worth $468,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

CAVA Group Stock Down 2.3 %

The business’s fifty day moving average price is $97.16 and its 200 day moving average price is $82.66. The firm has a market capitalization of $14.01 billion, a PE ratio of 298.96 and a beta of 3.34.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Thursday, August 22nd. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.04. CAVA Group had a return on equity of 7.37% and a net margin of 5.04%. The company had revenue of $233.50 million during the quarter, compared to the consensus estimate of $219.47 million. During the same period in the previous year, the firm posted $0.21 EPS. CAVA Group’s revenue was up 35.1% on a year-over-year basis. As a group, sell-side analysts forecast that CAVA Group, Inc. will post 0.43 earnings per share for the current fiscal year.

About CAVA Group

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.