Wedbush Has Strong Estimate for CAVA Group FY2024 Earnings

CAVA Group, Inc. (NYSE:CAVA) – Research analysts at Wedbush increased their FY2024 earnings per share estimates for shares of CAVA Group in a report released on Wednesday, November 13th. Wedbush analyst N. Setyan now anticipates that the company will post earnings per share of $0.50 for the year, up from their prior forecast of $0.44. Wedbush currently has a “Outperform” rating and a $190.00 target price on the stock. The consensus estimate for CAVA Group’s current full-year earnings is $0.46 per share. Wedbush also issued estimates for CAVA Group’s Q4 2024 earnings at $0.06 EPS, Q3 2025 earnings at $0.22 EPS and FY2025 earnings at $0.70 EPS.

Several other brokerages have also recently issued reports on CAVA. TD Cowen lifted their target price on CAVA Group from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday. Jefferies Financial Group boosted their price target on CAVA Group from $94.00 to $117.00 and gave the company a “buy” rating in a report on Friday, August 23rd. TD Securities upped their price target on CAVA Group from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Citigroup upped their target price on CAVA Group from $140.00 to $163.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Stifel Nicolaus increased their target price on shares of CAVA Group from $118.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.71.

CAVA Group Trading Up 2.1 %

Shares of CAVA stock opened at $141.23 on Thursday. CAVA Group has a 12-month low of $31.47 and a 12-month high of $172.43. The stock’s 50-day moving average price is $131.69 and its 200-day moving average price is $104.24. The stock has a market capitalization of $16.15 billion, a price-to-earnings ratio of 307.02 and a beta of 3.23.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. The business had revenue of $243.82 million for the quarter, compared to analysts’ expectations of $233.05 million. CAVA Group had a return on equity of 9.23% and a net margin of 5.88%. The business’s quarterly revenue was up 38.9% on a year-over-year basis. During the same period last year, the firm earned $0.06 earnings per share.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Capital Research Global Investors lifted its position in shares of CAVA Group by 21.6% in the first quarter. Capital Research Global Investors now owns 5,311,335 shares of the company’s stock worth $372,059,000 after purchasing an additional 942,054 shares in the last quarter. Vanguard Group Inc. raised its position in shares of CAVA Group by 215.7% in the first quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock valued at $346,330,000 after purchasing an additional 3,377,840 shares during the period. FMR LLC grew its stake in shares of CAVA Group by 0.9% in the third quarter. FMR LLC now owns 3,485,033 shares of the company’s stock valued at $431,621,000 after acquiring an additional 29,668 shares in the last quarter. Two Sigma Advisers LP grew its stake in shares of CAVA Group by 17.0% in the third quarter. Two Sigma Advisers LP now owns 2,210,900 shares of the company’s stock valued at $273,820,000 after acquiring an additional 321,800 shares in the last quarter. Finally, State Street Corp grew its stake in CAVA Group by 33.3% during the third quarter. State Street Corp now owns 1,267,333 shares of the company’s stock worth $156,959,000 after buying an additional 316,514 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at CAVA Group

In other 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 of the company’s stock, valued at approximately $53,432,881.42. This represents a 18.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brett Schulman sold 201,504 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $125.53, for a total transaction of $25,294,797.12. Following the completion of the sale, the chief executive officer now directly owns 702,590 shares in the company, valued at approximately $88,196,122.70. The trade was a 22.29 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 304,994 shares of company stock valued at $38,310,084. Corporate insiders own 12.10% of the company’s stock.

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.