CAVA Group, Inc. (NYSE:CAVA) Stock Has Average Price Target of $88.64

Shares of CAVA Group, Inc. (NYSE:CAVA) have received a consensus rating of “Moderate Buy” from the twenty-seven research firms that are presently covering the company, Marketbeat Ratings reports. Ten equities research analysts have rated the stock with a hold recommendation, sixteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $88.64.

Several research firms have recently issued reports on CAVA. Northcoast Research raised CAVA Group from a “sell” rating to a “neutral” rating in a research note on Thursday, August 13th. Mizuho reduced their target price on shares of CAVA Group from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Morgan Stanley upgraded shares of CAVA Group from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $86.00 to $90.00 in a research report on Wednesday, July 15th. KeyCorp dropped their price target on shares of CAVA Group from $110.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, August 12th. Finally, Roth Capital reiterated a “buy” rating and set a $95.00 price target (down from $106.00) on shares of CAVA Group in a report on Wednesday, August 12th.

CAVA Group Stock Performance

Shares of NYSE:CAVA opened at $54.43 on Friday. CAVA Group has a 52-week low of $43.41 and a 52-week high of $98.79. The company has a market capitalization of $6.36 billion, a PE ratio of 98.97, a price-to-earnings-growth ratio of 4.19 and a beta of 1.80. The company has a fifty day moving average of $61.56 and a 200-day moving average of $74.18.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share 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 analyst estimates of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.CAVA Group’s quarterly 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. On average, equities analysts forecast that CAVA Group will post 0.55 EPS for the current fiscal year.

CAVA Group declared that its Board of Directors has initiated a stock buyback program on Friday, September 18th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 1.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at CAVA Group

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 purchased at an average cost of $66.52 per share, with a total value of $432,380.00. Following the acquisition, the insider owned 19,371 shares of the company’s stock, valued at $1,288,558.92. This represents a 50.50% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CAVA Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Trillium Asset Management LLC bought a new stake in CAVA Group in the second quarter worth approximately $3,279,000. Oppenheimer Asset Management Inc. acquired a new position in CAVA Group in the second quarter valued at approximately $1,551,000. Prospect Financial Services LLC bought a new position in shares of CAVA Group during the 2nd quarter worth approximately $1,348,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of CAVA Group during the 2nd quarter worth approximately $6,833,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of CAVA Group during the 2nd quarter worth approximately $2,492,000. Institutional investors and hedge funds own 73.15% of the company’s stock.

About CAVA Group

CAVA Group, Inc is a fast-casual restaurant company focused on Mediterranean-inspired food and hospitality. Its restaurants offer customizable meals such as grain bowls, salads, pitas and dips, with ingredients and flavors influenced by the cuisines of the Mediterranean region. The company also provides digital ordering, delivery and catering services through its restaurant platform.

CAVA began as a Washington, DC-area restaurant concept and has expanded its operations across the United States.