Castleark Management LLC Buys New Shares in CAVA Group, Inc. $CAVA

Castleark Management LLC bought a new position in shares of CAVA Group, Inc. (NYSE:CAVA) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 86,440 shares of the company’s stock, valued at approximately $6,784,000. Castleark Management LLC owned approximately 0.07% of CAVA Group as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CAVA. Oppenheimer Asset Management Inc. bought a new position in CAVA Group in the second quarter worth $1,551,000. Trillium Asset Management LLC bought a new stake in CAVA Group in the 2nd quarter valued at $3,279,000. Prospect Financial Services LLC bought a new stake in CAVA Group in the 2nd quarter valued at $1,348,000. Prime Capital Management Co Ltd increased its holdings in CAVA Group by 90.6% in the 4th quarter. Prime Capital Management Co Ltd now owns 1,031,630 shares of the company’s stock valued at $60,546,000 after buying an additional 490,300 shares during the period. Finally, Norges Bank acquired a new position in shares of CAVA Group in the 4th quarter valued at $50,278,000. 73.15% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Theodoros Xenohristos sold 3,252 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $290,826.36. Following the transaction, the insider directly owned 324,630 shares in the company, valued at $29,031,660.90. This trade represents a 0.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Tricia K. Tolivar sold 4,969 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $444,377.67. Following the transaction, the chief financial officer owned 234,931 shares in the company, valued at approximately $21,009,879.33. This trade represents a 2.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 67,512 shares of company stock worth $6,050,417. Corporate insiders own 6.70% of the company’s stock.

CAVA Group Price Performance

CAVA stock opened at $69.25 on Wednesday. The business has a fifty day moving average price of $71.28 and a 200 day moving average price of $77.39. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $98.79. The stock has a market capitalization of $8.09 billion, a price-to-earnings ratio of 125.92, a P/E/G ratio of 4.95 and a beta of 1.74.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The business had revenue of $368.44 million during the quarter, compared to analysts’ expectations of $360.09 million. During the same period in the previous year, the business posted $0.16 earnings per share. The firm’s revenue for the quarter was up 31.3% compared to the same quarter last year. On average, equities analysts expect that CAVA Group, Inc. will post 0.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CAVA shares. Morgan Stanley upgraded shares of CAVA Group from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $86.00 to $90.00 in a research report on Wednesday, July 15th. BMO Capital Markets set a $100.00 target price on CAVA Group in a report on Wednesday, May 20th. Argus set a $92.00 target price on CAVA Group in a research report on Friday, May 22nd. Roth Capital reaffirmed a “buy” rating and issued a $95.00 price target (down from $106.00) on shares of CAVA Group in a research note on Wednesday, August 12th. Finally, Royal Bank Of Canada upped their price target on CAVA Group from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Seventeen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $89.44.

CAVA Group Profile

CAVA Group, Inc (NYSE: CAVA) is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe’s Kitchen.