CAVA Group (NYSE:CAVA) Given New $56.00 Price Target at Mizuho

CAVA Group (NYSE:CAVA) had its target price trimmed by Mizuho from $70.00 to $56.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

CAVA has been the subject of a number of other research reports. KeyCorp dropped their price objective on shares of CAVA Group from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, October 23rd. Melius Research upgraded shares of CAVA Group from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a research report on Thursday, October 8th. Citigroup lowered their target price on shares of CAVA Group from $79.00 to $66.00 and set a “neutral” rating on the stock in a research note on Thursday, October 22nd. Morgan Stanley raised shares of CAVA Group from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $86.00 to $90.00 in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. cut their price target on shares of CAVA Group from $85.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $86.81.

CAVA Group Trading Down 0.9%

Shares of CAVA stock opened at $58.69 on Friday. CAVA Group has a 12 month low of $43.41 and a 12 month high of $98.79. The company has a market capitalization of $6.86 billion, a P/E ratio of 106.71, a P/E/G ratio of 4.72 and a beta of 1.80. The stock has a 50 day moving average of $56.66 and a two-hundred day moving average of $71.34.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data 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. The business had revenue of $368.44 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the business posted $0.16 earnings per share. Sell-side analysts predict that CAVA Group will post 0.55 earnings per share for the current fiscal year.

CAVA Group declared that its board has initiated a stock repurchase program on Friday, September 18th that authorizes the company to repurchase $100 million in shares. This buyback authorization authorizes the company to purchase up to 1.7% of its shares through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at CAVA Group

In related news, insider Douglas Thompson acquired 6,500 shares of the business’s stock in a transaction on Monday, August 31st. The stock was bought at an average cost of $66.52 per share, with a total value of $432,380.00. Following the completion of the acquisition, the insider owned 19,371 shares in the company, valued at $1,288,558.92. The trade was a 50.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CAVA Group

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

CAVA Group Company Profile

CAVA Group, Inc operates CAVA, a fast-casual restaurant brand serving Mediterranean-inspired food in the United States. Its menu includes customizable bowls and pitas, salads, dips, spreads, grilled proteins, and other Mediterranean dishes, with options designed to accommodate a range of dietary preferences.

The company’s restaurants generally use an assembly-line format that allows customers to build meals from a selection of ingredients and sauces. CAVA also offers its branded dips, spreads, and other products through select grocery and retail channels, extending the brand beyond its restaurant locations.

CAVA was founded in 2010 by Dimitri Moshovitis, Ike Grigoropoulos, and Ted Xenohristos.