CAVA Group (NYSE:CAVA) Hits New 1-Year Low – Here’s Why

CAVA Group, Inc. (NYSE:CAVA) reached a new 52-week low during trading on Monday . The company traded as low as $62.94 and last traded at $63.28, with a volume of 238195 shares trading hands. The stock had previously closed at $63.63.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CAVA. Piper Sandler dropped their price objective on CAVA Group from $122.00 to $100.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 13th. Wall Street Zen lowered shares of CAVA Group from a “hold” rating to a “sell” rating in a research report on Friday, June 27th. Morgan Stanley cut their price target on shares of CAVA Group from $107.00 to $97.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. TD Cowen decreased their price objective on shares of CAVA Group from $120.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, August 13th. Finally, JPMorgan Chase & Co. cut their target price on CAVA Group from $115.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 25th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.41.

CAVA Group Stock Performance

The business has a 50 day moving average of $78.31 and a 200-day moving average of $82.56. The company has a market capitalization of $7.29 billion, a P/E ratio of 52.72, a price-to-earnings-growth ratio of 3.18 and a beta of 2.62.

CAVA Group (NYSE:CAVA) last issued its earnings results on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. CAVA Group had a return on equity of 9.83% and a net margin of 12.98%.The business had revenue of $280.62 million during the quarter, compared to the consensus estimate of $285.65 million. During the same quarter last year, the company earned $0.17 EPS. The firm’s revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts forecast that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Institutional Trading of CAVA Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Jennison Associates LLC grew its position in shares of CAVA Group by 246.1% during the 1st quarter. Jennison Associates LLC now owns 8,519,459 shares of the company’s stock valued at $736,166,000 after purchasing an additional 6,057,727 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of CAVA Group by 114.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company’s stock worth $206,915,000 after purchasing an additional 1,277,912 shares during the last quarter. Vanguard Group Inc. raised its position in shares of CAVA Group by 13.2% during the 1st quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company’s stock valued at $783,374,000 after buying an additional 1,054,180 shares in the last quarter. Nuveen LLC bought a new position in CAVA Group in the first quarter valued at $72,800,000. Finally, Alliancebernstein L.P. lifted its stake in CAVA Group by 2,072.1% during the first quarter. Alliancebernstein L.P. now owns 852,691 shares of the company’s stock worth $73,681,000 after purchasing an additional 813,434 shares during the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

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.