CAVA Group (NYSE:CAVA) Stock Price Up 8.2%

CAVA Group, Inc. (NYSE:CAVA) was up 8.2% during trading on Friday . The stock traded as high as $67.78 and last traded at $67.75. Approximately 2,550,256 shares traded hands during trading, an increase of 17% from the average daily volume of 2,185,310 shares. The stock had previously closed at $62.59.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Morgan Stanley increased their price objective on CAVA Group from $62.00 to $68.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Citigroup raised their price objective on shares of CAVA Group from $49.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, February 28th. TD Cowen reaffirmed a “buy” rating and set a $63.00 price objective on shares of CAVA Group in a research note on Wednesday, April 10th. Piper Sandler increased their target price on shares of CAVA Group from $46.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 28th. Finally, Robert W. Baird boosted their price target on shares of CAVA Group from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, February 15th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $60.42.

CAVA Group Price Performance

The firm has a fifty day simple moving average of $61.82 and a two-hundred day simple moving average of $47.20.

CAVA Group (NYSE:CAVA) last released its earnings results on Monday, February 26th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. CAVA Group had a net margin of 1.82% and a return on equity of 4.28%. The firm had revenue of $175.50 million during the quarter, compared to analyst estimates of $240.03 million. The firm’s revenue was up 52.6% compared to the same quarter last year. As a group, sell-side analysts forecast that CAVA Group, Inc. will post 0.25 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Ronald M. Shaich sold 1,500,000 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $57.20, for a total transaction of $85,800,000.00. Following the sale, the insider now owns 4,457,634 shares in the company, valued at $254,976,664.80. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Theodoros Xenohristos sold 47,239 shares of CAVA Group stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $68.29, for a total value of $3,225,951.31. Following the completion of the sale, the director now directly owns 526,521 shares in the company, valued at $35,956,119.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Ronald M. Shaich sold 1,500,000 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $57.20, for a total transaction of $85,800,000.00. Following the sale, the insider now owns 4,457,634 shares of the company’s stock, valued at $254,976,664.80. The disclosure for this sale can be found here. Insiders have sold a total of 3,547,239 shares of company stock worth $221,525,951 in the last quarter.

Hedge Funds Weigh In On CAVA Group

Institutional investors have recently made changes to their positions in the business. Capital Research Global Investors raised its holdings in CAVA Group by 249.5% in the 4th quarter. Capital Research Global Investors now owns 4,369,281 shares of the company’s stock worth $187,792,000 after purchasing an additional 3,119,281 shares during the period. 1832 Asset Management L.P. raised its stake in shares of CAVA Group by 79.5% in the fourth quarter. 1832 Asset Management L.P. now owns 2,248,400 shares of the company’s stock worth $96,636,000 after buying an additional 995,800 shares during the period. Artemis Investment Management LLP bought a new stake in CAVA Group during the 1st quarter worth approximately $38,225,000. FMR LLC boosted its position in shares of CAVA Group by 92.1% in the third quarter. FMR LLC now owns 1,138,113 shares of the company’s stock worth $34,860,000 after purchasing an additional 545,799 shares during the period. Finally, Armstrong Fleming & Moore Inc bought a new stake in shares of CAVA Group during the 4th quarter valued at $16,341,000. Institutional investors own 73.15% 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.