CAVA Group (NYSE:CAVA) Upgraded at Melius Research

Melius Research upgraded shares of CAVA Group (NYSE:CAVA) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, MarketBeat.com reports. They currently have $95.00 price objective on the stock.

A number of other brokerages also recently issued reports on CAVA. Sanford C. Bernstein reissued an “outperform” rating on shares of CAVA Group in a research note on Wednesday, August 12th. Citigroup reaffirmed a “buy” rating on shares of CAVA Group in a report on Tuesday, July 28th. Freedom Capital upgraded CAVA Group to a “hold” rating in a research report on Wednesday, July 1st. TD Cowen cut their price objective on CAVA Group from $100.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Finally, Northcoast Research raised CAVA Group from a “sell” rating to a “neutral” rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.88.

CAVA Group Stock Down 1.1%

Shares of CAVA Group stock opened at $53.71 on Thursday. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of 97.65, a price-to-earnings-growth ratio of 4.16 and a beta of 1.80. CAVA Group has a 52-week low of $43.41 and a 52-week high of $98.79. The company’s 50-day simple moving average is $60.21 and its 200-day simple moving average is $72.84.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The firm had revenue of $368.44 million during the quarter, compared to the consensus estimate of $360.09 million. During the same quarter last year, the firm earned $0.16 earnings per share. The firm’s revenue was up 31.3% compared to the same quarter last year. Equities research analysts anticipate that CAVA Group will post 0.55 EPS for the current year.

CAVA Group announced that its board has initiated a share buyback plan on Friday, September 18th that authorizes the company to repurchase $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 1.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at CAVA Group

In other news, insider Douglas Thompson purchased 6,500 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average price of $66.52 per share, for a total transaction of $432,380.00. Following the acquisition, the insider directly owned 19,371 shares in the company, valued at approximately $1,288,558.92. The trade was a 50.50% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On CAVA Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its position in CAVA Group by 34.6% during the third quarter. Farther Finance Advisors LLC now owns 5,285 shares of the company’s stock worth $286,000 after purchasing an additional 1,358 shares in the last quarter. Moody National Bank Trust Division grew its holdings in CAVA Group by 45.8% in the third quarter. Moody National Bank Trust Division now owns 31,048 shares of the company’s stock valued at $1,680,000 after purchasing an additional 9,750 shares during the last quarter. Norman Fields Gottscho Capital Management LLC increased its position in shares of CAVA Group by 197.9% in the third quarter. Norman Fields Gottscho Capital Management LLC now owns 102,000 shares of the company’s stock valued at $5,518,000 after buying an additional 67,763 shares in the last quarter. CX Institutional purchased a new position in shares of CAVA Group in the third quarter valued at $26,000. Finally, Wellington Altus USA Inc. purchased a new position in shares of CAVA Group in the second quarter valued at $113,000. 73.15% of the stock is owned by institutional investors and hedge funds.

CAVA Group Company Profile

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.