CI Investments Inc. Boosts Stake in CAVA Group, Inc. $CAVA

CI Investments Inc. raised its holdings in CAVA Group, Inc. (NYSE:CAVA) by 29.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 39,911 shares of the company’s stock after acquiring an additional 9,022 shares during the quarter. CI Investments Inc.’s holdings in CAVA Group were worth $3,229,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. SG Americas Securities LLC lifted its stake in CAVA Group by 74.2% during the fourth quarter. SG Americas Securities LLC now owns 32,817 shares of the company’s stock worth $1,926,000 after purchasing an additional 13,977 shares during the last quarter. KBC Group NV grew its holdings in CAVA Group by 513.6% in the 4th quarter. KBC Group NV now owns 15,531 shares of the company’s stock worth $912,000 after acquiring an additional 13,000 shares during the last quarter. Prime Capital Management Co Ltd increased its position in CAVA Group by 90.6% during 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 purchasing an additional 490,300 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in CAVA Group in the fourth quarter worth $19,460,000. Finally, Nepsis Inc. raised its holdings in shares of CAVA Group by 42.6% during the fourth quarter. Nepsis Inc. now owns 176,694 shares of the company’s stock valued at $10,370,000 after purchasing an additional 52,776 shares during the last quarter. Institutional investors own 73.15% of the company’s stock.

CAVA Group Stock Down 1.7%

CAVA stock opened at $62.12 on Friday. The stock has a market cap of $7.23 billion, a price-to-earnings ratio of 119.46, a price-to-earnings-growth ratio of 4.35 and a beta of 1.69. The business has a fifty day moving average of $76.63 and a two-hundred day moving average of $77.19. CAVA Group, Inc. has a 52-week low of $43.41 and a 52-week high of $98.79.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Tuesday, May 19th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. The company had revenue of $438.27 million for the quarter, compared to the consensus estimate of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The company’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.22 EPS. As a group, sell-side analysts anticipate that CAVA Group, Inc. will post 0.54 EPS for the current year.

Analysts Set New Price Targets

CAVA has been the topic of a number of research reports. Freedom Capital raised shares of CAVA Group to a “hold” rating in a report on Wednesday, July 1st. Benchmark boosted their target price on CAVA Group from $80.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, April 20th. DA Davidson raised their price target on CAVA Group from $80.00 to $84.00 and gave the stock a “neutral” rating in a research report on Thursday, May 21st. Roth Capital reiterated a “buy” rating and set a $106.00 target price on shares of CAVA Group in a research report on Wednesday, May 20th. Finally, Robert W. Baird increased their price objective on shares of CAVA Group from $88.00 to $98.00 and gave the company an “outperform” rating in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, CAVA Group presently has an average rating of “Moderate Buy” and an average price target of $93.54.

Insiders Place Their Bets

In other CAVA Group news, CFO Tricia K. Tolivar sold 4,969 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction 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. The trade was a 2.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Theodoros Xenohristos sold 3,252 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $290,826.36. Following the completion of the sale, the insider directly owned 324,630 shares of the company’s stock, valued at $29,031,660.90. This represents a 0.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 91,747 shares of company stock valued at $7,970,838. Corporate insiders own 6.70% of the company’s stock.

About CAVA Group

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.