Equitable Holdings Inc. Invests $2.09 Million in CAVA Group, Inc. $CAVA

Equitable Holdings Inc. acquired a new position in shares of CAVA Group, Inc. (NYSE:CAVA) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 26,649 shares of the company’s stock, valued at approximately $2,091,000.

Other institutional investors have also recently bought and sold shares of the company. Los Angeles Capital Management LLC purchased a new stake in shares of CAVA Group during the 4th quarter worth about $25,000. Ancora Advisors LLC acquired a new stake in shares of CAVA Group during the 2nd quarter valued at about $27,000. FNY Investment Advisers LLC bought a new stake in shares of CAVA Group in the 2nd quarter valued at approximately $31,000. Philadelphia Investment Partners LLC bought a new stake in shares of CAVA Group in the 2nd quarter valued at approximately $33,000. Finally, TD Private Client Wealth LLC grew its stake in shares of CAVA Group by 118.2% in the 4th quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after buying an additional 325 shares in the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

CAVA Group Stock Performance

CAVA opened at $67.08 on Friday. The firm has a market cap of $7.84 billion, a P/E ratio of 121.97, a price-to-earnings-growth ratio of 4.56 and a beta of 1.74. The business has a 50 day moving average price of $69.99 and a 200 day moving average price of $77.32. CAVA Group, Inc. has a twelve month low of $43.41 and a twelve month high of $98.79.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The company had revenue of $368.44 million for the quarter, compared to the consensus estimate of $360.09 million. During the same quarter last year, the company posted $0.16 earnings per share. The company’s revenue for the quarter was up 31.3% compared to the same quarter last year. As a group, analysts anticipate that CAVA Group, Inc. will post 0.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Barclays raised their price objective on shares of CAVA Group from $70.00 to $74.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. Mizuho dropped their price target on shares of CAVA Group from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Sanford C. Bernstein restated an “outperform” rating on shares of CAVA Group in a research note on Wednesday, August 12th. Northcoast Research upgraded shares of CAVA Group from a “sell” rating to a “neutral” rating in a report on Thursday, August 13th. Finally, UBS Group upgraded shares of CAVA Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $90.00 in a report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, CAVA Group currently has a consensus rating of “Moderate Buy” and an average target price of $89.44.

Insider Buying and Selling at CAVA Group

In related news, CAO Adam David Phillips sold 757 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.43, for a total transaction of $67,698.51. Following the completion of the sale, the chief accounting officer directly owned 6,848 shares of the company’s stock, valued at approximately $612,416.64. This represents a 9.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kelly Costanza sold 12,490 shares of the firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $90.00, for a total transaction of $1,124,100.00. Following the completion of the transaction, the insider owned 98,490 shares in the company, valued at $8,864,100. The trade was a 11.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 67,512 shares of company stock worth $6,050,417 in the last quarter. 6.70% of the stock is owned by corporate insiders.

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.