Holocene Advisors LP Trims Position in CAVA Group, Inc. $CAVA

Holocene Advisors LP trimmed its stake in CAVA Group, Inc. (NYSE:CAVA) by 5.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 588,800 shares of the company’s stock after selling 31,518 shares during the period. Holocene Advisors LP’s holdings in CAVA Group were worth $35,569,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Focus Partners Wealth increased its position in shares of CAVA Group by 0.9% during the third quarter. Focus Partners Wealth now owns 141,153 shares of the company’s stock worth $8,517,000 after acquiring an additional 1,233 shares during the period. Divisadero Street Capital Management LP purchased a new stake in shares of CAVA Group in the third quarter valued at approximately $638,000. California Public Employees Retirement System grew its stake in CAVA Group by 7.0% in the third quarter. California Public Employees Retirement System now owns 130,682 shares of the company’s stock worth $7,894,000 after purchasing an additional 8,541 shares in the last quarter. Alliancebernstein L.P. grew its stake in CAVA Group by 118.3% in the third quarter. Alliancebernstein L.P. now owns 2,953,688 shares of the company’s stock worth $178,432,000 after purchasing an additional 1,600,630 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in CAVA Group by 2.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 116,227 shares of the company’s stock worth $7,022,000 after purchasing an additional 2,317 shares during the period. 73.15% of the stock is currently owned by institutional investors.

CAVA Group Stock Up 6.6%

CAVA Group stock opened at $87.41 on Tuesday. The business has a fifty day moving average of $70.89 and a two-hundred day moving average of $62.57. The firm has a market cap of $10.17 billion, a P/E ratio of 161.88, a P/E/G ratio of 7.06 and a beta of 2.15. CAVA Group, Inc. has a twelve month low of $43.41 and a twelve month high of $101.50.

CAVA Group (NYSE:CAVA) last announced its earnings results on Tuesday, February 24th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. CAVA Group had a return on equity of 8.43% and a net margin of 5.40%.The business had revenue of $274.99 million for the quarter, compared to analysts’ expectations of $268.04 million. During the same quarter last year, the firm earned $0.05 EPS. The business’s revenue for the quarter was up 20.9% on a year-over-year basis. Equities analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. DA Davidson assumed coverage on CAVA Group in a research report on Friday, March 6th. They set a “neutral” rating and a $80.00 target price for the company. Mizuho increased their price target on CAVA Group from $52.00 to $64.00 and gave the stock a “neutral” rating in a research report on Friday, January 9th. Royal Bank Of Canada raised their price target on CAVA Group from $80.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, February 25th. Morgan Stanley lifted their price objective on CAVA Group from $80.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, February 25th. Finally, Telsey Advisory Group upped their price objective on shares of CAVA Group from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $84.04.

Insider Activity

In other CAVA Group news, insider Kenneth Robert Bertram sold 994 shares of the business’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total value of $61,767.16. Following the completion of the transaction, the insider directly owned 49,122 shares in the company, valued at approximately $3,052,441.08. The trade was a 1.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Theodoros Xenohristos sold 1,039 shares of the stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $64,563.46. Following the sale, the insider directly owned 332,205 shares of the company’s stock, valued at approximately $20,643,218.70. The trade was a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 39,055 shares of company stock worth $2,572,303 over the last ninety days. 12.10% of the stock is currently owned by corporate insiders.

CAVA Group Company Profile

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.