CAVA Group (NYSE:CAVA) Shares Up 8.2%

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

Analyst Ratings Changes

Several research firms have commented on CAVA. Robert W. Baird upped their price objective on CAVA Group from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, February 15th. JPMorgan Chase & Co. raised their target price on shares of CAVA Group from $50.00 to $64.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. William Blair reissued an “outperform” rating on shares of CAVA Group in a report on Tuesday, February 27th. Piper Sandler raised their price objective on shares of CAVA Group from $46.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday, February 28th. Finally, Wedbush boosted their target price on CAVA Group from $65.00 to $74.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 16th. Four research 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, CAVA Group presently has an average rating of “Moderate Buy” and a consensus target price of $60.42.

CAVA Group Stock Performance

The firm has a 50 day moving average price of $61.82 and a 200-day moving average price of $47.20.

CAVA Group (NYSE:CAVA) last announced its earnings results on Monday, February 26th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. CAVA Group had a net margin of 1.82% and a return on equity of 4.28%. The company had revenue of $175.50 million during the quarter, compared to analysts’ expectations of $240.03 million. The company’s revenue was up 52.6% on a year-over-year basis. Research analysts forecast that CAVA Group, Inc. will post 0.25 earnings per share for the current fiscal year.

Insider Buying and Selling at CAVA Group

In other news, major shareholder Ronald M. Shaich sold 1,500,000 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $57.20, for a total value of $85,800,000.00. Following the sale, the insider now directly owns 4,457,634 shares in the company, valued at $254,976,664.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Theodoros Xenohristos sold 47,239 shares of CAVA Group stock in a transaction on Tuesday, March 26th. The stock was 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 owns 526,521 shares of the company’s stock, valued at $35,956,119.09. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Ronald M. Shaich sold 1,500,000 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $57.20, for a total value of $85,800,000.00. Following the transaction, the insider now owns 4,457,634 shares in the company, valued at $254,976,664.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,547,239 shares of company stock worth $221,525,951.

Institutional Investors Weigh In On CAVA Group

Hedge funds have recently modified their holdings of the stock. Capital Research Global Investors boosted its holdings in shares of CAVA Group by 249.5% in the 4th quarter. Capital Research Global Investors now owns 4,369,281 shares of the company’s stock valued at $187,792,000 after purchasing an additional 3,119,281 shares during the last quarter. 1832 Asset Management L.P. boosted its holdings in 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 valued at $96,636,000 after acquiring an additional 995,800 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in CAVA Group during the first quarter valued at about $38,225,000. FMR LLC increased its stake in CAVA Group by 92.1% during the third quarter. FMR LLC now owns 1,138,113 shares of the company’s stock worth $34,860,000 after acquiring an additional 545,799 shares during the last quarter. Finally, Armstrong Fleming & Moore Inc purchased a new position in shares of CAVA Group in the 4th quarter worth about $16,341,000. 73.15% of the stock is owned by institutional investors and hedge funds.

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.