Wedbush Reaffirms “Outperform” Rating for CAVA Group (NYSE:CAVA)

CAVA Group (NYSE:CAVA)‘s stock had its “outperform” rating reissued by equities researchers at Wedbush in a report issued on Tuesday, Benzinga reports. They presently have a $100.00 target price on the stock. Wedbush’s price target points to a potential upside of 21.48% from the company’s previous close.

CAVA has been the topic of a number of other research reports. Jefferies Financial Group increased their price objective on CAVA Group from $72.00 to $94.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Stifel Nicolaus increased their price objective on CAVA Group from $66.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 24th. Piper Sandler cut CAVA Group from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $63.00 to $92.00 in a report on Thursday, May 30th. Morgan Stanley increased their price objective on CAVA Group from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Finally, TD Cowen increased their price objective on CAVA Group from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.75.

CAVA Group Trading Down 0.2 %

CAVA Group stock traded down $0.15 during trading on Tuesday, hitting $82.32. 941,328 shares of the company were exchanged, compared to its average volume of 2,590,369. The business’s 50 day moving average is $87.77 and its 200 day moving average is $70.12. CAVA Group has a 52 week low of $29.05 and a 52 week high of $98.69. The company has a market capitalization of $9.39 billion and a P/E ratio of 200.79.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Tuesday, May 28th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.08. The firm had revenue of $259.01 million during the quarter, compared to the consensus estimate of $246.02 million. CAVA Group had a return on equity of 5.18% and a net margin of 3.75%. The company’s revenue for the quarter was up 27.5% compared to the same quarter last year. Equities analysts expect that CAVA Group will post 0.34 EPS for the current year.

Insider Activity

In other CAVA Group news, CEO Brett Schulman sold 66,414 shares of CAVA Group stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $90.11, for a total value of $5,984,565.54. Following the transaction, the chief executive officer now directly owns 904,094 shares of the company’s stock, valued at approximately $81,467,910.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Ronald M. Shaich sold 1,231,979 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $87.25, for a total transaction of $107,490,167.75. Following the completion of the sale, the director now directly owns 5,000 shares in the company, valued at approximately $436,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brett Schulman sold 66,414 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $90.11, for a total transaction of $5,984,565.54. Following the sale, the chief executive officer now owns 904,094 shares of the company’s stock, valued at $81,467,910.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,420,564 shares of company stock worth $124,690,835.

Institutional Investors Weigh In On CAVA Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Montag A & Associates Inc. bought a new position in CAVA Group in the 4th quarter worth $26,000. Jamison Private Wealth Management Inc. bought a new position in CAVA Group in the 2nd quarter worth $28,000. CWM LLC raised its holdings in CAVA Group by 101.2% in the 1st quarter. CWM LLC now owns 505 shares of the company’s stock worth $35,000 after purchasing an additional 254 shares in the last quarter. Mather Group LLC. bought a new position in CAVA Group in the 2nd quarter worth $45,000. Finally, SOA Wealth Advisors LLC. bought a new position in CAVA Group in the 2nd quarter worth $46,000. 73.15% of the stock is currently owned by institutional investors.

CAVA Group Company Profile

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.