TD Cowen Reaffirms “Buy” Rating for CAVA Group (NYSE:CAVA)

TD Cowen restated their buy rating on shares of CAVA Group (NYSE:CAVA) in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a $115.00 price target on the stock.

CAVA has been the subject of a number of other research reports. Morgan Stanley downgraded shares of CAVA Group from an overweight rating to an equal weight rating and lifted their price target for the stock from $90.00 to $110.00 in a research note on Thursday, August 29th. Argus boosted their target price on shares of CAVA Group from $104.00 to $128.00 and gave the stock a buy rating in a research note on Wednesday. Piper Sandler cut CAVA Group from an overweight rating to a neutral rating and raised their price target for the company from $63.00 to $92.00 in a research note on Thursday, May 30th. Stifel Nicolaus upped their price objective on CAVA Group from $90.00 to $110.00 and gave the stock a buy rating in a research report on Monday, August 19th. Finally, Jefferies Financial Group raised their target price on CAVA Group from $94.00 to $117.00 and gave the stock a buy rating in a research report on Friday, August 23rd. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, CAVA Group has a consensus rating of Moderate Buy and a consensus price target of $111.58.

CAVA Group Trading Up 3.5 %

CAVA Group stock opened at $125.49 on Thursday. The firm has a market capitalization of $14.31 billion, a P/E ratio of 306.07 and a beta of 3.32. CAVA Group has a twelve month low of $29.05 and a twelve month high of $128.18. The stock’s fifty day simple moving average is $95.99 and its 200-day simple moving average is $81.85.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Thursday, August 22nd. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.04. The company had revenue of $233.50 million for the quarter, compared to the consensus estimate of $219.47 million. CAVA Group had a return on equity of 7.37% and a net margin of 5.04%. CAVA Group’s revenue was up 35.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.21 EPS. Sell-side analysts predict that CAVA Group will post 0.43 earnings per share for the current year.

Insider Activity

In related news, Director Theodoros Xenohristos sold 90,000 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $91.01, for a total transaction of $8,190,900.00. Following the completion of the sale, the director now owns 424,846 shares in the company, valued at approximately $38,665,234.46. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Tricia K. Tolivar sold 5,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $125.64, for a total transaction of $628,200.00. Following the completion of the sale, the chief financial officer now directly owns 292,600 shares of the company’s stock, valued at $36,762,264. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Theodoros Xenohristos sold 90,000 shares of CAVA Group stock in a transaction on Monday, June 24th. The shares were sold at an average price of $91.01, for a total transaction of $8,190,900.00. Following the completion of the transaction, the director now owns 424,846 shares in the company, valued at $38,665,234.46. The disclosure for this sale can be found here. Insiders have sold 427,165 shares of company stock valued at $49,526,186 in the last ninety days.

Institutional Trading of CAVA Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Research Global Investors raised its holdings in CAVA Group by 21.6% during the first quarter. Capital Research Global Investors now owns 5,311,335 shares of the company’s stock worth $372,059,000 after purchasing an additional 942,054 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of CAVA Group by 215.7% during the 1st quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock worth $346,330,000 after buying an additional 3,377,840 shares in the last quarter. 1832 Asset Management L.P. raised its stake in shares of CAVA Group by 79.5% during the 4th quarter. 1832 Asset Management L.P. now owns 2,248,400 shares of the company’s stock worth $96,636,000 after buying an additional 995,800 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of CAVA Group by 55.9% in the first quarter. Lord Abbett & CO. LLC now owns 1,373,749 shares of the company’s stock valued at $96,231,000 after buying an additional 492,667 shares in the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of CAVA Group by 9.7% in the second quarter. Federated Hermes Inc. now owns 1,060,029 shares of the company’s stock valued at $98,318,000 after buying an additional 93,635 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

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.