CAVA Group (NYSE:CAVA) Stock Price Down 7.3% – Here’s What Happened

Shares of CAVA Group, Inc. (NYSE:CAVA) dropped 7.3% on Thursday . The stock traded as low as $77.38 and last traded at $76.34. Approximately 220,877 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 2,880,996 shares. The stock had previously closed at $82.38.

Wall Street Analysts Forecast Growth

CAVA has been the subject of several recent analyst reports. Piper Sandler upgraded CAVA Group from a “neutral” rating to an “overweight” rating and dropped their price target for the stock from $142.00 to $115.00 in a research note on Friday, February 28th. William Blair restated an “outperform” rating on shares of CAVA Group in a research note on Wednesday, February 26th. Wedbush reaffirmed an “outperform” rating and set a $150.00 price objective on shares of CAVA Group in a report on Wednesday, February 26th. Barclays decreased their price objective on CAVA Group from $127.00 to $104.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Finally, Citigroup decreased their price objective on CAVA Group from $163.00 to $140.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, CAVA Group has a consensus rating of “Moderate Buy” and an average target price of $131.47.

CAVA Group Trading Up 4.6 %

The business has a 50-day moving average price of $114.08 and a 200-day moving average price of $124.06. The firm has a market cap of $8.95 billion, a P/E ratio of 168.37 and a beta of 3.58.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The company had revenue of $227.40 million for the quarter, compared to the consensus estimate of $223.34 million. On average, equities analysts anticipate that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Insider Activity at CAVA Group

In other CAVA Group news, insider Theodoros Xenohristos sold 851 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $119.18, for a total value of $101,422.18. Following the completion of the sale, the insider now directly owns 358,995 shares in the company, valued at approximately $42,785,024.10. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Adam David Phillips sold 615 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $124.39, for a total value of $76,499.85. Following the completion of the sale, the chief accounting officer now owns 10,884 shares of the company’s stock, valued at approximately $1,353,860.76. This trade represents a 5.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,235 shares of company stock valued at $3,514,101 over the last quarter. 12.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CAVA Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cim LLC purchased a new stake in CAVA Group in the fourth quarter valued at about $1,073,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of CAVA Group in the fourth quarter worth about $12,561,000. Jefferies Financial Group Inc. raised its stake in shares of CAVA Group by 84.6% in the fourth quarter. Jefferies Financial Group Inc. now owns 10,795 shares of the company’s stock worth $1,218,000 after purchasing an additional 4,946 shares during the last quarter. Liberty Square Wealth Partners LLC purchased a new position in shares of CAVA Group in the fourth quarter worth about $203,000. Finally, Forum Financial Management LP purchased a new position in shares of CAVA Group in the fourth quarter worth about $230,000. 73.15% of the stock is currently owned by hedge funds and other 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.