CAVA Group (NYSE:CAVA) Posts Earnings Results, Beats Expectations By $0.03 EPS

CAVA Group (NYSE:CAVA) announced its quarterly earnings results on Tuesday. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03, FiscalAI reports. The company had revenue of $438.27 million during the quarter, compared to analyst estimates of $418.46 million. CAVA Group had a return on equity of 8.43% and a net margin of 5.40%.

CAVA Group Stock Down 2.3%

CAVA traded down $1.84 during trading on Tuesday, reaching $78.05. The company had a trading volume of 6,164,241 shares, compared to its average volume of 3,353,939. The business has a 50 day simple moving average of $85.00 and a 200-day simple moving average of $69.15. The stock has a market cap of $9.09 billion, a P/E ratio of 144.54, a PEG ratio of 5.44 and a beta of 1.90. CAVA Group has a 52 week low of $43.41 and a 52 week high of $98.79.

Analyst Ratings Changes

Several brokerages have recently issued reports on CAVA. Royal Bank Of Canada upped their price objective on CAVA Group from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. TD Cowen upped their price target on shares of CAVA Group from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Truist Financial increased their price objective on shares of CAVA Group from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Wall Street Zen cut shares of CAVA Group from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, DA Davidson assumed coverage on shares of CAVA Group in a research report on Friday, March 6th. They set a “neutral” rating and a $80.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, CAVA Group currently has an average rating of “Moderate Buy” and an average price target of $88.81.

Insiders Place Their Bets

In other news, insider Theodoros Xenohristos sold 9,044 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $79.75, for a total value of $721,259.00. Following the sale, the insider owned 327,882 shares of the company’s stock, valued at approximately $26,148,589.50. This represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 6.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On CAVA Group

Hedge funds have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC bought a new stake in shares of CAVA Group during the fourth quarter valued at approximately $25,000. Advisors Asset Management Inc. grew its stake in CAVA Group by 53.5% in the fourth quarter. Advisors Asset Management Inc. now owns 694 shares of the company’s stock worth $41,000 after purchasing an additional 242 shares in the last quarter. National Bank of Canada FI grew its stake in CAVA Group by 195.1% in the third quarter. National Bank of Canada FI now owns 717 shares of the company’s stock worth $43,000 after purchasing an additional 474 shares in the last quarter. Advisory Services Network LLC purchased a new position in CAVA Group during the 3rd quarter worth $51,000. Finally, Horizon Investments LLC raised its position in CAVA Group by 47.9% during the 3rd quarter. Horizon Investments LLC now owns 1,040 shares of the company’s stock valued at $63,000 after purchasing an additional 337 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors.

About CAVA Group

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.