9,205 Shares in CAVA Group, Inc. $CAVA Purchased by Commerce Bank

Commerce Bank bought a new position in shares of CAVA Group, Inc. (NYSE:CAVA) during the 2nd quarter, Holdings Channel reports. The firm bought 9,205 shares of the company’s stock, valued at approximately $722,000.

Other hedge funds also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of CAVA Group during the 2nd quarter valued at approximately $1,438,000. Quantbot Technologies LP acquired a new stake in shares of CAVA Group in the 2nd quarter worth approximately $848,000. Evolve Private Wealth LLC purchased a new position in CAVA Group in the 2nd quarter valued at approximately $325,000. William Blair Investment Management LLC purchased a new position in CAVA Group in the 2nd quarter valued at approximately $89,861,000. Finally, Rakuten Securities Inc. acquired a new position in CAVA Group during the second quarter worth $107,000. 73.15% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at CAVA Group

In related news, Director Karen Kochevar sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the transaction, the director owned 3,074 shares of the company’s stock, valued at approximately $276,660. The trade was a 76.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brett Schulman sold 33,174 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $89.43, for a total transaction of $2,966,750.82. Following the completion of the transaction, the chief executive officer owned 798,669 shares in the company, valued at approximately $71,424,968.67. This trade represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 67,512 shares of company stock worth $6,050,417 in the last ninety days. Company insiders own 6.70% of the company’s stock.

Analyst Ratings Changes

CAVA has been the topic of a number of research analyst reports. UBS Group upgraded CAVA Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $90.00 in a research report on Wednesday, June 10th. Telsey Advisory Group lifted their price target on CAVA Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 20th. Northcoast Research upgraded shares of CAVA Group from a “sell” rating to a “neutral” rating in a research report on Thursday, August 13th. Roth Capital reiterated a “buy” rating and issued a $95.00 price objective (down from $106.00) on shares of CAVA Group in a research report on Wednesday, August 12th. Finally, Mizuho dropped their target price on shares of CAVA Group from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $89.44.

CAVA Group Stock Performance

Shares of NYSE:CAVA opened at $67.75 on Thursday. The business’s fifty day moving average price is $70.87 and its two-hundred day moving average price is $77.42. The stock has a market cap of $7.91 billion, a PE ratio of 123.18, a price-to-earnings-growth ratio of 4.72 and a beta of 1.74. CAVA Group, Inc. has a one year low of $43.41 and a one year high of $98.79.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The business had revenue of $368.44 million for the quarter, compared to the consensus estimate of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The business’s revenue was up 31.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.16 earnings per share. As a group, equities research analysts predict that CAVA Group, Inc. will post 0.54 earnings per share for the current fiscal year.

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.