Man Group plc Purchases Shares of 242,935 CAVA Group, Inc. $CAVA

Man Group plc purchased a new position in shares of CAVA Group, Inc. (NYSE:CAVA) during the second quarter, HoldingsChannel reports. The institutional investor purchased 242,935 shares of the company’s stock, valued at approximately $19,066,000.

Several other hedge funds have also made changes to their positions in the business. Modern Wealth Management LLC grew its position in shares of CAVA Group by 4.2% in the first quarter. Modern Wealth Management LLC now owns 3,907 shares of the company’s stock valued at $313,000 after purchasing an additional 158 shares during the period. Bridgewater Associates LP lifted its position in CAVA Group by 2.4% during the fourth quarter. Bridgewater Associates LP now owns 6,827 shares of the company’s stock worth $401,000 after buying an additional 163 shares during the period. Western Pacific Wealth Management LP lifted its position in CAVA Group by 32.5% during the fourth quarter. Western Pacific Wealth Management LP now owns 729 shares of the company’s stock worth $43,000 after buying an additional 179 shares during the period. Allworth Financial LP boosted its stake in CAVA Group by 57.4% in the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after buying an additional 237 shares during the last quarter. Finally, Clearstead Advisors LLC boosted its stake in CAVA Group by 18.2% in the 4th quarter. Clearstead Advisors LLC now owns 1,566 shares of the company’s stock worth $92,000 after buying an additional 241 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

CAVA Group Stock Performance

CAVA opened at $66.80 on Friday. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79. The firm has a 50 day moving average price of $70.43 and a 200 day moving average price of $77.40. The company has a market cap of $7.80 billion, a PE ratio of 121.46, a price-to-earnings-growth ratio of 4.61 and a beta of 1.74.

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

Insider Buying and Selling at CAVA Group

In other CAVA Group news, insider Kelly Costanza sold 12,490 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total value of $1,124,100.00. Following the transaction, the insider directly owned 98,490 shares of the company’s stock, valued at $8,864,100. This trade represents a 11.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Tricia K. Tolivar sold 4,969 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $444,377.67. Following the transaction, the chief financial officer owned 234,931 shares in the company, valued at approximately $21,009,879.33. This represents a 2.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 67,512 shares of company stock worth $6,050,417. Corporate insiders own 6.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CAVA. Freedom Capital raised shares of CAVA Group to a “hold” rating in a research note on Wednesday, July 1st. Morgan Stanley raised shares of CAVA Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $86.00 to $90.00 in a research report on Wednesday, July 15th. Barclays lifted their price target on shares of CAVA Group from $70.00 to $74.00 and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Northcoast Research raised shares of CAVA Group from a “sell” rating to a “neutral” rating in a research note on Thursday, August 13th. Finally, Mizuho dropped their price objective on CAVA Group from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $89.44.

CAVA Group Company Profile

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.