CAVA Group (NYSE:CAVA) Announces Quarterly Earnings Results

CAVA Group (NYSE:CAVA) released its quarterly earnings data on Tuesday. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01, FiscalAI reports. The firm had revenue of $368.44 million for the quarter, compared to analyst estimates of $360.09 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%.

CAVA Group Price Performance

Shares of NYSE CAVA traded down $0.72 during mid-day trading on Tuesday, reaching $60.86. 4,483,692 shares of the company’s stock were exchanged, compared to its average volume of 3,352,730. The firm has a 50-day moving average price of $73.29 and a two-hundred day moving average price of $76.84. The firm has a market capitalization of $7.09 billion, a price-to-earnings ratio of 117.04, a price-to-earnings-growth ratio of 4.28 and a beta of 1.75. CAVA Group has a 52 week low of $43.41 and a 52 week high of $98.79.

Insider Activity at CAVA Group

In related news, Director Karen Kochevar sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $90.00, for a total transaction of $900,000.00. Following the completion of the sale, the director owned 3,074 shares in the company, valued at approximately $276,660. This trade represents a 76.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Adam David Phillips sold 5,181 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $77.14, for a total transaction of $399,662.34. Following the completion of the transaction, the chief accounting officer owned 9,505 shares in the company, valued at approximately $733,215.70. The trade was a 35.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 82,703 shares of company stock valued at $7,249,579 in the last 90 days. 6.70% of the stock is currently owned by company insiders.

Institutional Trading of CAVA Group

Several hedge funds have recently made changes to their positions in CAVA. Morgan Stanley lifted its position in shares of CAVA Group by 33.7% during the 4th quarter. Morgan Stanley now owns 3,318,894 shares of the company’s stock valued at $194,786,000 after buying an additional 835,628 shares during the last quarter. State Street Corp raised its stake in CAVA Group by 1.3% in the 4th quarter. State Street Corp now owns 2,920,442 shares of the company’s stock valued at $171,401,000 after acquiring an additional 36,508 shares during the period. Franklin Resources Inc. lifted its holdings in CAVA Group by 7.9% during the fourth quarter. Franklin Resources Inc. now owns 1,498,650 shares of the company’s stock valued at $87,956,000 after purchasing an additional 109,240 shares during the last quarter. Marshall Wace LLP boosted its position in CAVA Group by 689.8% during the fourth quarter. Marshall Wace LLP now owns 1,387,774 shares of the company’s stock worth $81,448,000 after purchasing an additional 1,212,068 shares during the period. Finally, Alliancebernstein L.P. boosted its position in CAVA Group by 58.7% during the second quarter. Alliancebernstein L.P. now owns 1,353,058 shares of the company’s stock worth $113,968,000 after purchasing an additional 500,367 shares during the period. 73.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Robert W. Baird upped their target price on shares of CAVA Group from $88.00 to $98.00 and gave the stock an “outperform” rating in a report on Wednesday, May 20th. The Goldman Sachs Group lifted their price target on CAVA Group from $75.00 to $86.00 and gave the company a “neutral” rating in a research note on Monday, April 13th. Stifel Nicolaus boosted their price objective on CAVA Group from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. increased their price objective on CAVA Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Finally, Piper Sandler raised their target price on CAVA Group from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, CAVA Group presently has a consensus rating of “Moderate Buy” and an average price target of $92.46.

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.