Renaissance Capital LLC Has $6.24 Million Stake in CAVA Group, Inc. $CAVA

Renaissance Capital LLC lessened its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 3.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,079 shares of the company’s stock after selling 2,879 shares during the quarter. CAVA Group accounts for approximately 4.4% of Renaissance Capital LLC’s portfolio, making the stock its 8th largest position. Renaissance Capital LLC owned about 0.06% of CAVA Group worth $6,240,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CAVA. First Horizon Advisors Inc. increased its stake in CAVA Group by 1,400.0% during the 1st quarter. First Horizon Advisors Inc. now owns 285 shares of the company’s stock valued at $25,000 after purchasing an additional 266 shares in the last quarter. Vision Financial Markets LLC purchased a new position in shares of CAVA Group in the 1st quarter worth about $26,000. Dagco Inc. purchased a new position in shares of CAVA Group in the 1st quarter worth about $27,000. Versant Capital Management Inc purchased a new position in shares of CAVA Group in the 1st quarter worth about $31,000. Finally, Brooklyn Investment Group boosted its holdings in shares of CAVA Group by 168.0% in the 1st quarter. Brooklyn Investment Group now owns 402 shares of the company’s stock worth $35,000 after buying an additional 252 shares during the last quarter. Institutional investors own 73.15% of the company’s stock.

CAVA Group Stock Performance

Shares of CAVA Group stock opened at $58.81 on Tuesday. CAVA Group, Inc. has a 52-week low of $58.53 and a 52-week high of $172.43. The stock has a market capitalization of $6.82 billion, a price-to-earnings ratio of 49.42, a P/E/G ratio of 3.13 and a beta of 2.62. The company’s 50 day moving average price is $72.67 and its 200-day moving average price is $81.00.

CAVA Group (NYSE:CAVA) last issued its earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.03. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The firm had revenue of $280.62 million for the quarter, compared to analysts’ expectations of $285.65 million. During the same quarter last year, the business earned $0.17 earnings per share. The business’s revenue was up 20.2% on a year-over-year basis. As a group, equities research analysts forecast that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wall Street Zen downgraded shares of CAVA Group from a “hold” rating to a “sell” rating in a report on Friday, June 27th. Citigroup dropped their price objective on shares of CAVA Group from $102.00 to $88.00 and set a “neutral” rating on the stock in a report on Wednesday, August 13th. UBS Group lowered their price target on shares of CAVA Group from $96.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, August 13th. Morgan Stanley lowered their price target on shares of CAVA Group from $107.00 to $97.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Finally, KeyCorp decreased their price objective on shares of CAVA Group from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, CAVA Group currently has an average rating of “Moderate Buy” and an average price target of $96.41.

CAVA Group 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.