CAVA Group (NYSE:CAVA) Shares Up 12.6% – Here’s What Happened

CAVA Group, Inc. (NYSE:CAVA) was up 12.6% on Friday . The company traded as high as $48.61 and last traded at $49.1040. Approximately 4,061,929 shares traded hands during mid-day trading, an increase of 3% from the average daily volume of 3,945,734 shares. The stock had previously closed at $43.59.

Wall Street Analysts Forecast Growth

CAVA has been the subject of a number of analyst reports. Mizuho upgraded shares of CAVA Group to a “hold” rating in a research note on Tuesday, October 28th. UBS Group cut their target price on CAVA Group from $75.00 to $61.00 and set a “neutral” rating for the company in a research report on Monday, November 3rd. Bank of America decreased their price target on CAVA Group from $121.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, August 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of CAVA Group in a research report on Wednesday, October 8th. Finally, Sanford C. Bernstein cut their price objective on CAVA Group from $100.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, CAVA Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.75.

CAVA Group Stock Performance

The company’s 50-day moving average is $58.53 and its 200-day moving average is $73.27. The firm has a market cap of $5.76 billion, a price-to-earnings ratio of 42.69, a P/E/G ratio of 2.57 and a beta of 2.47.

CAVA Group (NYSE:CAVA) last announced its earnings results on Tuesday, November 4th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). CAVA Group had a return on equity of 8.88% and a net margin of 12.14%.The company had revenue of $292.24 million during the quarter, compared to the consensus estimate of $292.88 million. During the same period in the prior year, the firm posted $0.15 earnings per share. The company’s revenue was up 19.9% on a year-over-year basis. On average, analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current year.

Institutional Investors Weigh In On CAVA Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quadcap Wealth Management LLC lifted its stake in shares of CAVA Group by 1.4% during the second quarter. Quadcap Wealth Management LLC now owns 8,966 shares of the company’s stock valued at $755,000 after acquiring an additional 124 shares during the period. McDonough Capital Management Inc raised its holdings in CAVA Group by 4.7% during the 2nd quarter. McDonough Capital Management Inc now owns 2,910 shares of the company’s stock worth $245,000 after purchasing an additional 131 shares during the last quarter. Tsfg LLC lifted its position in CAVA Group by 19.1% during the 2nd quarter. Tsfg LLC now owns 937 shares of the company’s stock valued at $79,000 after purchasing an additional 150 shares during the period. Baltimore Washington Financial Advisors Inc. boosted its stake in shares of CAVA Group by 5.6% in the 2nd quarter. Baltimore Washington Financial Advisors Inc. now owns 2,810 shares of the company’s stock valued at $237,000 after purchasing an additional 150 shares during the last quarter. Finally, D.A. Davidson & CO. grew its position in shares of CAVA Group by 0.4% during the 2nd quarter. D.A. Davidson & CO. now owns 34,342 shares of the company’s stock worth $2,893,000 after buying an additional 153 shares during the period. 73.15% of the stock is owned by institutional investors and hedge funds.

About CAVA Group

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.