CAVA Group (NYSE:CAVA) Trading Down 4.7% – Here’s What Happened

Shares of CAVA Group, Inc. (NYSE:CAVA) were down 4.7% during mid-day trading on Monday . The company traded as low as $73.94 and last traded at $73.23. Approximately 170,688 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 3,318,505 shares. The stock had previously closed at $76.88.

Analyst Ratings Changes

CAVA has been the topic of several research analyst reports. Sanford C. Bernstein restated an “outperform” rating and set a $95.00 price target on shares of CAVA Group in a report on Wednesday, May 20th. Barclays increased their price objective on CAVA Group from $70.00 to $74.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Royal Bank Of Canada boosted their target price on CAVA Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Wednesday, May 20th. Argus set a $92.00 target price on CAVA Group in a research report on Friday, May 22nd. Finally, Roth Capital reaffirmed a “buy” rating and set a $106.00 price target on shares of CAVA Group in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.44.

CAVA Group Price Performance

The company has a market cap of $8.12 billion, a price-to-earnings ratio of 134.15, a P/E/G ratio of 4.93 and a beta of 1.69. The firm has a fifty day simple moving average of $81.09 and a 200 day simple moving average of $76.59.

CAVA Group (NYSE:CAVA) last posted its earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $438.27 million for the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. CAVA Group’s revenue was up 32.1% compared to the same quarter last year. During the same period last year, the business posted $0.22 EPS. Analysts expect that CAVA Group, Inc. will post 0.55 earnings per share for the current year.

Insider Buying and Selling

In other CAVA Group news, insider Theodoros Xenohristos sold 3,252 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $290,826.36. Following the sale, the insider owned 324,630 shares of the company’s stock, valued at $29,031,660.90. This trade represents a 0.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Adam David Phillips sold 757 shares of CAVA Group stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $67,698.51. Following the completion of the transaction, the chief accounting officer directly owned 6,848 shares in the company, valued at approximately $612,416.64. This represents a 9.95% 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 sold a total of 91,747 shares of company stock valued at $7,970,838 in the last quarter. Insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On CAVA Group

Several hedge funds and other institutional investors have recently modified their holdings of CAVA. Los Angeles Capital Management LLC acquired a new position in CAVA Group during the 4th quarter valued at $25,000. Harbor Investment Advisory LLC increased its holdings in shares of CAVA Group by 347.8% during the 4th quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock worth $30,000 after purchasing an additional 400 shares during the period. TD Private Client Wealth LLC raised its position in shares of CAVA Group by 118.2% during the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after buying an additional 325 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of CAVA Group during the third quarter valued at about $36,000. Finally, Allworth Financial LP lifted its stake in shares of CAVA Group by 57.4% in the fourth quarter. Allworth Financial LP now owns 650 shares of the company’s stock valued at $38,000 after buying an additional 237 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.

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.