CAVA Group (NYSE:CAVA) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

CAVA Group (NYSE:CAVA) announced its quarterly earnings data on Tuesday. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01, FiscalAI reports. The business had revenue of $368.44 million for the quarter, compared to the consensus estimate of $360.09 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.

CAVA Group Trading Down 1.2%

Shares of NYSE:CAVA traded down $0.72 during mid-day trading on Tuesday, reaching $60.86. The stock had a trading volume of 5,947,149 shares, compared to its average volume of 3,363,446. The company has a market cap of $7.09 billion, a P/E ratio of 117.04, a price-to-earnings-growth ratio of 4.28 and a beta of 1.75. CAVA Group has a 1 year low of $43.41 and a 1 year high of $98.79. The business’s 50 day moving average price is $73.29 and its 200 day moving average price is $76.84.

Wall Street Analysts Forecast Growth

CAVA has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on CAVA Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. DA Davidson upped their price target on CAVA Group from $80.00 to $84.00 and gave the stock a “neutral” rating in a research note on Thursday, May 21st. Piper Sandler upped their price target on CAVA Group from $85.00 to $92.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 20th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $95.00 price objective on shares of CAVA Group in a report on Wednesday, May 20th. Finally, Benchmark lifted their price objective on shares of CAVA Group from $80.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, April 20th. One investment 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $92.46.

Insider Activity at CAVA Group

In other news, CFO Tricia K. Tolivar sold 4,969 shares of the company’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 transaction of $444,377.67. Following the sale, the chief financial officer directly owned 234,931 shares of the company’s stock, valued at $21,009,879.33. This represents a 2.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the transaction, the director owned 3,074 shares of the company’s stock, valued at $276,660. This represents a 76.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders 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 insiders.

Institutional Investors Weigh In On CAVA Group

A number of hedge funds have recently bought and sold shares of the business. Los Angeles Capital Management LLC bought a new position in CAVA Group during the fourth quarter valued at $25,000. Advisors Asset Management Inc. raised its position in shares of CAVA Group by 53.5% during the 4th quarter. Advisors Asset Management Inc. now owns 694 shares of the company’s stock valued at $41,000 after buying an additional 242 shares in the last quarter. National Bank of Canada FI grew its position in CAVA Group by 195.1% in the third quarter. National Bank of Canada FI now owns 717 shares of the company’s stock worth $43,000 after acquiring an additional 474 shares in the last quarter. Advisory Services Network LLC bought a new stake in CAVA Group during the third quarter worth approximately $51,000. Finally, Horizon Investments LLC increased its stake in CAVA Group by 47.9% during the third quarter. Horizon Investments LLC now owns 1,040 shares of the company’s stock worth $63,000 after acquiring an additional 337 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

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.