Prime Capital Management Co Ltd Acquires Shares of 1,031,630 CAVA Group, Inc. $CAVA

Prime Capital Management Co Ltd acquired a new stake in CAVA Group, Inc. (NYSE:CAVA) during the second quarter, Holdings Channel.com reports. The firm acquired 1,031,630 shares of the company’s stock, valued at approximately $80,962,000. CAVA Group accounts for approximately 6.5% of Prime Capital Management Co Ltd’s portfolio, making the stock its 5th largest holding.

Several other institutional investors have also modified their holdings of CAVA. Los Angeles Capital Management LLC acquired a new position in shares of CAVA Group during the fourth quarter worth $25,000. FNY Investment Advisers LLC purchased a new position in CAVA Group in the second quarter valued at $31,000. TD Private Client Wealth LLC raised its stake in CAVA Group by 118.2% in 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 in the last quarter. Allworth Financial LP lifted its holdings in CAVA Group by 57.4% during the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after buying an additional 237 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in CAVA Group by 115.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company’s stock worth $38,000 after buying an additional 347 shares during the last quarter. 73.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CAVA has been the subject of several analyst reports. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of CAVA Group in a research report on Wednesday, August 12th. Stifel Nicolaus raised their target price on CAVA Group from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Citigroup restated a “buy” rating on shares of CAVA Group in a research note on Tuesday, July 28th. Robert W. Baird upped their price target on CAVA Group from $88.00 to $98.00 and gave the company an “outperform” rating in a report on Wednesday, May 20th. Finally, Piper Sandler increased their price target on shares of CAVA Group from $85.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, May 20th. Seventeen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $89.44.

Insider Activity

In related news, Director Karen Kochevar sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $90.00, for a total transaction of $900,000.00. Following the transaction, the director owned 3,074 shares in the company, valued at $276,660. This trade represents a 76.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Tricia K. Tolivar sold 4,969 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 $444,377.67. Following the transaction, the chief financial officer directly owned 234,931 shares in the company, valued at approximately $21,009,879.33. This trade represents a 2.07% decrease in their position. 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 have sold a total of 82,703 shares of company stock worth $7,249,579 over the last ninety days. 6.70% of the stock is owned by corporate insiders.

CAVA Group Stock Performance

Shares of CAVA stock opened at $68.25 on Wednesday. The stock’s 50-day moving average is $72.86 and its two-hundred day moving average is $77.05. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 124.10, a PEG ratio of 5.12 and a beta of 1.75. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79.

CAVA Group (NYSE:CAVA) last posted its earnings results on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The business had revenue of $368.44 million for the quarter, compared to analysts’ expectations of $360.09 million. During the same quarter in the previous year, the firm earned $0.16 earnings per share. The business’s revenue was up 31.3% compared to the same quarter last year. As a group, research analysts predict that CAVA Group, Inc. will post 0.53 EPS for the current year.

CAVA Group 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.