CAVA Group, Inc. $CAVA Stock Purchased by E. Ohman J or Asset Management AB

E. Ohman J or Asset Management AB lifted its stake in CAVA Group, Inc. (NYSE:CAVA) by 30.7% during the third quarter, Holdings Channel.com reports. The fund owned 61,922 shares of the company’s stock after buying an additional 14,552 shares during the period. E. Ohman J or Asset Management AB’s holdings in CAVA Group were worth $3,350,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of CAVA Group during the 2nd quarter worth approximately $757,013,000. Primecap Management Co. CA bought a new position in CAVA Group during the 2nd quarter worth $92,956,000. William Blair Investment Management LLC bought a new position in CAVA Group during the second quarter worth about $89,861,000. Prime Capital Management Co Ltd acquired a new stake in shares of CAVA Group in the second quarter valued at approximately $80,962,000. Finally, Wellington Management Group LLP lifted its position in shares of CAVA Group by 76.9% during the 2nd quarter. Wellington Management Group LLP now owns 1,605,508 shares of the company’s stock valued at $126,000,000 after acquiring an additional 697,699 shares during the period. 73.15% of the stock is owned by institutional investors.

Insider Activity at CAVA Group

In other CAVA Group news, insider Douglas Thompson acquired 6,500 shares of the business’s stock in a transaction on Monday, August 31st. The shares were acquired at an average price of $66.52 per share, with a total value of $432,380.00. Following the completion of the transaction, the insider owned 19,371 shares in the company, valued at approximately $1,288,558.92. This trade represents a 50.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 6.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CAVA. DA Davidson dropped their target price on shares of CAVA Group from $84.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, August 13th. Citigroup cut their price target on CAVA Group from $79.00 to $66.00 and set a “neutral” rating on the stock in a research note on Thursday. KeyCorp cut their target price on shares of CAVA Group from $110.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 12th. Robert W. Baird upgraded CAVA Group to a “strong-buy” rating in a report on Monday, August 24th. Finally, Guggenheim decreased their price target on CAVA Group from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, CAVA Group currently has a consensus rating of “Moderate Buy” and an average target price of $87.92.

CAVA Group Trading Down 0.8%

CAVA Group stock opened at $54.58 on Friday. The firm’s fifty day moving average price is $58.44 and its two-hundred day moving average price is $71.18. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of 100.00, a price-to-earnings-growth ratio of 4.26 and a beta of 1.80. CAVA Group, Inc. has a 1-year low of $43.41 and a 1-year high of $98.79.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate 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 period last year, the business earned $0.16 EPS. The business’s revenue was up 31.3% on a year-over-year basis. On average, research analysts forecast that CAVA Group, Inc. will post 0.55 EPS for the current year.

CAVA Group declared that its board has approved a stock buyback program on Friday, September 18th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 1.7% of its stock through open market purchases. Share repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

About CAVA Group

CAVA Group, Inc operates CAVA, a fast-casual restaurant brand serving Mediterranean-inspired food in the United States. Its menu includes customizable bowls and pitas, salads, dips, spreads, grilled proteins, and other Mediterranean dishes, with options designed to accommodate a range of dietary preferences.

The company’s restaurants generally use an assembly-line format that allows customers to build meals from a selection of ingredients and sauces. CAVA also offers its branded dips, spreads, and other products through select grocery and retail channels, extending the brand beyond its restaurant locations.

CAVA was founded in 2010 by Dimitri Moshovitis, Ike Grigoropoulos, and Ted Xenohristos.