CAVA Group (NYSE:CAVA) Stock Price Down 4.8% – Here’s What Happened

CAVA Group, Inc. (NYSE:CAVA) shares fell 4.8% during mid-day trading on Monday . The company traded as low as $46.70 and last traded at $46.5590. 2,890,051 shares were traded during mid-day trading, a decline of 27% from the average session volume of 3,964,956 shares. The stock had previously closed at $48.92.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CAVA. Mizuho raised CAVA Group to a “hold” rating in a research note on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of CAVA Group in a report on Wednesday, October 8th. Royal Bank Of Canada set a $70.00 price target on shares of CAVA Group in a research note on Wednesday, November 5th. UBS Group dropped their target price on CAVA Group from $75.00 to $61.00 and set a “neutral” rating on the stock in a report on Monday, November 3rd. Finally, TD Cowen reduced their price target on shares of CAVA Group from $80.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $81.75.

CAVA Group Price Performance

The stock has a market capitalization of $5.44 billion, a P/E ratio of 88.94, a PEG ratio of 2.77 and a beta of 2.48. The stock’s fifty day moving average price is $57.92 and its 200 day moving average price is $72.30.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.12 EPS for the quarter, missing the consensus estimate 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 previous 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, sell-side analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

Institutional Investors Weigh In On CAVA Group

Large investors have recently added to or reduced their stakes in the business. Maryland State Retirement & Pension System boosted its stake in shares of CAVA Group by 37.5% during the second quarter. Maryland State Retirement & Pension System now owns 4,850 shares of the company’s stock worth $409,000 after buying an additional 1,324 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of CAVA Group by 123.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,458 shares of the company’s stock worth $472,000 after purchasing an additional 3,015 shares during the period. Y Intercept Hong Kong Ltd increased its holdings in CAVA Group by 271.7% in the second quarter. Y Intercept Hong Kong Ltd now owns 23,659 shares of the company’s stock valued at $1,993,000 after buying an additional 17,294 shares in the last quarter. Hantz Financial Services Inc. increased its stake in CAVA Group by 1,846,775.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 73,875 shares of the company’s stock valued at $6,222,000 after purchasing an additional 73,871 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of CAVA Group by 5.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 554,934 shares of the company’s stock worth $47,952,000 after buying an additional 27,066 shares during the last quarter. 73.15% of the stock is owned by hedge funds and other institutional investors.

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.