CAVA Group (NYSE:CAVA) Coverage Initiated at Melius

Melius assumed coverage on shares of CAVA Group (NYSE:CAVA) in a report released on Monday, MarketBeat.com reports. The brokerage set a “hold” rating and a $95.00 price target on the stock. Melius’ target price suggests a potential upside of 7.65% from the stock’s current price.

Other analysts have also issued reports about the company. Citigroup boosted their price objective on CAVA Group from $114.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Sanford C. Bernstein upgraded CAVA Group from a “market perform” rating to an “outperform” rating and set a $115.00 target price for the company in a research report on Wednesday, April 23rd. Robert W. Baird lifted their price target on CAVA Group from $105.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, May 16th. KeyCorp started coverage on CAVA Group in a research note on Wednesday, July 2nd. They issued an “overweight” rating and a $100.00 price target on the stock. Finally, Barclays cut their target price on shares of CAVA Group from $104.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, CAVA Group currently has an average rating of “Moderate Buy” and a consensus target price of $115.00.

CAVA Group Stock Performance

Shares of NYSE CAVA opened at $88.25 on Monday. The stock has a market capitalization of $10.21 billion, a PE ratio of 73.54, a price-to-earnings-growth ratio of 4.22 and a beta of 2.65. CAVA Group has a 52 week low of $70.00 and a 52 week high of $172.43. The stock has a 50 day moving average price of $84.14 and a 200 day moving average price of $96.32.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.08. The business had revenue of $331.83 million for the quarter, compared to analysts’ expectations of $327.98 million. CAVA Group had a net margin of 13.70% and a return on equity of 10.61%. The firm’s quarterly revenue was up 28.1% compared to the same quarter last year. During the same period last year, the firm posted $0.12 earnings per share. As a group, research analysts forecast that CAVA Group will post 0.5 EPS for the current year.

Insider Activity at CAVA Group

In other news, CFO Tricia K. Tolivar sold 4,845 shares of CAVA Group stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.16, for a total value of $364,150.20. Following the sale, the chief financial officer directly owned 236,345 shares of the company’s stock, valued at $17,763,690.20. The trade was a 2.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kelly Costanza sold 10,243 shares of the company’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $86.63, for a total transaction of $887,351.09. Following the sale, the insider directly owned 125,347 shares of the company’s stock, valued at $10,858,810.61. The trade was a 7.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,951 shares of company stock valued at $5,409,027 in the last three months. Company insiders own 12.10% of the company’s stock.

Institutional Investors Weigh In On CAVA Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jennison Associates LLC increased its stake in shares of CAVA Group by 246.1% during the first quarter. Jennison Associates LLC now owns 8,519,459 shares of the company’s stock worth $736,166,000 after acquiring an additional 6,057,727 shares during the period. Vanguard Group Inc. lifted its position in shares of CAVA Group by 20.4% during the 4th quarter. Vanguard Group Inc. now owns 8,011,602 shares of the company’s stock valued at $903,709,000 after acquiring an additional 1,357,187 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of CAVA Group by 114.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company’s stock worth $206,915,000 after acquiring an additional 1,277,912 shares during the period. Nuveen LLC acquired a new position in CAVA Group during the first quarter worth $72,800,000. Finally, Alliancebernstein L.P. grew its stake in CAVA Group by 2,072.1% in the 1st quarter. Alliancebernstein L.P. now owns 852,691 shares of the company’s stock valued at $73,681,000 after acquiring an additional 813,434 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

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.