Gateway Investment Advisers LLC Invests $604,000 in CAVA Group, Inc. $CAVA

Gateway Investment Advisers LLC purchased a new stake in shares of CAVA Group, Inc. (NYSE:CAVA) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 10,000 shares of the company’s stock, valued at approximately $604,000.

Several other hedge funds have also recently bought and sold shares of the business. Atlantic Union Bankshares Corp purchased a new position in CAVA Group during the 2nd quarter valued at about $31,000. Toth Financial Advisory Corp boosted its holdings in shares of CAVA Group by 656.7% during the third quarter. Toth Financial Advisory Corp now owns 507 shares of the company’s stock worth $31,000 after purchasing an additional 440 shares during the period. Western Pacific Wealth Management LP acquired a new stake in shares of CAVA Group during the third quarter worth approximately $33,000. Fifth Third Bancorp purchased a new position in CAVA Group during the second quarter valued at approximately $38,000. Finally, Whittier Trust Co. increased its stake in CAVA Group by 60.9% in the 2nd quarter. Whittier Trust Co. now owns 457 shares of the company’s stock valued at $38,000 after buying an additional 173 shares during the period. 73.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CAVA shares. Johnson Rice set a $72.00 price target on shares of CAVA Group in a report on Monday. Sanford C. Bernstein lowered their target price on CAVA Group from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Monday. Cowen reaffirmed a “buy” rating on shares of CAVA Group in a research report on Monday. Argus cut their price target on CAVA Group from $76.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Finally, Stifel Nicolaus set a $75.00 price target on CAVA Group in a research note on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.36.

CAVA Group Price Performance

Shares of NYSE:CAVA opened at $63.49 on Tuesday. The stock has a market capitalization of $7.36 billion, a P/E ratio of 54.73, a P/E/G ratio of 3.08 and a beta of 2.41. The business has a 50-day moving average of $53.17 and a two-hundred day moving average of $66.27. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $144.49.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The company had revenue of $292.24 million during the quarter, compared to the consensus estimate of $292.88 million. CAVA Group had a net margin of 12.14% and a return on equity of 8.88%. The firm’s revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 earnings per share. As a group, research analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling at CAVA Group

In other news, insider Kenneth Robert Bertram sold 3,788 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $50.70, for a total value of $192,051.60. Following the completion of the sale, the insider directly owned 51,143 shares in the company, valued at approximately $2,592,950.10. The trade was a 6.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.10% of the company’s stock.

About CAVA Group

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.