Rhumbline Advisers Has $16.70 Million Stock Position in CAVA Group, Inc. $CAVA

Rhumbline Advisers raised its holdings in CAVA Group, Inc. (NYSE:CAVA) by 9.8% in the third quarter, HoldingsChannel.com reports. The firm owned 276,491 shares of the company’s stock after purchasing an additional 24,700 shares during the quarter. Rhumbline Advisers’ holdings in CAVA Group were worth $16,703,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Quadcap Wealth Management LLC increased its stake in CAVA Group by 1.4% during the 2nd quarter. Quadcap Wealth Management LLC now owns 8,966 shares of the company’s stock worth $755,000 after acquiring an additional 124 shares during the period. McDonough Capital Management Inc raised its stake in CAVA Group by 4.7% in the second quarter. McDonough Capital Management Inc now owns 2,910 shares of the company’s stock valued at $245,000 after purchasing an additional 131 shares in the last quarter. Tsfg LLC lifted its position in CAVA Group by 19.1% during the second quarter. Tsfg LLC now owns 937 shares of the company’s stock worth $79,000 after purchasing an additional 150 shares during the period. Baltimore Washington Financial Advisors Inc. grew its stake in CAVA Group by 5.6% during the second quarter. Baltimore Washington Financial Advisors Inc. now owns 2,810 shares of the company’s stock worth $237,000 after buying an additional 150 shares in the last quarter. Finally, D.A. Davidson & CO. increased its holdings in CAVA Group by 0.4% in the 2nd quarter. D.A. Davidson & CO. now owns 34,342 shares of the company’s stock valued at $2,893,000 after buying an additional 153 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.

Insider Transactions at CAVA Group

In other news, insider Kenneth Robert Bertram sold 3,788 shares of the firm’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $50.70, for a total transaction of $192,051.60. Following the completion of the transaction, the insider owned 51,143 shares of the company’s stock, valued at approximately $2,592,950.10. This trade represents a 6.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brett Schulman sold 21,650 shares of CAVA Group stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $67.41, for a total transaction of $1,459,426.50. Following the transaction, the chief executive officer owned 807,325 shares in the company, valued at approximately $54,421,778.25. This trade represents a 2.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 42,843 shares of company stock worth $2,764,355. 6.80% of the stock is currently owned by insiders.

CAVA Group Trading Up 7.2%

NYSE:CAVA opened at $67.89 on Thursday. The stock’s 50-day moving average is $63.37 and its 200-day moving average is $62.22. The stock has a market cap of $7.87 billion, a P/E ratio of 58.53, a price-to-earnings-growth ratio of 4.65 and a beta of 2.41. CAVA Group, Inc. has a 1-year low of $43.41 and a 1-year high of $132.47.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Mizuho upped their price target on shares of CAVA Group from $52.00 to $64.00 and gave the stock a “neutral” rating in a report on Friday, January 9th. TD Cowen restated a “buy” rating on shares of CAVA Group in a research note on Monday, January 5th. Royal Bank Of Canada set a $70.00 target price on CAVA Group in a report on Wednesday, November 5th. Piper Sandler lowered their price target on CAVA Group from $100.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Finally, Argus decreased their target price on CAVA Group from $76.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $82.21.

CAVA Group Company 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.