Citigroup Inc. Purchases 514,385 Shares of CAVA Group, Inc. $CAVA

Citigroup Inc. raised its position in shares of CAVA Group, Inc. (NYSE:CAVA) by 138.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 886,666 shares of the company’s stock after purchasing an additional 514,385 shares during the quarter. Citigroup Inc.’s holdings in CAVA Group were worth $53,563,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CAVA. Cornerstone Planning Group LLC boosted its holdings in shares of CAVA Group by 378.7% during the third quarter. Cornerstone Planning Group LLC now owns 450 shares of the company’s stock worth $27,000 after purchasing an additional 356 shares during the period. Atlantic Union Bankshares Corp purchased a new position in CAVA Group during the 2nd quarter valued at about $31,000. Toth Financial Advisory Corp raised its position in CAVA Group by 656.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 507 shares of the company’s stock valued at $31,000 after purchasing an additional 440 shares during the last quarter. Western Pacific Wealth Management LP purchased a new stake in CAVA Group in the 3rd quarter worth approximately $33,000. Finally, CNB Bank grew its position in shares of CAVA Group by 275.8% in the 3rd quarter. CNB Bank now owns 575 shares of the company’s stock worth $35,000 after buying an additional 422 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

Insider Buying and Selling at CAVA Group

In other news, insider Kenneth Robert Bertram sold 994 shares of the business’s stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total value of $61,767.16. Following the sale, the insider directly owned 49,122 shares of the company’s stock, valued at $3,052,441.08. The trade was a 1.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Tricia K. Tolivar sold 2,404 shares of the company’s stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total value of $149,384.56. Following the completion of the sale, the chief financial officer owned 231,934 shares in the company, valued at $14,412,378.76. The trade was a 1.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 42,843 shares of company stock valued at $2,764,355 over the last three months. 12.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Mizuho upped their target price on CAVA Group from $52.00 to $64.00 and gave the company a “neutral” rating in a report on Friday, January 9th. UBS Group boosted their price objective on shares of CAVA Group from $66.00 to $69.00 and gave the company a “neutral” rating in a research report on Wednesday, February 18th. Piper Sandler dropped their target price on shares of CAVA Group from $100.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CAVA Group in a research note on Wednesday, January 21st. Finally, Stifel Nicolaus set a $75.00 price target on shares of CAVA Group in a research note on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $82.29.

CAVA Group Price Performance

NYSE:CAVA opened at $68.36 on Tuesday. The firm’s 50-day moving average price is $64.35 and its 200-day moving average price is $61.64. The company has a market capitalization of $7.93 billion, a PE ratio of 58.93, a P/E/G ratio of 5.15 and a beta of 2.41. CAVA Group, Inc. has a 1-year low of $43.41 and a 1-year high of $108.98.

CAVA Group 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.