Guggenheim Initiates Coverage on CAVA Group (NYSE:CAVA)

Stock analysts at Guggenheim initiated coverage on shares of CAVA Group (NYSE:CAVA) in a report released on Thursday, MarketBeat reports. The firm set a “buy” rating and a $100.00 price target on the stock. Guggenheim’s target price would suggest a potential upside of 32.50% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Citigroup upped their price target on shares of CAVA Group from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. Johnson Rice set a $72.00 price objective on shares of CAVA Group in a research note on Monday, January 5th. Mizuho upped their target price on CAVA Group from $52.00 to $64.00 and gave the stock a “neutral” rating in a research report on Friday, January 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of CAVA Group in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada boosted their price objective on CAVA Group from $80.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $84.68.

CAVA Group Stock Performance

Shares of CAVA opened at $75.47 on Thursday. CAVA Group has a one year low of $43.41 and a one year high of $101.50. The stock’s fifty day moving average is $73.45 and its 200-day moving average is $63.74. The firm has a market capitalization of $8.78 billion, a price-to-earnings ratio of 139.76, a price-to-earnings-growth ratio of 6.73 and a beta of 2.16.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. The business had revenue of $274.99 million during the quarter, compared to the consensus estimate of $268.04 million. CAVA Group had a net margin of 5.40% and a return on equity of 8.43%. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.05 earnings per share. Analysts forecast that CAVA Group will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling at CAVA Group

In related news, insider Kelly Costanza sold 1,707 shares of the firm’s stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $106,072.98. Following the completion of the sale, the insider directly owned 119,139 shares in the company, valued at approximately $7,403,297.46. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Brett Schulman sold 4,542 shares of CAVA Group stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $282,239.88. Following the completion of the transaction, the chief executive officer owned 802,783 shares in the company, valued at approximately $49,884,935.62. This trade represents a 0.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 39,055 shares of company stock valued at $2,572,303. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On CAVA Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC purchased a new stake in shares of CAVA Group during the fourth quarter valued at $346,000. Rockefeller Capital Management L.P. increased its stake in CAVA Group by 350.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 16,332 shares of the company’s stock worth $959,000 after purchasing an additional 12,710 shares in the last quarter. World Investment Advisors purchased a new position in CAVA Group in the 4th quarter worth about $206,000. Pacer Advisors Inc. raised its holdings in shares of CAVA Group by 65.6% during the fourth quarter. Pacer Advisors Inc. now owns 21,742 shares of the company’s stock valued at $1,276,000 after acquiring an additional 8,612 shares during the period. Finally, Invesco Ltd. raised its position in CAVA Group by 8.2% during the fourth quarter. Invesco Ltd. now owns 145,565 shares of the company’s stock valued at $8,543,000 after buying an additional 11,013 shares during the period. 73.15% of the stock is owned by institutional investors and hedge funds.

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.