Baker Avenue Asset Management LP Grows Holdings in CAVA Group, Inc. $CAVA

Baker Avenue Asset Management LP increased its position in shares of CAVA Group, Inc. (NYSE:CAVA) by 93.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,569 shares of the company’s stock after buying an additional 10,392 shares during the period. Baker Avenue Asset Management LP’s holdings in CAVA Group were worth $1,266,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAVA. Cornerstone Planning Group LLC increased its stake in CAVA Group by 378.7% during the 3rd quarter. Cornerstone Planning Group LLC now owns 450 shares of the company’s stock worth $27,000 after buying an additional 356 shares during the period. Harbor Investment Advisory LLC increased its stake in CAVA Group by 347.8% during the 4th quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock worth $30,000 after buying an additional 400 shares during the period. TD Private Client Wealth LLC increased its position in shares of CAVA Group by 118.2% in the 4th quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock worth $35,000 after purchasing an additional 325 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of CAVA Group in the 3rd quarter worth about $36,000. Finally, Allworth Financial LP increased its position in shares of CAVA Group by 57.4% in the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after purchasing an additional 237 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

Wall Street Analyst Weigh In

CAVA has been the subject of several research analyst reports. Royal Bank Of Canada boosted their target price on shares of CAVA Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 20th. Roth Mkm reissued a “buy” rating and issued a $106.00 target price on shares of CAVA Group in a research report on Wednesday, May 20th. BNP Paribas Exane initiated coverage on shares of CAVA Group in a research report on Monday, March 30th. They issued a “neutral” rating and a $91.00 target price for the company. Weiss Ratings raised shares of CAVA Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, May 20th. Finally, DA Davidson boosted their target price on shares of CAVA Group from $80.00 to $84.00 and gave the stock a “neutral” rating in a research report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, CAVA Group has a consensus rating of “Moderate Buy” and an average target price of $93.19.

Insider Activity at CAVA Group

In other CAVA Group news, CAO Adam David Phillips sold 5,181 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $77.14, for a total value of $399,662.34. Following the sale, the chief accounting officer directly owned 9,505 shares in the company, valued at $733,215.70. This trade represents a 35.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kelly Costanza sold 10,010 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $79.87, for a total transaction of $799,498.70. Following the completion of the sale, the insider owned 113,850 shares in the company, valued at $9,093,199.50. This represents a 8.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 24,235 shares of company stock worth $1,920,420. 6.70% of the stock is owned by insiders.

CAVA Group Stock Performance

Shares of NYSE:CAVA opened at $77.47 on Friday. The company has a market cap of $9.02 billion, a PE ratio of 148.99, a price-to-earnings-growth ratio of 5.36 and a beta of 1.90. CAVA Group, Inc. has a 52 week low of $43.41 and a 52 week high of $98.79. The firm has a 50 day simple moving average of $84.37 and a 200 day simple moving average of $70.77.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The company had revenue of $438.27 million for the quarter, compared to analyst estimates of $360.89 million. During the same quarter in the prior year, the business posted $0.22 EPS. CAVA Group’s quarterly revenue was up 32.1% on a year-over-year basis. On average, equities analysts predict that CAVA Group, Inc. will post 0.54 earnings per share for the current year.

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.