Assetmark Inc. Acquires 46,801 Shares of CAVA Group, Inc. $CAVA

Assetmark Inc. lifted its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 33.3% in the first quarter, Holdings Channel.com reports. The institutional investor owned 187,270 shares of the company’s stock after acquiring an additional 46,801 shares during the period. Assetmark Inc.’s holdings in CAVA Group were worth $15,150,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. SG Americas Securities LLC raised its stake in CAVA Group by 74.2% during the fourth quarter. SG Americas Securities LLC now owns 32,817 shares of the company’s stock worth $1,926,000 after acquiring an additional 13,977 shares in the last quarter. KBC Group NV boosted its stake in shares of CAVA Group by 513.6% in the 4th quarter. KBC Group NV now owns 15,531 shares of the company’s stock valued at $912,000 after purchasing an additional 13,000 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of CAVA Group during the 4th quarter valued at approximately $19,460,000. Prime Capital Management Co Ltd grew its holdings in shares of CAVA Group by 90.6% during the 4th quarter. Prime Capital Management Co Ltd now owns 1,031,630 shares of the company’s stock valued at $60,546,000 after purchasing an additional 490,300 shares during the last quarter. Finally, Nepsis Inc. increased its position in CAVA Group by 42.6% during the 4th quarter. Nepsis Inc. now owns 176,694 shares of the company’s stock worth $10,370,000 after purchasing an additional 52,776 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors.

CAVA Group Stock Down 0.1%

Shares of CAVA Group stock opened at $68.81 on Monday. CAVA Group, Inc. has a twelve month low of $43.41 and a twelve month high of $98.79. The stock has a market cap of $8.01 billion, a price-to-earnings ratio of 132.33, a P/E/G ratio of 4.72 and a beta of 1.69. The company’s fifty day moving average is $77.98 and its 200 day moving average is $77.18.

CAVA Group (NYSE:CAVA) last announced its earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. The business had revenue of $438.27 million during the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.CAVA Group’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period last year, the company earned $0.22 EPS. As a group, equities analysts anticipate that CAVA Group, Inc. will post 0.55 earnings per share for the current fiscal year.

Insider Transactions at CAVA Group

In other news, insider Theodoros Xenohristos sold 3,252 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $290,826.36. Following the completion of the sale, the insider owned 324,630 shares of the company’s stock, valued at approximately $29,031,660.90. This represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $90.00, for a total value of $900,000.00. Following the transaction, the director owned 3,074 shares of the company’s stock, valued at $276,660. This trade represents a 76.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 91,747 shares of company stock worth $7,970,838. 6.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CAVA shares. Argus set a $92.00 target price on shares of CAVA Group in a research report on Friday, May 22nd. Stifel Nicolaus increased their price target on CAVA Group from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Guggenheim assumed coverage on CAVA Group in a report on Thursday, March 26th. They set a “buy” rating and a $100.00 price objective on the stock. UBS Group upgraded CAVA Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $85.00 to $90.00 in a research report on Wednesday, June 10th. Finally, Wolfe Research set a $95.00 target price on CAVA Group in a report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $93.54.

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.