CAVA Group (NYSE:CAVA) Shares Up 2.9% on Analyst Upgrade

Shares of CAVA Group, Inc. (NYSE:CAVA) were up 2.9% during trading on Thursday after Argus raised their price target on the stock from $104.00 to $128.00. Argus currently has a buy rating on the stock. CAVA Group traded as high as $125.16 and last traded at $124.71. Approximately 887,714 shares changed hands during trading, a decline of 68% from the average daily volume of 2,806,447 shares. The stock had previously closed at $121.25.

CAVA has been the topic of a number of other research reports. Morgan Stanley lowered shares of CAVA Group from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $90.00 to $110.00 in a report on Thursday, August 29th. Citigroup upped their price objective on CAVA Group from $93.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Loop Capital lifted their target price on CAVA Group from $80.00 to $122.00 and gave the company a “hold” rating in a research note on Monday, August 26th. TD Cowen upped their price target on CAVA Group from $95.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, Barclays raised their price target on CAVA Group from $72.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $111.58.

Insider Activity

In other news, CEO Brett Schulman sold 66,414 shares of CAVA Group stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $90.11, for a total transaction of $5,984,565.54. Following the transaction, the chief executive officer now owns 904,094 shares in the company, valued at approximately $81,467,910.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Brett Schulman sold 66,414 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $90.11, for a total value of $5,984,565.54. Following the sale, the chief executive officer now directly owns 904,094 shares of the company’s stock, valued at approximately $81,467,910.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karen Kochevar sold 20,972 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $93.60, for a total value of $1,962,979.20. The disclosure for this sale can be found here. Insiders sold 493,579 shares of company stock valued at $55,510,751 in the last quarter.

Institutional Trading of CAVA Group

Institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC acquired a new stake in CAVA Group in the 2nd quarter valued at $1,539,000. Cetera Investment Advisers increased its position in shares of CAVA Group by 12.3% in the second quarter. Cetera Investment Advisers now owns 39,344 shares of the company’s stock valued at $3,649,000 after acquiring an additional 4,295 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in CAVA Group during the second quarter worth about $368,000. Northwestern Mutual Wealth Management Co. boosted its position in CAVA Group by 98.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 875 shares of the company’s stock valued at $81,000 after purchasing an additional 433 shares during the last quarter. Finally, Creative Planning grew its stake in CAVA Group by 24.7% in the second quarter. Creative Planning now owns 5,046 shares of the company’s stock valued at $468,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 73.15% of the company’s stock.

CAVA Group Trading Up 2.6 %

The company has a market cap of $14.19 billion, a P/E ratio of 304.17 and a beta of 3.32. The business has a 50 day moving average price of $95.99 and a 200-day moving average price of $81.85.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.04. The firm had revenue of $233.50 million during the quarter, compared to analysts’ expectations of $219.47 million. CAVA Group had a net margin of 5.04% and a return on equity of 7.37%. The company’s revenue for the quarter was up 35.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.21 earnings per share. On average, sell-side analysts expect that CAVA Group, Inc. will post 0.43 earnings per share for the current year.

CAVA Group Company Profile

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.