CAVA Group (NYSE:CAVA) Price Target Raised to $74.00 at Wedbush

CAVA Group (NYSE:CAVA) had its price objective hoisted by Wedbush from $65.00 to $74.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock. Wedbush also issued estimates for CAVA Group’s Q1 2024 earnings at $0.06 EPS, Q2 2024 earnings at $0.13 EPS, Q4 2024 earnings at $0.00 EPS, FY2024 earnings at $0.29 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.15 EPS, Q3 2025 earnings at $0.13 EPS, Q4 2025 earnings at $0.02 EPS and FY2025 earnings at $0.38 EPS.

A number of other analysts also recently issued reports on the stock. Argus raised shares of CAVA Group from a hold rating to a buy rating and set a $70.00 price target on the stock in a report on Wednesday, April 10th. Morgan Stanley increased their price target on shares of CAVA Group from $62.00 to $68.00 and gave the stock an overweight rating in a report on Friday, April 12th. William Blair reissued an outperform rating on shares of CAVA Group in a report on Tuesday, February 27th. Piper Sandler increased their price objective on shares of CAVA Group from $46.00 to $63.00 and gave the company an overweight rating in a report on Wednesday, February 28th. Finally, TD Cowen reaffirmed a buy rating and set a $63.00 price objective on shares of CAVA Group in a report on Wednesday, April 10th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, CAVA Group presently has a consensus rating of Moderate Buy and an average target price of $60.42.

CAVA Group Stock Down 3.1 %

CAVA stock opened at $59.62 on Tuesday. The firm’s fifty day simple moving average is $61.13 and its 200-day simple moving average is $46.17. CAVA Group has a 12 month low of $29.05 and a 12 month high of $71.60.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Monday, February 26th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $175.50 million for the quarter, compared to the consensus estimate of $240.03 million. CAVA Group had a net margin of 1.82% and a return on equity of 4.28%. The firm’s revenue for the quarter was up 52.6% compared to the same quarter last year. On average, equities analysts anticipate that CAVA Group will post 0.25 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Ronald M. Shaich sold 1,500,000 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $57.20, for a total value of $85,800,000.00. Following the completion of the sale, the insider now directly owns 4,457,634 shares in the company, valued at $254,976,664.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Ronald M. Shaich sold 1,500,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $57.20, for a total transaction of $85,800,000.00. Following the completion of the sale, the insider now directly owns 4,457,634 shares in the company, valued at $254,976,664.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Theodoros Xenohristos sold 47,239 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $68.29, for a total transaction of $3,225,951.31. Following the sale, the director now owns 526,521 shares of the company’s stock, valued at $35,956,119.09. The disclosure for this sale can be found here. Insiders sold 3,547,239 shares of company stock worth $221,525,951 over the last three months.

Institutional Investors Weigh In On CAVA Group

Several hedge funds and other institutional investors have recently bought and sold shares of CAVA. PNC Financial Services Group Inc. boosted its stake in CAVA Group by 190.0% during the third quarter. PNC Financial Services Group Inc. now owns 870 shares of the company’s stock worth $27,000 after buying an additional 570 shares during the period. State Board of Administration of Florida Retirement System purchased a new position in CAVA Group during the third quarter worth about $449,000. Brandywine Global Investment Management LLC purchased a new position in CAVA Group during the third quarter worth about $1,937,000. New York State Common Retirement Fund boosted its stake in CAVA Group by 172.5% during the third quarter. New York State Common Retirement Fund now owns 46,377 shares of the company’s stock worth $1,421,000 after buying an additional 29,358 shares during the period. Finally, Raymond James & Associates boosted its stake in CAVA Group by 299.4% during the fourth quarter. Raymond James & Associates now owns 166,946 shares of the company’s stock worth $7,175,000 after buying an additional 125,143 shares during the period. 73.15% of the stock is currently owned by institutional investors and hedge funds.

About CAVA Group

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.