Barclays Forecasts Strong Price Appreciation for CAVA Group (NYSE:CAVA) Stock

CAVA Group (NYSE:CAVA) had its price target lifted by equities researchers at Barclays from $52.00 to $70.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price points to a potential upside of 2.82% from the company’s previous close.

Several other equities research analysts also recently issued reports on the stock. TD Cowen dropped their price target on shares of CAVA Group from $80.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings restated a “hold (c)” rating on shares of CAVA Group in a research note on Wednesday, October 8th. UBS Group lifted their target price on CAVA Group from $58.00 to $66.00 and gave the stock a “neutral” rating in a research report on Tuesday. Morgan Stanley set a $86.00 price target on CAVA Group in a report on Wednesday, November 5th. Finally, Cowen restated a “buy” rating on shares of CAVA Group in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.18.

CAVA Group Price Performance

CAVA Group stock traded up $0.97 during midday trading on Wednesday, hitting $68.08. 1,537,617 shares of the company were exchanged, compared to its average volume of 4,430,033. The company’s fifty day moving average price is $53.26 and its 200-day moving average price is $66.22. The company has a market cap of $7.90 billion, a PE ratio of 58.66, a price-to-earnings-growth ratio of 3.23 and a beta of 2.41. CAVA Group has a fifty-two week low of $43.41 and a fifty-two week high of $144.49.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). CAVA Group had a net margin of 12.14% and a return on equity of 8.88%. The firm had revenue of $292.24 million during the quarter, compared to analyst estimates of $292.88 million. During the same period last year, the business earned $0.15 EPS. The firm’s revenue was up 19.9% compared to the same quarter last year. On average, analysts expect that CAVA Group will post 0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Kenneth Robert Bertram sold 3,788 shares of the business’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $50.70, for a total value of $192,051.60. Following the completion of the sale, the insider directly owned 51,143 shares of the company’s stock, valued at $2,592,950.10. The trade was a 6.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 12.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CAVA Group

A number of institutional investors have recently modified their holdings of CAVA. Atlantic Union Bankshares Corp acquired a new position in CAVA Group during the 2nd quarter valued at approximately $31,000. Cornerstone Planning Group LLC boosted its holdings in shares of CAVA Group by 378.7% during the third quarter. Cornerstone Planning Group LLC now owns 450 shares of the company’s stock valued at $27,000 after acquiring an additional 356 shares during the period. Fifth Third Bancorp acquired a new position in shares of CAVA Group during the second quarter valued at $38,000. Whittier Trust Co. grew its position in shares of CAVA Group by 60.9% during the second quarter. Whittier Trust Co. now owns 457 shares of the company’s stock worth $38,000 after acquiring an additional 173 shares during the last quarter. Finally, Toth Financial Advisory Corp increased its holdings in shares of CAVA Group by 656.7% in the 3rd quarter. Toth Financial Advisory Corp now owns 507 shares of the company’s stock worth $31,000 after acquiring an additional 440 shares during the period. Institutional investors own 73.15% of the company’s stock.

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.