Kornitzer Capital Management Inc. KS Buys Shares of 24,875 CAVA Group, Inc. $CAVA

Kornitzer Capital Management Inc. KS bought a new position in shares of CAVA Group, Inc. (NYSE:CAVA) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 24,875 shares of the company’s stock, valued at approximately $1,503,000.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC grew its holdings in shares of CAVA Group by 19.3% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 4,787 shares of the company’s stock valued at $289,000 after purchasing an additional 774 shares during the last quarter. Sovran Advisors LLC boosted its position in CAVA Group by 24.7% in the third quarter. Sovran Advisors LLC now owns 67,958 shares of the company’s stock valued at $4,105,000 after buying an additional 13,462 shares in the last quarter. OneAscent Financial Services LLC grew its stake in shares of CAVA Group by 32.8% during the third quarter. OneAscent Financial Services LLC now owns 10,414 shares of the company’s stock worth $629,000 after buying an additional 2,574 shares during the last quarter. Mutual of America Capital Management LLC grew its stake in shares of CAVA Group by 12.8% during the third quarter. Mutual of America Capital Management LLC now owns 46,053 shares of the company’s stock worth $2,782,000 after buying an additional 5,215 shares during the last quarter. Finally, Retirement Systems of Alabama increased its holdings in shares of CAVA Group by 161.7% during the third quarter. Retirement Systems of Alabama now owns 262,706 shares of the company’s stock worth $15,870,000 after buying an additional 162,339 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CAVA has been the topic of several recent research reports. Barclays raised their price objective on CAVA Group from $52.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, January 7th. Truist Financial lifted their price target on CAVA Group from $66.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Argus reduced their price target on CAVA Group from $76.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Citigroup reaffirmed a “neutral” rating on shares of CAVA Group in a research note on Wednesday, November 12th. Finally, Johnson Rice set a $72.00 target price on shares of CAVA Group in a research report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.57.

CAVA Group Trading Up 0.6%

Shares of CAVA stock opened at $62.70 on Thursday. CAVA Group, Inc. has a 1-year low of $43.41 and a 1-year high of $144.49. The stock has a market cap of $7.27 billion, a price-to-earnings ratio of 54.05, a PEG ratio of 4.46 and a beta of 2.41. The stock has a 50-day moving average of $59.13 and a 200-day moving average of $64.65.

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

Insider Transactions at CAVA Group

In other news, insider Kelly Costanza sold 1,702 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $67.41, for a total value of $114,731.82. Following the sale, the insider directly owned 120,846 shares of the company’s stock, valued at approximately $8,146,228.86. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brett Schulman sold 21,650 shares of CAVA Group stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $67.41, for a total transaction of $1,459,426.50. Following the transaction, the chief executive officer directly owned 807,325 shares of the company’s stock, valued at $54,421,778.25. This represents a 2.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 31,383 shares of company stock worth $2,052,231. Company insiders own 12.10% of the company’s stock.

CAVA Group Company 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.