CAVA Group (NYSE:CAVA) Earns Outperform Rating from Analysts at Wolfe Research

Equities researchers at Wolfe Research started coverage on shares of CAVA Group (NYSE:CAVA) in a research note issued on Monday,Benzinga reports. The firm set an “outperform” rating and a $93.00 price target on the stock. Wolfe Research’s target price points to a potential upside of 18.11% from the company’s current price.

CAVA has been the subject of a number of other reports. Telsey Advisory Group boosted their target price on shares of CAVA Group from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. TD Cowen upped their price objective on CAVA Group from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. KeyCorp lifted their target price on CAVA Group from $65.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Truist Financial boosted their target price on CAVA Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Finally, Argus reaffirmed a “hold” rating on shares of CAVA Group in a research note on Friday, February 27th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, CAVA Group has an average rating of “Moderate Buy” and an average price target of $84.04.

CAVA Group Stock Performance

Shares of NYSE:CAVA opened at $78.74 on Monday. The business has a fifty day moving average of $68.23 and a 200-day moving average of $61.96. CAVA Group has a twelve month low of $43.41 and a twelve month high of $101.50. The firm has a market cap of $9.16 billion, a PE ratio of 145.82, a price-to-earnings-growth ratio of 6.76 and a beta of 2.16.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. CAVA Group had a net margin of 5.40% and a return on equity of 8.43%. The business had revenue of $274.99 million for the quarter, compared to the consensus estimate of $268.04 million. During the same quarter in the prior year, the company earned $0.05 EPS. The firm’s quarterly revenue was up 20.9% on a year-over-year basis. On average, analysts anticipate that CAVA Group will post 0.5 EPS for the current fiscal year.

Insider Activity

In other CAVA Group news, CAO Adam David Phillips sold 774 shares of the company’s stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $48,096.36. Following the completion of the sale, the chief accounting officer owned 10,435 shares in the company, valued at approximately $648,430.90. The trade was a 6.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brett Schulman sold 4,542 shares of the stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total value of $282,239.88. Following the completion of the transaction, the chief executive officer directly owned 802,783 shares in the company, valued at approximately $49,884,935.62. This trade represents a 0.56% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 39,055 shares of company stock worth $2,572,303. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On CAVA Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp acquired a new position in shares of CAVA Group during the 2nd quarter worth about $31,000. Cornerstone Planning Group LLC raised its position in shares of CAVA Group by 378.7% in the 3rd 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. Los Angeles Capital Management LLC bought a new position in CAVA Group during the 4th quarter worth approximately $25,000. Toth Financial Advisory Corp boosted its stake in CAVA Group by 656.7% during 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 last quarter. Finally, Harbor Investment Advisory LLC grew its holdings in CAVA Group by 347.8% during the fourth quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock valued at $30,000 after purchasing an additional 400 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.