Connor Clark & Lunn Investment Management Ltd. Purchases New Stake in CAVA Group, Inc. $CAVA

Connor Clark & Lunn Investment Management Ltd. acquired a new position in CAVA Group, Inc. (NYSE:CAVA) during the 2nd quarter, HoldingsChannel reports. The fund acquired 87,071 shares of the company’s stock, valued at approximately $6,833,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CAVA. Elevation Point Wealth Partners LLC purchased a new stake in shares of CAVA Group during the 2nd quarter worth approximately $234,000. Commerce Bank purchased a new position in CAVA Group in the second quarter valued at approximately $722,000. Northwestern Mutual Wealth Management Co. bought a new position in CAVA Group during the second quarter valued at $1,438,000. Quantbot Technologies LP bought a new position in CAVA Group during the second quarter valued at $848,000. Finally, Evolve Private Wealth LLC purchased a new stake in CAVA Group in the second quarter worth $325,000. 73.15% of the stock is owned by institutional investors.

CAVA Group Price Performance

Shares of CAVA stock opened at $67.75 on Thursday. The company’s fifty day simple moving average is $70.87 and its two-hundred day simple moving average is $77.42. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of 123.18, a PEG ratio of 4.72 and a beta of 1.74.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $368.44 million during the quarter, compared to analyst estimates of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The business’s revenue for the quarter was up 31.3% on a year-over-year basis. During the same period last year, the company earned $0.16 earnings per share. Equities research analysts anticipate that CAVA Group, Inc. will post 0.54 EPS for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on CAVA. Mizuho lowered their target price on CAVA Group from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Telsey Advisory Group increased their price target on CAVA Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 20th. Roth Capital restated a “buy” rating and issued a $95.00 price objective (down from $106.00) on shares of CAVA Group in a research note on Wednesday, August 12th. Guggenheim lowered their price objective on CAVA Group from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Finally, Wolfe Research upped their price objective on shares of CAVA Group from $79.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, CAVA Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.44.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, CFO Tricia K. Tolivar sold 4,969 shares of CAVA Group stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $444,377.67. Following the completion of the transaction, the chief financial officer owned 234,931 shares of the company’s stock, valued at $21,009,879.33. The trade was a 2.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Theodoros Xenohristos sold 3,252 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $290,826.36. Following the sale, the insider owned 324,630 shares in the company, valued at approximately $29,031,660.90. This represents a 0.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 67,512 shares of company stock worth $6,050,417 in the last three months. 6.70% of the stock is currently owned by corporate insiders.

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.