Generate Investment Management Ltd Purchases 207,421 Shares of CAVA Group, Inc. $CAVA

Generate Investment Management Ltd purchased a new stake in shares of CAVA Group, Inc. (NYSE:CAVA) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 207,421 shares of the company’s stock, valued at approximately $11,221,000.

A number of other hedge funds have also recently modified their holdings of CAVA. BlackRock Inc. purchased a new position in CAVA Group in the second quarter worth approximately $757,013,000. Wellington Management Group LLP lifted its stake in shares of CAVA Group by 76.9% in the 2nd quarter. Wellington Management Group LLP now owns 1,605,508 shares of the company’s stock valued at $126,000,000 after purchasing an additional 697,699 shares during the last quarter. Primecap Management Co. CA acquired a new position in shares of CAVA Group in the 2nd quarter valued at $92,956,000. William Blair Investment Management LLC acquired a new position in shares of CAVA Group in the 2nd quarter valued at $89,861,000. Finally, Prime Capital Management Co Ltd purchased a new position in shares of CAVA Group during the 2nd quarter worth $80,962,000. Hedge funds and other institutional investors own 73.15% of the company’s stock.

CAVA Group Stock Down 3.2%

CAVA Group stock traded down $1.70 during trading on Wednesday, reaching $51.28. The stock had a trading volume of 767,836 shares, compared to its average volume of 3,363,743. CAVA Group, Inc. has a 52-week low of $43.41 and a 52-week high of $98.79. The business has a 50 day moving average price of $59.76 and a 200 day moving average price of $72.32. The stock has a market cap of $5.99 billion, a PE ratio of 93.08, a P/E/G ratio of 4.07 and a beta of 1.80.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $368.44 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted $0.16 EPS. On average, equities analysts predict that CAVA Group, Inc. will post 0.55 EPS for the current fiscal year.

CAVA Group declared that its Board of Directors has initiated a share buyback plan on Friday, September 18th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 1.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Douglas Thompson acquired 6,500 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were purchased at an average cost of $66.52 per share, for a total transaction of $432,380.00. Following the transaction, the insider directly owned 19,371 shares in the company, valued at approximately $1,288,558.92. This represents a 50.50% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 6.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Citigroup reissued a “buy” rating on shares of CAVA Group in a research note on Tuesday, July 28th. Robert W. Baird raised shares of CAVA Group to a “strong-buy” rating in a research report on Monday, August 24th. Morgan Stanley upgraded shares of CAVA Group from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $86.00 to $90.00 in a report on Wednesday, July 15th. JPMorgan Chase & Co. cut their target price on CAVA Group from $85.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, September 18th. Finally, Seaport Research Partners started coverage on CAVA Group in a research report on Wednesday, September 16th. They issued a “buy” rating and a $58.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, CAVA Group has an average rating of “Moderate Buy” and a consensus price target of $88.88.

CAVA Group Company Profile

CAVA Group, Inc is a fast-casual restaurant company focused on Mediterranean-inspired food and hospitality. Its restaurants offer customizable meals such as grain bowls, salads, pitas and dips, with ingredients and flavors influenced by the cuisines of the Mediterranean region. The company also provides digital ordering, delivery and catering services through its restaurant platform.

CAVA began as a Washington, DC-area restaurant concept and has expanded its operations across the United States.