Grandeur Peak Global Advisors LLC Invests $3.26 Million in CAVA Group, Inc. $CAVA

Grandeur Peak Global Advisors LLC bought a new stake in CAVA Group, Inc. (NYSE:CAVA) during the second quarter, HoldingsChannel.com reports. The fund bought 67,570 shares of the company’s stock, valued at approximately $3,260,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CAVA. Equitable Holdings Inc. purchased a new stake in CAVA Group during the 2nd quarter worth $2,091,000. Public Employees Retirement System of Ohio purchased a new position in CAVA Group in the second quarter valued at about $7,351,000. Capstone Investment Advisors LLC acquired a new position in shares of CAVA Group during the second quarter worth about $7,024,000. Corient Private Wealth LP purchased a new stake in shares of CAVA Group in the second quarter worth about $312,000. Finally, Philadelphia Investment Partners LLC purchased a new stake in shares of CAVA Group in the second quarter worth about $33,000. Institutional investors and hedge funds own 73.15% of the company’s stock.

CAVA Group Price Performance

Shares of CAVA stock opened at $66.80 on Friday. The firm has a market cap of $7.80 billion, a P/E ratio of 121.46, a P/E/G ratio of 4.61 and a beta of 1.74. CAVA Group, Inc. has a 1-year low of $43.41 and a 1-year high of $98.79. The firm has a fifty day moving average of $70.43 and a two-hundred day moving average of $77.40.

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

Insider Activity

In other CAVA Group news, insider Theodoros Xenohristos sold 3,252 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $290,826.36. Following the transaction, the insider owned 324,630 shares of the company’s stock, valued at $29,031,660.90. This trade represents a 0.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of CAVA Group stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the transaction, the director owned 3,074 shares of the company’s stock, valued at approximately $276,660. The trade was a 76.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 67,512 shares of company stock valued at $6,050,417 over the last three months. Company insiders own 6.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CAVA shares. Telsey Advisory Group upped their price target on CAVA Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, May 20th. KeyCorp dropped their price target on shares of CAVA Group from $110.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 12th. Wall Street Zen raised shares of CAVA Group from a “sell” rating to a “hold” rating in a research report on Sunday, May 24th. Piper Sandler raised their target price on CAVA Group from $85.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, May 20th. Finally, Royal Bank Of Canada lifted their target price on CAVA Group from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.44.

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.