Royal Bank Of Canada Has Lowered Expectations for CAVA Group (NYSE:CAVA) Stock Price

CAVA Group (NYSE:CAVA) had its price objective dropped by equities research analysts at Royal Bank Of Canada from $95.00 to $85.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 65.12% from the company’s current price.

Several other research firms have also commented on CAVA. Telsey Advisory Group upped their price target on shares of CAVA Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, May 20th. Piper Sandler boosted their target price on shares of CAVA Group from $85.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, May 20th. Weiss Ratings cut shares of CAVA Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, July 24th. UBS Group upgraded shares of CAVA Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $90.00 in a research note on Wednesday, June 10th. Finally, BMO Capital Markets set a $100.00 price objective on CAVA Group in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $89.04.

CAVA Group Price Performance

Shares of CAVA opened at $51.48 on Thursday. The firm has a market capitalization of $6.01 billion, a P/E ratio of 93.18, a PEG ratio of 3.88 and a beta of 1.74. CAVA Group has a one year low of $43.41 and a one year high of $98.79. The business has a fifty day moving average of $64.83 and a 200 day moving average of $76.30.

CAVA Group (NYSE:CAVA) last posted its earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The company 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%.CAVA Group’s revenue was up 31.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 earnings per share. Analysts expect that CAVA Group will post 0.55 EPS for the current fiscal year.

Insider Buying and Selling at CAVA Group

In other news, insider Douglas Thompson acquired 6,500 shares of CAVA Group stock in a transaction dated Monday, August 31st. The stock was purchased at an average cost of $66.52 per share, with a total value of $432,380.00. Following the completion of the purchase, the insider directly owned 19,371 shares in the company, valued at approximately $1,288,558.92. This trade represents a 50.50% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 6.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of CAVA Group in the second quarter valued at about $757,013,000. Capital Research Global Investors grew its position in shares of CAVA Group by 27.2% during the fourth quarter. Capital Research Global Investors now owns 8,440,040 shares of the company’s stock worth $495,344,000 after purchasing an additional 1,805,174 shares in the last quarter. Capital International Investors raised its stake in CAVA Group by 15.5% during the 4th quarter. Capital International Investors now owns 4,885,317 shares of the company’s stock valued at $286,718,000 after purchasing an additional 656,581 shares during the period. William Blair Investment Management LLC lifted its holdings in CAVA Group by 28.1% in the 4th quarter. William Blair Investment Management LLC now owns 2,419,247 shares of the company’s stock worth $141,986,000 after purchasing an additional 530,524 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in CAVA Group by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 1,936,699 shares of the company’s stock worth $113,687,000 after purchasing an additional 40,356 shares in the last quarter. Institutional investors own 73.15% of the company’s stock.

CAVA Group Company Profile

CAVA Group, Inc is a U.S.-based restaurant company that operates the CAVA fast-casual Mediterranean restaurant brand. Its restaurants offer customizable meals, including grain bowls, salads, pitas, dips, spreads and sides made with Mediterranean-inspired ingredients and flavors. Customers can order meals in restaurants, through digital channels and for catering.

The company’s menu is centered on a build-your-own format, allowing guests to select proteins, grains, greens, toppings, sauces and dips.