CAVA Group (NYSE:CAVA) Hits New 52-Week High on Better-Than-Expected Earnings

CAVA Group, Inc. (NYSE:CAVA) hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $169.00 and last traded at $169.00, with a volume of 521561 shares changing hands. The stock had previously closed at $145.03.

The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. The business had revenue of $243.82 million during the quarter, compared to the consensus estimate of $233.05 million. CAVA Group had a return on equity of 9.23% and a net margin of 5.88%. The firm’s revenue was up 38.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.06 earnings per share.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CAVA shares. TD Cowen upped their price target on CAVA Group from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday. Wedbush increased their price objective on shares of CAVA Group from $155.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday. UBS Group started coverage on shares of CAVA Group in a report on Friday, September 27th. They set a “neutral” rating and a $135.00 price objective on the stock. Loop Capital increased their price objective on shares of CAVA Group from $80.00 to $122.00 and gave the company a “hold” rating in a research note on Monday, August 26th. Finally, Stifel Nicolaus lifted their target price on CAVA Group from $118.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, CAVA Group currently has an average rating of “Moderate Buy” and an average target price of $136.57.

Insiders Place Their Bets

In other news, CFO Tricia K. Tolivar sold 5,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $125.64, for a total value of $628,200.00. Following the completion of the sale, the chief financial officer now directly owns 292,600 shares of the company’s stock, valued at $36,762,264. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Brett Schulman sold 201,504 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $125.53, for a total value of $25,294,797.12. Following the completion of the transaction, the chief executive officer now directly owns 702,590 shares of the company’s stock, valued at approximately $88,196,122.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Tricia K. Tolivar sold 5,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $125.64, for a total transaction of $628,200.00. Following the transaction, the chief financial officer now owns 292,600 shares of the company’s stock, valued at $36,762,264. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 304,994 shares of company stock worth $38,310,084. Company insiders own 12.10% of the company’s stock.

Institutional Trading of CAVA Group

Institutional investors have recently added to or reduced their stakes in the company. Bridgewater Associates LP grew its stake in CAVA Group by 103.4% in the third quarter. Bridgewater Associates LP now owns 20,787 shares of the company’s stock worth $2,574,000 after purchasing an additional 10,568 shares in the last quarter. Quantbot Technologies LP increased its stake in shares of CAVA Group by 323.4% during the third quarter. Quantbot Technologies LP now owns 49,627 shares of the company’s stock valued at $6,146,000 after buying an additional 37,906 shares during the period. FMR LLC raised its holdings in shares of CAVA Group by 0.9% in the third quarter. FMR LLC now owns 3,485,033 shares of the company’s stock valued at $431,621,000 after acquiring an additional 29,668 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in CAVA Group by 5.5% in the third quarter. The Manufacturers Life Insurance Company now owns 22,162 shares of the company’s stock worth $2,745,000 after acquiring an additional 1,155 shares during the period. Finally, DRW Securities LLC purchased a new position in CAVA Group during the 3rd quarter valued at about $606,000. Institutional investors own 73.15% of the company’s stock.

CAVA Group Stock Performance

The firm’s fifty day moving average price is $130.75 and its 200 day moving average price is $103.50. The firm has a market cap of $16.84 billion, a P/E ratio of 320.24 and a beta of 3.23.

CAVA Group Company Profile

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.