Cerity Partners LLC Buys New Stake in CAVA Group, Inc. (NYSE:CAVA)

Cerity Partners LLC purchased a new position in shares of CAVA Group, Inc. (NYSE:CAVA) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 11,508 shares of the company’s stock, valued at approximately $1,425,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Federated Hermes Inc. increased its holdings in shares of CAVA Group by 9.7% in the 2nd quarter. Federated Hermes Inc. now owns 1,060,029 shares of the company’s stock valued at $98,318,000 after acquiring an additional 93,635 shares during the last quarter. Renaissance Technologies LLC boosted its position in CAVA Group by 102.5% during the second quarter. Renaissance Technologies LLC now owns 892,400 shares of the company’s stock worth $82,770,000 after purchasing an additional 451,800 shares in the last quarter. Driehaus Capital Management LLC increased its position in shares of CAVA Group by 51.8% in the second quarter. Driehaus Capital Management LLC now owns 732,603 shares of the company’s stock valued at $67,949,000 after buying an additional 250,110 shares in the last quarter. Hood River Capital Management LLC raised its position in CAVA Group by 5.2% during the second quarter. Hood River Capital Management LLC now owns 656,870 shares of the company’s stock worth $60,925,000 after acquiring an additional 32,493 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of CAVA Group by 262.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 516,092 shares of the company’s stock worth $63,918,000 after purchasing an additional 373,835 shares during the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Citigroup increased their price target on CAVA Group from $140.00 to $163.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. TD Cowen boosted their price objective on shares of CAVA Group from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on CAVA Group from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Sanford C. Bernstein started coverage on shares of CAVA Group in a report on Wednesday, November 20th. They set a “market perform” rating and a $145.00 target price on the stock. Finally, Loop Capital lifted their price objective on shares of CAVA Group from $122.00 to $147.00 and gave the company a “hold” rating in a research note on Thursday, November 14th. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, CAVA Group has an average rating of “Moderate Buy” and a consensus price target of $143.80.

CAVA Group Stock Up 0.7 %

CAVA Group stock opened at $141.84 on Wednesday. CAVA Group, Inc. has a 12 month low of $31.47 and a 12 month high of $172.43. The company’s fifty day simple moving average is $135.91 and its 200-day simple moving average is $110.32. The stock has a market cap of $16.25 billion, a P/E ratio of 308.35 and a beta of 2.93.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The company had revenue of $243.82 million for the quarter, compared to analyst estimates of $233.05 million. During the same quarter last year, the firm posted $0.06 earnings per share. The company’s quarterly revenue was up 38.9% compared to the same quarter last year. On average, equities research analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Insider Activity at CAVA Group

In related news, Director Karen Kochevar sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $140.00, for a total transaction of $2,100,000.00. Following the completion of the transaction, the director now owns 1,307 shares in the company, valued at $182,980. This trade represents a 91.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.10% of the company’s stock.

About CAVA Group

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.