What is Wedbush’s Estimate for CAVA Group FY2024 Earnings?

CAVA Group, Inc. (NYSE:CAVA) – Equities research analysts at Wedbush upped their FY2024 earnings per share estimates for CAVA Group in a research report issued to clients and investors on Wednesday, November 13th. Wedbush analyst N. Setyan now expects that the company will post earnings of $0.50 per share for the year, up from their prior estimate of $0.44. Wedbush currently has a “Outperform” rating and a $190.00 price target on the stock. The consensus estimate for CAVA Group’s current full-year earnings is $0.44 per share. Wedbush also issued estimates for CAVA Group’s Q4 2024 earnings at $0.06 EPS, Q3 2025 earnings at $0.22 EPS and FY2025 earnings at $0.70 EPS.

A number of other brokerages also recently issued reports on CAVA. TD Securities upped their price target on CAVA Group from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Robert W. Baird increased their price target on CAVA Group from $125.00 to $148.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Citigroup raised their price target on CAVA Group from $140.00 to $163.00 and gave the stock a “neutral” rating in a report on Wednesday. Argus upped their price objective on shares of CAVA Group from $104.00 to $128.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Finally, Jefferies Financial Group lifted their target price on shares of CAVA Group from $94.00 to $117.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, CAVA Group currently has an average rating of “Moderate Buy” and a consensus price target of $140.14.

CAVA Group Price Performance

Shares of NYSE CAVA opened at $138.29 on Thursday. The business has a fifty day moving average price of $130.75 and a 200 day moving average price of $103.50. CAVA Group has a 1-year low of $31.47 and a 1-year high of $172.43. The stock has a market capitalization of $15.81 billion, a P/E ratio of 298.04 and a beta of 3.23.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.04. The firm had revenue of $243.82 million during the quarter, compared to analysts’ expectations of $233.05 million. CAVA Group had a net margin of 5.88% and a return on equity of 9.23%. The company’s revenue was up 38.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.06 EPS.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Capital Research Global Investors raised its position in shares of CAVA Group by 21.6% in the first quarter. Capital Research Global Investors now owns 5,311,335 shares of the company’s stock valued at $372,059,000 after buying an additional 942,054 shares during the last quarter. Vanguard Group Inc. raised its holdings in CAVA Group by 215.7% in the 1st quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock valued at $346,330,000 after acquiring an additional 3,377,840 shares during the last quarter. FMR LLC lifted its stake in CAVA Group by 0.9% in the 3rd quarter. FMR LLC now owns 3,485,033 shares of the company’s stock worth $431,621,000 after purchasing an additional 29,668 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of CAVA Group by 9.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,060,029 shares of the company’s stock worth $98,318,000 after purchasing an additional 93,635 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of CAVA Group by 102.5% in the second quarter. Renaissance Technologies LLC now owns 892,400 shares of the company’s stock valued at $82,770,000 after purchasing an additional 451,800 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, CEO Brett Schulman sold 201,504 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $125.53, for a total transaction of $25,294,797.12. Following the transaction, the chief executive officer now owns 702,590 shares in the company, valued at approximately $88,196,122.70. This represents a 22.29 % decrease in their ownership of the stock. The sale 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 firm’s stock in a transaction that occurred 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 in the company, valued at approximately $36,762,264. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 304,994 shares of company stock valued at $38,310,084. 12.10% of the stock is owned by insiders.

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.