JPMorgan Chase & Co. Upgrades CAVA Group (NYSE:CAVA) to “Overweight”

CAVA Group (NYSE:CAVA) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Thursday, Marketbeat reports. The firm presently has a $110.00 target price on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 31.60% from the company’s current price.

Other equities analysts also recently issued reports about the stock. William Blair reaffirmed an “outperform” rating on shares of CAVA Group in a research note on Wednesday, February 26th. Citigroup dropped their price target on shares of CAVA Group from $163.00 to $140.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. UBS Group dropped their price target on shares of CAVA Group from $160.00 to $125.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Piper Sandler raised shares of CAVA Group from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $142.00 to $115.00 in a research report on Friday, February 28th. Finally, TD Securities lowered their target price on shares of CAVA Group from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, CAVA Group currently has an average rating of “Moderate Buy” and a consensus target price of $131.47.

CAVA Group Stock Performance

Shares of NYSE:CAVA opened at $83.59 on Thursday. CAVA Group has a one year low of $58.22 and a one year high of $172.43. The stock has a fifty day moving average of $110.68 and a 200-day moving average of $122.88. The company has a market capitalization of $9.66 billion, a PE ratio of 181.71 and a beta of 3.58.

CAVA Group (NYSE:CAVA) last released its earnings results on Tuesday, February 25th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The business had revenue of $227.40 million during the quarter, compared to analysts’ expectations of $223.34 million. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. As a group, research analysts forecast that CAVA Group will post 0.5 EPS for the current fiscal year.

Insider Activity at CAVA Group

In related news, CAO Adam David Phillips sold 615 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $124.39, for a total value of $76,499.85. Following the completion of the sale, the chief accounting officer now owns 10,884 shares in the company, valued at approximately $1,353,860.76. This trade represents a 5.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kenneth Robert Bertram sold 678 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $124.39, for a total transaction of $84,336.42. Following the completion of the sale, the insider now owns 57,312 shares of the company’s stock, valued at approximately $7,129,039.68. The trade was a 1.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,235 shares of company stock worth $3,514,101. Company insiders own 12.10% of the company’s stock.

Institutional Trading of CAVA Group

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of CAVA Group by 20.4% during the fourth quarter. Vanguard Group Inc. now owns 8,011,602 shares of the company’s stock worth $903,709,000 after buying an additional 1,357,187 shares in the last quarter. FMR LLC increased its holdings in shares of CAVA Group by 14.1% in the fourth quarter. FMR LLC now owns 3,976,353 shares of the company’s stock valued at $448,533,000 after purchasing an additional 491,320 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of CAVA Group by 36,658.7% in the fourth quarter. Jennison Associates LLC now owns 2,461,732 shares of the company’s stock valued at $277,683,000 after purchasing an additional 2,455,035 shares in the last quarter. Two Sigma Advisers LP increased its holdings in shares of CAVA Group by 17.0% in the third quarter. Two Sigma Advisers LP now owns 2,210,900 shares of the company’s stock valued at $273,820,000 after purchasing an additional 321,800 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of CAVA Group by 33.0% in the fourth quarter. Federated Hermes Inc. now owns 1,464,987 shares of the company’s stock valued at $165,243,000 after purchasing an additional 363,814 shares in the last quarter. Institutional investors and hedge funds own 73.15% 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.