CAVA Group (NYSE:CAVA) Sets New 1-Year High Following Strong Earnings

CAVA Group, Inc. (NYSE:CAVA) shares hit a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $169.00 and last traded at $169.00, with a volume of 521561 shares. The stock had previously closed at $145.03.

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 for the quarter, compared to the consensus estimate of $233.05 million. CAVA Group had a net margin of 5.04% and a return on equity of 7.37%. The firm’s revenue for the quarter was up 38.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.06 EPS.

Wall Street Analysts Forecast Growth

CAVA has been the topic of several research analyst reports. Wedbush raised their target price on CAVA Group from $155.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday. UBS Group assumed coverage on CAVA Group in a research note on Friday, September 27th. They set a “neutral” rating and a $135.00 price target on the stock. Jefferies Financial Group upped their price target on shares of CAVA Group from $94.00 to $117.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. William Blair reissued an “outperform” rating on shares of CAVA Group in a report on Wednesday. Finally, Citigroup lifted their target price on shares of CAVA Group from $115.00 to $140.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, CAVA Group has a consensus rating of “Moderate Buy” and an average price target of $126.79.

Insiders Place Their Bets

In other news, CEO Brett Schulman sold 201,504 shares of CAVA Group stock in a transaction dated 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 sale, the chief executive officer now directly owns 702,590 shares of the company’s stock, valued at approximately $88,196,122.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other CAVA Group news, Director Theodoros Xenohristos sold 98,490 shares of CAVA Group stock in a transaction on Monday, August 26th. The stock was sold at an average price of $125.77, for a total transaction of $12,387,087.30. Following the sale, the director now owns 424,846 shares of the company’s stock, valued at $53,432,881.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brett Schulman sold 201,504 shares of CAVA Group stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.53, for a total transaction of $25,294,797.12. Following the sale, the chief executive officer now owns 702,590 shares in the company, valued at approximately $88,196,122.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 304,994 shares of company stock worth $38,310,084 in the last quarter. 12.10% of the stock is owned by corporate insiders.

Institutional Trading of CAVA Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Jamison Private Wealth Management Inc. bought a new stake in CAVA Group in the second quarter worth about $28,000. Nemes Rush Group LLC acquired a new position in shares of CAVA Group in the 2nd quarter worth approximately $28,000. GAMMA Investing LLC lifted its stake in CAVA Group by 68.3% during the third quarter. GAMMA Investing LLC now owns 308 shares of the company’s stock valued at $38,000 after purchasing an additional 125 shares during the last quarter. Mark Sheptoff Financial Planning LLC bought a new stake in CAVA Group during the second quarter worth approximately $36,000. Finally, Headlands Technologies LLC acquired a new position in CAVA Group in the second quarter worth approximately $37,000. Institutional investors own 73.15% of the company’s stock.

CAVA Group Price Performance

The company has a fifty day simple moving average of $130.09 and a 200-day simple moving average of $103.20. The company has a market cap of $19.16 billion, a P/E ratio of 391.97 and a beta of 3.23.

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.