CAVA Group (NYSE:CAVA) Coverage Initiated at Bank of America

Bank of America began coverage on shares of CAVA Group (NYSE:CAVA) in a research report issued to clients and investors on Monday,Benzinga reports. The firm set a “buy” rating and a $112.00 price target on the stock. Bank of America‘s price objective would suggest a potential upside of 30.61% from the stock’s previous close.

Several other research firms also recently issued reports on CAVA. 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. Barclays decreased their price target on shares of CAVA Group from $127.00 to $104.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. JPMorgan Chase & Co. upgraded shares of CAVA Group from a “neutral” rating to an “overweight” rating and set a $110.00 price objective on the stock in a research note on Thursday, March 20th. TD Securities cut 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 note on Wednesday, February 26th. Finally, Piper Sandler upgraded CAVA Group from a “neutral” rating to an “overweight” rating and decreased their price target for the stock from $142.00 to $115.00 in a research note on Friday, February 28th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, CAVA Group has a consensus rating of “Moderate Buy” and an average target price of $130.25.

CAVA Group Price Performance

NYSE CAVA opened at $85.75 on Monday. The business’s 50-day simple moving average is $108.04 and its 200-day simple moving average is $121.95. The firm has a market capitalization of $9.91 billion, a P/E ratio of 186.41 and a beta of 3.58. CAVA Group has a 1-year low of $58.22 and a 1-year high of $172.43.

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

Insider Transactions at CAVA Group

In other CAVA Group news, CAO Adam David Phillips sold 615 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was 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 directly owns 10,884 shares in the company, valued at $1,353,860.76. This represents a 5.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kenneth Robert Bertram sold 678 shares of the firm’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $124.39, for a total value of $84,336.42. Following the transaction, the insider now directly owns 57,312 shares of the company’s stock, valued at $7,129,039.68. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,235 shares of company stock valued at $3,514,101. 12.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CAVA Group

Several hedge funds have recently made changes to their positions in the business. Conway Capital Management Inc. bought a new stake in CAVA Group during the third quarter worth approximately $5,524,000. Charles Schwab Investment Management Inc. lifted its position in shares of CAVA Group by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 527,868 shares of the company’s stock valued at $59,544,000 after acquiring an additional 11,776 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of CAVA Group in the 4th quarter worth $2,097,000. Empowered Funds LLC acquired a new stake in shares of CAVA Group during the fourth quarter worth $5,007,000. Finally, Legacy Capital Wealth Partners LLC lifted its holdings in shares of CAVA Group by 71.9% during the fourth quarter. Legacy Capital Wealth Partners LLC now owns 13,658 shares of the company’s stock valued at $1,541,000 after purchasing an additional 5,712 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

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.