Verition Fund Management LLC Reduces Position in CAVA Group, Inc. (NYSE:CAVA)

Verition Fund Management LLC lowered its stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 41.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,026 shares of the company's stock after selling 49,859 shares during the quarter. Verition Fund Management LLC owned 0.06% of CAVA Group worth $8,797,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of CAVA. Captrust Financial Advisors lifted its stake in CAVA Group by 17.6% in the third quarter. Captrust Financial Advisors now owns 9,173 shares of the company's stock worth $1,136,000 after acquiring an additional 1,372 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of CAVA Group by 31.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,470 shares of the company's stock worth $1,297,000 after purchasing an additional 2,511 shares during the last quarter. FORA Capital LLC grew its stake in shares of CAVA Group by 11.5% during the third quarter. FORA Capital LLC now owns 101,413 shares of the company's stock worth $12,560,000 after purchasing an additional 10,496 shares in the last quarter. Blueshift Asset Management LLC acquired a new position in shares of CAVA Group during the third quarter worth $566,000. Finally, Bridgewater Associates LP raised its stake in CAVA Group by 103.4% in the third quarter. Bridgewater Associates LP now owns 20,787 shares of the company's stock valued at $2,574,000 after buying an additional 10,568 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors and hedge funds.

CAVA Group Stock Performance

NYSE:CAVA traded down $0.12 during mid-day trading on Monday, reaching $140.78. The stock had a trading volume of 2,721,849 shares, compared to its average volume of 2,776,994. The business has a 50 day simple moving average of $135.62 and a 200 day simple moving average of $109.86. CAVA Group, Inc. has a twelve month low of $31.47 and a twelve month high of $172.43. The firm has a market capitalization of $16.13 billion, a price-to-earnings ratio of 306.04 and a beta of 3.23.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 9.10% and a net margin of 5.88%. The company's revenue for the quarter was up 38.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.06 earnings per share. As a group, sell-side analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Karen Kochevar sold 15,000 shares of CAVA Group stock in a transaction 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 directly owns 1,307 shares of the company's stock, valued at approximately $182,980. The trade was a 91.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 12.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CAVA shares. TD Securities increased their price objective on CAVA Group from $115.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday, September 24th. Loop Capital lifted their target price on CAVA Group from $122.00 to $147.00 and gave the stock a "hold" rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. upped their target price on CAVA Group from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Wednesday, November 13th. Morgan Stanley lifted their price target on CAVA Group from $123.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Thursday, November 14th. Finally, Stifel Nicolaus increased their price objective on CAVA Group from $118.00 to $175.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $143.80.

CAVA Group 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.