CAVA Group (NYSE:CAVA) Reaches New 12-Month High After Strong Earnings

CAVA Group, Inc. (NYSE:CAVA - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $169.00 and last traded at $169.00, with a volume of 521561 shares trading hands. The stock had previously closed at $145.03.

The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.04. CAVA Group had a return on equity of 9.23% and a net margin of 5.88%. The firm had revenue of $243.82 million for the quarter, compared to the consensus estimate of $233.05 million. During the same quarter in the prior year, the business posted $0.06 earnings per share. The business's quarterly revenue was up 38.9% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CAVA. Stifel Nicolaus lifted their target price on shares of CAVA Group from $118.00 to $175.00 and gave the stock a "buy" rating in a research report on Wednesday. Jefferies Financial Group lifted their price objective on CAVA Group from $94.00 to $117.00 and gave the company a "buy" rating in a research report on Friday, August 23rd. Barclays raised their target price on shares of CAVA Group from $113.00 to $142.00 and gave the company an "equal weight" rating in a research note on Wednesday. Citigroup increased their price objective on shares of CAVA Group from $140.00 to $163.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, Morgan Stanley downgraded CAVA Group from an "overweight" rating to an "equal weight" rating and lifted their price objective for the stock from $90.00 to $110.00 in a report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, CAVA Group has a consensus rating of "Moderate Buy" and a consensus target price of $136.57.

Insiders Place Their Bets

In other CAVA Group news, CEO Brett Schulman sold 201,504 shares of the business's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $125.53, for a total value of $25,294,797.12. Following the completion of the transaction, the chief executive officer now owns 702,590 shares in the company, valued at $88,196,122.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Brett Schulman sold 201,504 shares of the company's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $125.53, for a total value of $25,294,797.12. Following the completion of the sale, the chief executive officer now directly owns 702,590 shares of the company's stock, valued at $88,196,122.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Theodoros Xenohristos sold 98,490 shares of the company's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.77, for a total transaction of $12,387,087.30. Following the completion of the sale, the director now directly owns 424,846 shares of the company's stock, valued at $53,432,881.42. The trade was 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 valued at $38,310,084 over the last ninety days. Company insiders own 12.10% of the company's stock.

Hedge Funds Weigh In On CAVA Group

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in CAVA Group by 215.7% during the 1st quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company's stock worth $346,330,000 after purchasing an additional 3,377,840 shares during the period. Capital Research Global Investors grew its position in shares of CAVA Group by 21.6% in the 1st quarter. Capital Research Global Investors now owns 5,311,335 shares of the company's stock worth $372,059,000 after acquiring an additional 942,054 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in CAVA Group by 55.9% during the first quarter. Lord Abbett & CO. LLC now owns 1,373,749 shares of the company's stock valued at $96,231,000 after purchasing an additional 492,667 shares during the last quarter. Renaissance Technologies LLC boosted its stake in 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 acquiring an additional 451,800 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in CAVA Group by 262.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 516,092 shares of the company's stock worth $63,918,000 after buying an additional 373,835 shares during the period. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

CAVA Group Stock Performance

The stock has a market capitalization of $16.84 billion, a price-to-earnings ratio of 337.09 and a beta of 3.23. The business's 50 day simple moving average is $130.09 and its 200-day simple moving average is $103.20.

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.