Fred Alger Management LLC Has $6.80 Million Stock Holdings in CAVA Group, Inc. (NYSE:CAVA)

Fred Alger Management LLC increased its position in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 14.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,929 shares of the company's stock after purchasing an additional 7,025 shares during the period. Fred Alger Management LLC's holdings in CAVA Group were worth $6,803,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jamison Private Wealth Management Inc. bought a new position in shares of CAVA Group during the second quarter valued at approximately $28,000. Nemes Rush Group LLC bought a new position in CAVA Group during the 2nd quarter worth $28,000. Mark Sheptoff Financial Planning LLC bought a new stake in CAVA Group in the 2nd quarter valued at about $36,000. Headlands Technologies LLC bought a new position in CAVA Group in the 2nd quarter worth about $37,000. Finally, GAMMA Investing LLC increased its stake in shares of CAVA Group by 68.3% in 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 period. 73.15% of the stock is owned by institutional investors.

CAVA Group Trading Down 0.2 %

Shares of NYSE CAVA traded down $0.30 during mid-day trading on Friday, reaching $140.90. The company had a trading volume of 1,054,106 shares, compared to its average volume of 3,498,320. CAVA Group, Inc. has a 1-year low of $31.47 and a 1-year high of $172.43. The stock has a market cap of $16.14 billion, a PE ratio of 306.30 and a beta of 3.23. The company has a 50-day moving average price of $135.37 and a two-hundred day moving average price of $109.20.

CAVA Group (NYSE:CAVA - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.11 by $0.04. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The company had revenue of $243.82 million during the quarter, compared to analysts' expectations of $233.05 million. During the same period last year, the company posted $0.06 earnings per share. The business's revenue for the quarter was up 38.9% on a year-over-year basis. On average, research analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CAVA shares. JPMorgan Chase & Co. boosted their price objective on CAVA Group from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Morgan Stanley boosted 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. William Blair reissued an "outperform" rating on shares of CAVA Group in a report on Wednesday, November 13th. Loop Capital upped their price objective on shares of CAVA Group from $122.00 to $147.00 and gave the stock a "hold" rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus raised their target price on shares of CAVA Group from $118.00 to $175.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, CAVA Group has an average rating of "Moderate Buy" and an average price target of $143.80.

Insiders Place Their Bets

In other CAVA Group news, Director Karen Kochevar sold 15,000 shares of the firm's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $142.23, for a total transaction of $2,133,450.00. Following the completion of the sale, the director now directly owns 1,307 shares in the company, valued at approximately $185,894.61. This trade represents a 91.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 12.10% 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.