MAI Capital Management Reduces Position in CAVA Group, Inc. (NYSE:CAVA)

MAI Capital Management cut its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 15.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 81,511 shares of the company's stock after selling 14,773 shares during the quarter. MAI Capital Management owned about 0.07% of CAVA Group worth $10,095,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in CAVA Group by 215.7% in the 1st quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company's stock worth $346,330,000 after acquiring an additional 3,377,840 shares during the last quarter. Capital Research Global Investors lifted its holdings 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 during the last quarter. Renaissance Technologies LLC boosted its stake in shares of CAVA Group by 102.5% in the 2nd quarter. Renaissance Technologies LLC now owns 892,400 shares of the company's stock valued at $82,770,000 after purchasing an additional 451,800 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in shares of CAVA Group by 51.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 732,603 shares of the company's stock valued at $67,949,000 after purchasing an additional 250,110 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in CAVA Group by 130.5% in the second quarter. Marshall Wace LLP now owns 420,577 shares of the company's stock worth $39,009,000 after purchasing an additional 238,087 shares during the last quarter. 73.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CAVA shares. Stifel Nicolaus raised their price objective on CAVA Group from $118.00 to $175.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Jefferies Financial Group lifted their price target on CAVA Group from $94.00 to $117.00 and gave the stock a "buy" rating in a research note on Friday, August 23rd. TD Cowen increased their price objective on CAVA Group from $130.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Morgan Stanley lifted their target price on shares of CAVA Group from $123.00 to $135.00 and gave the stock an "equal weight" rating in a research note on Thursday, November 14th. Finally, TD Securities boosted their price target on shares of CAVA Group from $115.00 to $130.00 and gave the company a "buy" rating in a research report on Tuesday, September 24th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, CAVA Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $143.71.

Insider Buying and Selling

In related news, CEO Brett Schulman sold 201,504 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 702,590 shares of the company's stock, valued at approximately $88,196,122.70. This represents a 22.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Kochevar sold 15,000 shares of CAVA Group stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $140.00, for a total value of $2,100,000.00. Following the completion of the sale, the director now directly owns 1,307 shares in the company, valued at approximately $182,980. The trade was a 91.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 319,994 shares of company stock valued at $40,410,084. 12.10% of the stock is owned by company insiders.

CAVA Group Stock Up 2.9 %

Shares of NYSE CAVA traded up $4.01 during midday trading on Tuesday, hitting $141.25. The stock had a trading volume of 4,372,222 shares, compared to its average volume of 2,786,610. The business's 50 day moving average is $132.03 and its 200-day moving average is $105.21. CAVA Group, Inc. has a 52 week low of $31.47 and a 52 week high of $172.43. The company has a market cap of $16.18 billion, a P/E ratio of 307.07 and a beta of 3.23.

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

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.