Renaissance Capital LLC Has $8.62 Million Position in CAVA Group, Inc. (NYSE:CAVA)

Renaissance Capital LLC cut its holdings in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 6.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 76,422 shares of the company's stock after selling 4,952 shares during the period. CAVA Group comprises approximately 5.7% of Renaissance Capital LLC's portfolio, making the stock its 5th largest position. Renaissance Capital LLC owned 0.07% of CAVA Group worth $8,620,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Nwam LLC lifted its holdings in shares of CAVA Group by 2.6% during the third quarter. Nwam LLC now owns 3,368 shares of the company's stock worth $417,000 after purchasing an additional 85 shares during the period. Howard Financial Services LTD. lifted its holdings in CAVA Group by 1.8% during the 4th quarter. Howard Financial Services LTD. now owns 6,194 shares of the company's stock worth $699,000 after buying an additional 109 shares during the period. CIBC Asset Management Inc grew its position in shares of CAVA Group by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 3,287 shares of the company's stock valued at $407,000 after buying an additional 110 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of CAVA Group by 6.3% in the third quarter. Farther Finance Advisors LLC now owns 1,916 shares of the company's stock valued at $237,000 after buying an additional 113 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of CAVA Group by 37.0% during the fourth quarter. GAMMA Investing LLC now owns 422 shares of the company's stock worth $48,000 after acquiring an additional 114 shares during the last quarter. 73.15% of the stock is owned by institutional investors.

Analyst Ratings Changes

CAVA has been the topic of several analyst reports. Loop Capital upped their target price on CAVA Group from $122.00 to $147.00 and gave the company a "hold" rating in a report on Thursday, November 14th. TD Cowen increased their price objective on shares of CAVA Group from $130.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Sanford C. Bernstein assumed coverage on shares of CAVA Group in a research note on Wednesday, November 20th. They set a "market perform" rating and a $145.00 target price for the company. William Blair reaffirmed an "outperform" rating on shares of CAVA Group in a research report on Wednesday, November 13th. Finally, Citigroup lifted their price objective on CAVA Group from $140.00 to $163.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $142.13.

Insiders Place Their Bets

In related news, CAO Adam David Phillips sold 615 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 transaction of $76,499.85. Following the transaction, the chief accounting officer now directly owns 10,884 shares of the company's stock, valued at $1,353,860.76. This trade represents a 5.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ronald M. Shaich sold 622,549 shares of the company's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $149.40, for a total transaction of $93,008,820.60. Following the completion of the sale, the director now directly owns 6,307 shares of the company's stock, valued at $942,265.80. The trade was a 99.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 681,784 shares of company stock valued at $100,756,372. Corporate insiders own 12.10% of the company's stock.

CAVA Group Price Performance

Shares of NYSE:CAVA traded down $3.65 during trading on Friday, reaching $138.30. 1,521,989 shares of the stock were exchanged, compared to its average volume of 2,023,933. The firm has a market cap of $15.85 billion, a price-to-earnings ratio of 300.65 and a beta of 3.25. The stock has a fifty day moving average of $124.99 and a two-hundred day moving average of $121.55. CAVA Group, Inc. has a 1-year low of $48.10 and a 1-year high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.04. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The firm 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 earned $0.06 earnings per share. The business's revenue was up 38.9% on a year-over-year basis. Sell-side analysts forecast that CAVA Group, Inc. will post 0.5 EPS for the current year.

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.