Covestor Ltd Acquires 1,956 Shares of CAVA Group, Inc. (NYSE:CAVA)

Covestor Ltd increased its holdings in CAVA Group, Inc. (NYSE:CAVA) by 914.0% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 2,170 shares of the company’s stock after buying an additional 1,956 shares during the quarter. Covestor Ltd’s holdings in CAVA Group were worth $269,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Capital Research Global Investors increased its position in CAVA Group by 21.6% during the first quarter. Capital Research Global Investors now owns 5,311,335 shares of the company’s stock valued at $372,059,000 after acquiring an additional 942,054 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of CAVA Group by 215.7% in the first quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock worth $346,330,000 after buying an additional 3,377,840 shares during the last quarter. Lord Abbett & CO. LLC grew its position 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 buying an additional 492,667 shares during the period. Federated Hermes Inc. increased its holdings in CAVA Group by 9.7% during the second quarter. Federated Hermes Inc. now owns 1,060,029 shares of the company’s stock valued at $98,318,000 after buying an additional 93,635 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in CAVA Group by 102.5% in the second quarter. Renaissance Technologies LLC now owns 892,400 shares of the company’s stock worth $82,770,000 after acquiring an additional 451,800 shares during the period. Institutional investors own 73.15% of the company’s stock.

CAVA Group Trading Up 4.1 %

Shares of NYSE:CAVA opened at $147.20 on Friday. The company has a market cap of $16.83 billion, a price-to-earnings ratio of 397.84 and a beta of 3.23. CAVA Group, Inc. has a 12 month low of $29.66 and a 12 month high of $147.61. The company has a 50-day moving average price of $128.75 and a 200 day moving average price of $101.77.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.04. The business had revenue of $233.50 million during the quarter, compared to analyst estimates of $219.47 million. CAVA Group had a return on equity of 7.37% and a net margin of 5.04%. The company’s revenue for the quarter was up 35.1% on a year-over-year basis. During the same period last year, the company earned $0.21 EPS. As a group, equities analysts forecast that CAVA Group, Inc. will post 0.44 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley downgraded shares of CAVA Group from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $90.00 to $110.00 in a research report on Thursday, August 29th. JPMorgan Chase & Co. raised their price objective on CAVA Group from $77.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Loop Capital boosted their price objective on CAVA Group from $80.00 to $122.00 and gave the company a “hold” rating in a research note on Monday, August 26th. Barclays lifted their price target on shares of CAVA Group from $95.00 to $113.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. Finally, Citigroup increased their price target on CAVA Group from $115.00 to $140.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Eight equities 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.36.

Insiders Place Their Bets

In other news, Director Theodoros Xenohristos sold 98,490 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $125.77, for a total value of $12,387,087.30. Following the sale, the director now owns 424,846 shares of the company’s stock, valued at approximately $53,432,881.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other CAVA Group news, Director Theodoros Xenohristos sold 98,490 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $125.77, for a total transaction of $12,387,087.30. Following the completion of the transaction, the director now owns 424,846 shares in the company, valued at $53,432,881.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $25,294,797.12. Following the completion of the sale, the chief executive officer now owns 702,590 shares in the company, valued at approximately $88,196,122.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 304,994 shares of company stock valued at $38,310,084 over the last three months. 12.10% of the stock is owned by company insiders.

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.