CAVA Group (NYSE:CAVA) Reaches New 52-Week High – Here’s Why

Shares of CAVA Group, Inc. (NYSE:CAVA) reached a new 52-week high on Thursday . The company traded as high as $141.52 and last traded at $141.27, with a volume of 1434859 shares traded. The stock had previously closed at $139.00.

Analyst Ratings Changes

A number of research firms recently weighed in on CAVA. Citigroup upped their target price on shares of CAVA Group from $115.00 to $140.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Barclays upped their target price on shares of CAVA Group from $95.00 to $113.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus upped their target price on shares of CAVA Group from $90.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. UBS Group began coverage on shares of CAVA Group in a research note on Friday, September 27th. They set a “neutral” rating and a $135.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their target price on shares of CAVA Group from $77.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $120.36.

CAVA Group Trading Up 4.1 %

The company’s 50-day moving average price is $128.75 and its two-hundred day moving average price is $101.49. The company has a market cap of $16.83 billion, a P/E ratio of 397.84 and a beta of 3.23.

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

Insiders Place Their Bets

In other CAVA Group news, CEO Brett Schulman sold 201,504 shares of the firm’s stock in a transaction dated 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 directly owns 702,590 shares in the company, valued at $88,196,122.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Brett Schulman sold 201,504 shares of the stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Tricia K. Tolivar sold 5,000 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $125.64, for a total transaction of $628,200.00. Following the completion of the sale, the chief financial officer now directly owns 292,600 shares of the company’s stock, valued at $36,762,264. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 304,994 shares of company stock worth $38,310,084 over the last ninety days. 12.10% of the stock is currently owned by company insiders.

Institutional Trading of CAVA Group

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in CAVA Group by 215.7% during the first quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock valued at $346,330,000 after acquiring an additional 3,377,840 shares in the last quarter. Capital Research Global Investors raised 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 in the last quarter. Lord Abbett & CO. LLC raised 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 acquiring an additional 492,667 shares in the last quarter. Renaissance Technologies LLC raised its position in CAVA Group by 102.5% during 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 in the last quarter. Finally, Driehaus Capital Management LLC raised its position in CAVA Group by 51.8% during the second quarter. Driehaus Capital Management LLC now owns 732,603 shares of the company’s stock valued at $67,949,000 after acquiring an additional 250,110 shares in the last quarter. 73.15% of the stock is owned by hedge funds and other institutional investors.

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.