CAVA Group (NYSE:CAVA) Releases Earnings Results, Beats Expectations By $0.04 EPS

CAVA Group (NYSE:CAVA) issued its quarterly earnings results on Thursday. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.04, Briefing.com reports. CAVA Group had a net margin of 3.75% and a return on equity of 5.18%. The company had revenue of $233.50 million during the quarter, compared to analyst estimates of $219.47 million. During the same period last year, the business earned $0.21 EPS. CAVA Group’s quarterly revenue was up 35.1% compared to the same quarter last year.

CAVA Group Stock Up 19.6 %

CAVA traded up $20.02 during mid-day trading on Friday, reaching $122.00. 21,800,501 shares of the company traded hands, compared to its average volume of 2,697,611. The company’s fifty day moving average price is $89.86 and its 200-day moving average price is $75.83. The stock has a market capitalization of $13.91 billion, a P/E ratio of 297.39 and a beta of 3.27. CAVA Group has a 52-week low of $29.05 and a 52-week high of $125.87.

Insider Transactions at CAVA Group

In related news, CFO Tricia K. Tolivar sold 5,949 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $94.47, for a total transaction of $562,002.03. Following the completion of the sale, the chief financial officer now owns 297,600 shares in the company, valued at $28,114,272. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Theodoros Xenohristos sold 90,000 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $91.01, for a total transaction of $8,190,900.00. Following the completion of the sale, the director now owns 424,846 shares of the company’s stock, valued at approximately $38,665,234.46. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Tricia K. Tolivar sold 5,949 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $94.47, for a total value of $562,002.03. Following the completion of the sale, the chief financial officer now owns 297,600 shares of the company’s stock, valued at $28,114,272. The disclosure for this sale can be found here. Insiders have sold a total of 1,420,564 shares of company stock worth $124,690,835 in the last ninety days.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CAVA. Morgan Stanley boosted their price target on CAVA Group from $85.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Piper Sandler cut CAVA Group from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $63.00 to $92.00 in a research note on Thursday, May 30th. JPMorgan Chase & Co. lowered CAVA Group from an “overweight” rating to a “neutral” rating and set a $77.00 price target for the company. in a research report on Monday, June 3rd. Robert W. Baird increased their price objective on shares of CAVA Group from $105.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Jefferies Financial Group upped their target price on shares of CAVA Group from $94.00 to $117.00 and gave the stock a “buy” rating in a research note on Friday. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.17.

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.