Wedbush Forecasts Strong Price Appreciation for CAVA Group (NYSE:CAVA) Stock

CAVA Group (NYSE:CAVA) had its target price upped by investment analysts at Wedbush from $155.00 to $190.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price target would indicate a potential upside of 31.01% from the stock’s previous close.

Several other research analysts have also commented on the company. TD Cowen raised their price objective on CAVA Group from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. JPMorgan Chase & Co. boosted their price target on CAVA Group from $77.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Jefferies Financial Group lifted their price objective on shares of CAVA Group from $94.00 to $117.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Argus upped their target price on shares of CAVA Group from $104.00 to $128.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, UBS Group started coverage on shares of CAVA Group in a research note on Friday, September 27th. They set a “neutral” rating and a $135.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, CAVA Group presently has an average rating of “Moderate Buy” and a consensus target price of $125.36.

CAVA Group Price Performance

CAVA Group stock opened at $145.03 on Wednesday. The company has a market cap of $16.58 billion, a price-to-earnings ratio of 391.97 and a beta of 3.23. CAVA Group has a 12 month low of $30.00 and a 12 month high of $151.56. The stock’s 50-day moving average is $130.09 and its 200-day moving average is $103.20.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.04. CAVA Group had a net margin of 5.04% and a return on equity of 7.37%. The firm had revenue of $233.50 million for the quarter, compared to analysts’ expectations of $219.47 million. During the same period in the previous year, the company posted $0.21 earnings per share. CAVA Group’s revenue was up 35.1% compared to the same quarter last year. Research analysts anticipate that CAVA Group will post 0.44 EPS for the current year.

Insider Buying and Selling

In related news, CEO Brett Schulman sold 201,504 shares of the 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 sale, the chief executive officer now owns 702,590 shares of the company’s stock, valued at $88,196,122.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Theodoros Xenohristos sold 98,490 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $125.77, for a total transaction of $12,387,087.30. Following the transaction, the director now owns 424,846 shares in the company, valued at $53,432,881.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brett Schulman sold 201,504 shares of the company’s 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 of the company’s stock, valued at $88,196,122.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 304,994 shares of company stock valued at $38,310,084. Insiders own 12.10% of the company’s stock.

Institutional Trading of CAVA Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Independent Advisor Alliance raised its position in CAVA Group by 155.2% in the third quarter. Independent Advisor Alliance now owns 25,455 shares of the company’s stock worth $3,153,000 after acquiring an additional 15,481 shares in the last quarter. Harvest Fund Management Co. Ltd grew its stake in shares of CAVA Group by 172.9% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,422 shares of the company’s stock worth $176,000 after purchasing an additional 901 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of CAVA Group in the 3rd quarter worth approximately $479,000. Alpha DNA Investment Management LLC acquired a new stake in CAVA Group during the third quarter valued at approximately $498,000. Finally, Algert Global LLC boosted its holdings in CAVA Group by 239.8% during the third quarter. Algert Global LLC now owns 15,610 shares of the company’s stock worth $1,933,000 after buying an additional 11,016 shares in the last quarter. Institutional investors own 73.15% of the company’s stock.

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.