William Blair Reaffirms Outperform Rating for CAVA Group (NYSE:CAVA)

CAVA Group (NYSE:CAVA)‘s stock had its “outperform” rating reiterated by equities researchers at William Blair in a research report issued to clients and investors on Wednesday,RTT News reports. William Blair also issued estimates for CAVA Group’s FY2024 earnings at $0.49 EPS.

Several other equities analysts have also recently issued reports on CAVA. Stifel Nicolaus boosted their price target on shares of CAVA Group from $90.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Wedbush upped their target price on CAVA Group from $155.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday. Citigroup raised their target price on CAVA Group from $115.00 to $140.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Robert W. Baird upped their price target on CAVA Group from $125.00 to $148.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. Finally, Jefferies Financial Group raised their price objective on CAVA Group from $94.00 to $117.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Eight equities 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 presently has an average rating of “Moderate Buy” and an average price target of $140.14.

CAVA Group Trading Down 6.1 %

NYSE CAVA opened at $138.29 on Wednesday. The firm has a market cap of $15.81 billion, a PE ratio of 300.63 and a beta of 3.23. CAVA Group has a 1-year low of $31.47 and a 1-year high of $172.43. The stock has a 50-day moving average of $130.75 and a 200-day moving average of $103.50.

CAVA Group (NYSE:CAVA) last posted its earnings results on Tuesday, November 12th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.04. The firm had revenue of $243.82 million for the quarter, compared to analysts’ expectations of $233.05 million. CAVA Group had a return on equity of 9.23% and a net margin of 5.88%. The business’s revenue was up 38.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.06 earnings per share. As a group, equities research analysts forecast that CAVA Group will post 0.46 earnings per share for the current fiscal year.

Insider Activity

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 stock was sold at an average price of $125.53, for a total value of $25,294,797.12. Following the transaction, the chief executive officer now directly owns 702,590 shares of the company’s stock, valued at approximately $88,196,122.70. This trade represents a 22.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction, the chief financial officer now owns 292,600 shares in the company, valued at $36,762,264. This trade represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 304,994 shares of company stock valued at $38,310,084 in the last 90 days. 12.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CAVA Group

A number of hedge funds have recently modified their holdings of CAVA. Tradition Wealth Management LLC purchased a new stake in shares of CAVA Group during the third quarter worth about $250,000. Fred Alger Management LLC boosted its stake in CAVA Group by 14.7% in the 3rd quarter. Fred Alger Management LLC now owns 54,929 shares of the company’s stock worth $6,803,000 after purchasing an additional 7,025 shares during the period. Captrust Financial Advisors grew its holdings in CAVA Group by 17.6% during the 3rd quarter. Captrust Financial Advisors now owns 9,173 shares of the company’s stock valued at $1,136,000 after buying an additional 1,372 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of CAVA Group by 31.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,470 shares of the company’s stock valued at $1,297,000 after buying an additional 2,511 shares during the last quarter. Finally, FORA Capital LLC lifted its holdings in shares of CAVA Group by 11.5% in the third quarter. FORA Capital LLC now owns 101,413 shares of the company’s stock worth $12,560,000 after buying an additional 10,496 shares in the last quarter. 73.15% of the stock is currently owned by 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.