CAVA Group, Inc. to Post Q1 2024 Earnings of $0.06 Per Share, Wedbush Forecasts (NYSE:CAVA)

CAVA Group, Inc. (NYSE:CAVA) – Equities research analysts at Wedbush boosted their Q1 2024 earnings per share (EPS) estimates for CAVA Group in a report released on Tuesday, April 16th. Wedbush analyst N. Setyan now expects that the company will post earnings per share of $0.06 for the quarter, up from their previous forecast of $0.05. Wedbush has a “Outperform” rating and a $74.00 price target on the stock. The consensus estimate for CAVA Group’s current full-year earnings is $0.25 per share. Wedbush also issued estimates for CAVA Group’s Q2 2024 earnings at $0.13 EPS, FY2024 earnings at $0.29 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.15 EPS, Q3 2025 earnings at $0.13 EPS and FY2025 earnings at $0.38 EPS.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings results on Monday, February 26th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $175.50 million for the quarter, compared to analysts’ expectations of $240.03 million. CAVA Group had a return on equity of 4.28% and a net margin of 1.82%. The business’s quarterly revenue was up 52.6% on a year-over-year basis.

CAVA has been the topic of a number of other research reports. William Blair restated an “outperform” rating on shares of CAVA Group in a report on Tuesday, February 27th. Barclays assumed coverage on CAVA Group in a report on Monday. They set an “equal weight” rating and a $58.00 target price on the stock. Piper Sandler raised their target price on CAVA Group from $46.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday, February 28th. TD Cowen restated a “buy” rating and set a $63.00 target price on shares of CAVA Group in a report on Wednesday, April 10th. Finally, Citigroup raised their price target on CAVA Group from $49.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 28th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CAVA Group currently has a consensus rating of “Moderate Buy” and an average target price of $60.42.

CAVA Group Stock Performance

Shares of CAVA opened at $61.50 on Wednesday. CAVA Group has a 1 year low of $29.05 and a 1 year high of $71.60. The stock’s 50-day moving average price is $60.95 and its two-hundred day moving average price is $46.06.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Headlands Technologies LLC bought a new position in CAVA Group in the third quarter valued at approximately $26,000. Montag A & Associates Inc. bought a new position in shares of CAVA Group during the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. boosted its stake in shares of CAVA Group by 190.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 870 shares of the company’s stock worth $27,000 after acquiring an additional 570 shares during the period. Clearstead Advisors LLC bought a new position in shares of CAVA Group during the 3rd quarter worth approximately $31,000. Finally, CWM LLC boosted its stake in shares of CAVA Group by 101.2% during the 1st quarter. CWM LLC now owns 505 shares of the company’s stock worth $35,000 after acquiring an additional 254 shares during the period. 73.15% of the stock is currently owned by institutional investors.

Insider Activity at CAVA Group

In related news, major shareholder Ronald M. Shaich sold 1,500,000 shares of CAVA Group stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $57.20, for a total value of $85,800,000.00. Following the sale, the insider now owns 4,457,634 shares of the company’s stock, valued at approximately $254,976,664.80. 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 47,239 shares of the firm’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $68.29, for a total value of $3,225,951.31. Following the completion of the transaction, the director now directly owns 526,521 shares in the company, valued at $35,956,119.09. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Ronald M. Shaich sold 1,500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $57.20, for a total value of $85,800,000.00. Following the completion of the transaction, the insider now owns 4,457,634 shares of the company’s stock, valued at $254,976,664.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,547,239 shares of company stock valued at $221,525,951.

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.