CAVA Group (NYSE:CAVA) Sets New 12-Month Low Following Weak Earnings

CAVA Group, Inc. (NYSE:CAVA) hit a new 52-week low during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $51.33 and last traded at $51.9170, with a volume of 7436164 shares. The stock had previously closed at $52.61.

The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). CAVA Group had a net margin of 12.14% and a return on equity of 8.88%. The business had revenue of $292.24 million for the quarter, compared to the consensus estimate of $292.88 million. During the same quarter in the previous year, the company earned $0.15 EPS. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis.

Analysts Set New Price Targets

CAVA has been the subject of several recent analyst reports. Argus set a $76.00 price objective on shares of CAVA Group in a research report on Tuesday, September 2nd. Mizuho raised shares of CAVA Group to a “hold” rating in a research note on Tuesday, October 28th. Sanford C. Bernstein reduced their price target on shares of CAVA Group from $100.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday. Royal Bank Of Canada set a $70.00 price target on shares of CAVA Group in a research note on Wednesday. Finally, Cfra Research raised shares of CAVA Group to a “strong-buy” rating in a research report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.55.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Maryland State Retirement & Pension System raised its position in CAVA Group by 37.5% in the 2nd quarter. Maryland State Retirement & Pension System now owns 4,850 shares of the company’s stock valued at $409,000 after buying an additional 1,324 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of CAVA Group by 123.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,458 shares of the company’s stock worth $472,000 after acquiring an additional 3,015 shares in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in shares of CAVA Group by 271.7% in the second quarter. Y Intercept Hong Kong Ltd now owns 23,659 shares of the company’s stock valued at $1,993,000 after purchasing an additional 17,294 shares during the last quarter. Hantz Financial Services Inc. lifted its position in shares of CAVA Group by 1,846,775.0% during the second quarter. Hantz Financial Services Inc. now owns 73,875 shares of the company’s stock valued at $6,222,000 after purchasing an additional 73,871 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of CAVA Group by 5.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 554,934 shares of the company’s stock valued at $47,952,000 after purchasing an additional 27,066 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors and hedge funds.

CAVA Group Price Performance

The firm’s fifty day moving average is $62.30 and its two-hundred day moving average is $76.24. The firm has a market capitalization of $5.41 billion, a PE ratio of 40.24, a PEG ratio of 2.97 and a beta of 2.47.

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.