MIG Capital LLC Boosts Stake in CAVA Group, Inc. $CAVA

MIG Capital LLC boosted its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 310.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 275,091 shares of the company’s stock after purchasing an additional 208,063 shares during the period. CAVA Group comprises about 2.4% of MIG Capital LLC’s investment portfolio, making the stock its 20th biggest position. MIG Capital LLC owned approximately 0.24% of CAVA Group worth $23,171,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of CAVA. Vision Financial Markets LLC purchased a new stake in CAVA Group in the first quarter worth about $26,000. Dagco Inc. bought a new position in shares of CAVA Group during the 1st quarter valued at approximately $27,000. Atlantic Union Bankshares Corp bought a new position in shares of CAVA Group during the 2nd quarter valued at approximately $31,000. Brooklyn Investment Group increased its holdings in CAVA Group by 168.0% in the 1st quarter. Brooklyn Investment Group now owns 402 shares of the company’s stock worth $35,000 after acquiring an additional 252 shares in the last quarter. Finally, Fifth Third Bancorp bought a new stake in CAVA Group during the 2nd quarter worth approximately $38,000. Institutional investors own 73.15% of the company’s stock.

CAVA Group Price Performance

Shares of CAVA opened at $48.54 on Wednesday. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of 41.85, a price-to-earnings-growth ratio of 2.65 and a beta of 2.47. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $153.34. The business’s 50 day simple moving average is $57.63 and its 200-day simple moving average is $71.98.

CAVA Group (NYSE:CAVA) last posted its earnings results on Tuesday, November 4th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $292.88 million. During the same period last year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. On average, sell-side analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on CAVA. Argus dropped their price target on shares of CAVA Group from $76.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Citigroup restated a “neutral” rating on shares of CAVA Group in a research report on Wednesday, November 12th. TD Cowen dropped their target price on shares of CAVA Group from $80.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Stifel Nicolaus set a $75.00 price target on CAVA Group in a research note on Wednesday, November 5th. Finally, KeyCorp lowered their price objective on CAVA Group from $85.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.75.

CAVA Group 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.