Citigroup Cuts CAVA Group (NYSE:CAVA) Price Target to $79.00

CAVA Group (NYSE:CAVA) had its price objective reduced by Citigroup from $92.00 to $79.00 in a report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also issued reports on CAVA. Benchmark boosted their target price on CAVA Group from $80.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Robert W. Baird increased their price target on CAVA Group from $88.00 to $98.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 20th. Argus set a $92.00 price objective on CAVA Group in a report on Friday, May 22nd. Mizuho boosted their price objective on CAVA Group from $72.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, April 2nd. Finally, UBS Group raised shares of CAVA Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $85.00 to $90.00 in a report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $93.04.

CAVA Group Stock Up 1.7%

Shares of CAVA stock opened at $66.48 on Tuesday. The company has a 50 day moving average of $75.46 and a 200-day moving average of $77.19. CAVA Group has a 12-month low of $43.41 and a 12-month high of $98.79. The firm has a market cap of $7.74 billion, a P/E ratio of 127.85, a PEG ratio of 4.50 and a beta of 1.69.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The company had revenue of $438.27 million for the quarter, compared to analysts’ expectations of $360.89 million. During the same quarter in the previous year, the firm posted $0.22 EPS. CAVA Group’s revenue was up 32.1% on a year-over-year basis. As a group, equities analysts expect that CAVA Group will post 0.54 EPS for the current year.

Insider Activity

In other news, Director Karen Kochevar sold 10,000 shares of CAVA Group stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the transaction, the director directly owned 3,074 shares in the company, valued at approximately $276,660. The trade was a 76.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Theodoros Xenohristos sold 3,252 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $290,826.36. Following the sale, the insider owned 324,630 shares in the company, valued at approximately $29,031,660.90. The trade was a 0.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 91,747 shares of company stock valued at $7,970,838. 6.70% of the stock is currently owned by corporate insiders.

Institutional Trading of CAVA Group

Institutional investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC purchased a new position in CAVA Group during the 2nd quarter valued at about $31,000. Los Angeles Capital Management LLC purchased a new stake in shares of CAVA Group in the fourth quarter worth about $25,000. TD Private Client Wealth LLC lifted its holdings in shares of CAVA Group by 118.2% in the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock worth $35,000 after buying an additional 325 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of CAVA Group by 115.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company’s stock valued at $38,000 after acquiring an additional 347 shares during the period. Finally, Allworth Financial LP boosted its position in shares of CAVA Group by 57.4% in the fourth quarter. Allworth Financial LP now owns 650 shares of the company’s stock valued at $38,000 after acquiring an additional 237 shares during the period. Hedge funds and other institutional investors own 73.15% of the company’s stock.

About CAVA Group

CAVA Group, Inc (NYSE: CAVA) is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe’s Kitchen.