CAVA Group (NYSE:CAVA) Rating Increased to Strong-Buy at Robert W. Baird

Robert W. Baird upgraded shares of CAVA Group (NYSE:CAVA) to a strong-buy rating in a report issued on Monday morning,Zacks.com reports.

CAVA has been the subject of several other reports. Morgan Stanley raised CAVA Group from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $86.00 to $90.00 in a research note on Wednesday, July 15th. Northcoast Research raised CAVA Group from a “sell” rating to a “neutral” rating in a report on Thursday, August 13th. Guggenheim cut their price target on CAVA Group from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. DA Davidson lowered their price objective on shares of CAVA Group from $84.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, August 13th. Finally, Citigroup restated a “buy” rating on shares of CAVA Group in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $89.44.

CAVA Group Trading Down 3.7%

CAVA stock opened at $69.25 on Monday. The company has a market cap of $8.09 billion, a P/E ratio of 125.92, a P/E/G ratio of 4.95 and a beta of 1.74. CAVA Group has a 52 week low of $43.41 and a 52 week high of $98.79. The company’s 50-day moving average price is $71.28 and its 200 day moving average price is $77.39.

CAVA Group (NYSE:CAVA) last issued its earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The company had revenue of $368.44 million for the quarter, compared to analyst estimates of $360.09 million. During the same period in the prior year, the business posted $0.16 earnings per share. The firm’s revenue for the quarter was up 31.3% compared to the same quarter last year. On average, equities research analysts expect that CAVA Group will post 0.53 earnings per share for the current year.

Insider Activity

In related news, Director Karen Kochevar sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total transaction of $900,000.00. Following the sale, the director owned 3,074 shares in the company, valued at approximately $276,660. This trade represents a 76.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Tricia K. Tolivar sold 4,969 shares of CAVA Group stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $444,377.67. Following the completion of the sale, the chief financial officer directly owned 234,931 shares of the company’s stock, valued at $21,009,879.33. The trade was a 2.07% 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. Insiders have sold 67,512 shares of company stock valued at $6,050,417 in the last 90 days. Insiders own 6.70% of the company’s stock.

Institutional Trading of CAVA Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Modern Wealth Management LLC increased its stake in shares of CAVA Group by 4.2% during the 1st quarter. Modern Wealth Management LLC now owns 3,907 shares of the company’s stock worth $313,000 after purchasing an additional 158 shares during the last quarter. Bridgewater Associates LP grew its position in CAVA Group by 2.4% during the fourth quarter. Bridgewater Associates LP now owns 6,827 shares of the company’s stock worth $401,000 after buying an additional 163 shares in the last quarter. Western Pacific Wealth Management LP raised its position in shares of CAVA Group by 32.5% in the 4th quarter. Western Pacific Wealth Management LP now owns 729 shares of the company’s stock valued at $43,000 after buying an additional 179 shares in the last quarter. Allworth Financial LP lifted its position in shares of CAVA Group by 57.4% during the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after buying an additional 237 shares during the last quarter. Finally, Clearstead Advisors LLC boosted its position in CAVA Group by 18.2% in the fourth quarter. Clearstead Advisors LLC now owns 1,566 shares of the company’s stock valued at $92,000 after buying an additional 241 shares in the last quarter. 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.