Royal Bank Of Canada Forecasts Strong Price Appreciation for CAVA Group (NYSE:CAVA) Stock

CAVA Group (NYSE:CAVA) had its price objective raised by equities research analysts at Royal Bank Of Canada from $90.00 to $100.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would suggest a potential upside of 7.65% from the stock’s previous close.

CAVA has been the subject of several other research reports. Mizuho increased their target price on shares of CAVA Group from $72.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, April 2nd. Truist Financial increased their target price on shares of CAVA Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Roth Mkm started coverage on shares of CAVA Group in a research note on Tuesday, April 21st. They set a “buy” rating and a $106.00 target price for the company. JPMorgan Chase & Co. increased their target price on shares of CAVA Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Finally, The Goldman Sachs Group increased their target price on shares of CAVA Group from $75.00 to $86.00 and gave the stock a “neutral” rating in a research note on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, CAVA Group has an average rating of “Moderate Buy” and an average price target of $89.07.

CAVA Group Stock Performance

NYSE CAVA traded down $0.52 during trading hours on Friday, hitting $92.90. The company had a trading volume of 901,975 shares, compared to its average volume of 3,366,073. CAVA Group has a 1-year low of $43.41 and a 1-year high of $101.50. The company has a market cap of $10.81 billion, a PE ratio of 172.87, a price-to-earnings-growth ratio of 6.49 and a beta of 2.03. The business has a 50 day moving average of $84.33 and a 200-day moving average of $67.89.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, February 24th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. CAVA Group had a net margin of 5.40% and a return on equity of 8.43%. The company had revenue of $274.99 million during the quarter, compared to the consensus estimate of $268.04 million. During the same quarter in the prior year, the firm posted $0.05 earnings per share. CAVA Group’s revenue for the quarter was up 20.9% on a year-over-year basis. Sell-side analysts expect that CAVA Group will post 0.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CAVA Group

Hedge funds have recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC lifted its position in CAVA Group by 378.7% in the third quarter. Cornerstone Planning Group LLC now owns 450 shares of the company’s stock valued at $27,000 after purchasing an additional 356 shares during the period. Los Angeles Capital Management LLC purchased a new position in CAVA Group in the fourth quarter valued at about $25,000. Harbor Investment Advisory LLC increased its holdings in CAVA Group by 347.8% in the fourth quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock valued at $30,000 after buying an additional 400 shares in the last quarter. Western Pacific Wealth Management LP purchased a new position in CAVA Group in the third quarter valued at about $33,000. Finally, CNB Bank increased its holdings in CAVA Group by 275.8% in the third quarter. CNB Bank now owns 575 shares of the company’s stock valued at $35,000 after buying an additional 422 shares in the last quarter. Institutional investors and hedge funds 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.