CAVA Group (NYSE:CAVA) Upgraded at Morgan Stanley

CAVA Group (NYSE:CAVA) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Wednesday, MarketBeat.com reports. The brokerage currently has a $90.00 target price on the stock. Morgan Stanley’s price target would indicate a potential upside of 28.56% from the stock’s current price.

A number of other research firms also recently commented on CAVA. Argus set a $92.00 price target on shares of CAVA Group in a research report on Friday, May 22nd. Wolfe Research set a $95.00 price objective on shares of CAVA Group in a research note on Tuesday, June 30th. Robert W. Baird boosted their target price on CAVA Group from $88.00 to $98.00 and gave the stock an “outperform” rating in a report on Wednesday, May 20th. Telsey Advisory Group upped their target price on CAVA Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 20th. Finally, TD Cowen reaffirmed a “buy” rating and set a $100.00 price target on shares of CAVA Group in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $93.54.

CAVA Group Stock Performance

Shares of CAVA stock opened at $70.01 on Wednesday. CAVA Group has a 1 year low of $43.41 and a 1 year high of $98.79. The stock has a fifty day moving average of $78.92 and a two-hundred day moving average of $77.00. The firm has a market capitalization of $8.15 billion, a PE ratio of 134.63, a price-to-earnings-growth ratio of 4.97 and a beta of 1.69.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. The company had revenue of $438.27 million during the quarter, compared to analysts’ expectations of $360.89 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The company’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.22 earnings per share. Equities research analysts predict that CAVA Group will post 0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Kelly Costanza sold 12,490 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $90.00, for a total transaction of $1,124,100.00. Following the completion of the sale, the insider directly owned 98,490 shares in the company, valued at approximately $8,864,100. This trade represents a 11.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were 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 $276,660. This represents a 76.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 91,747 shares of company stock worth $7,970,838. 6.70% of the stock is owned by insiders.

Institutional Investors Weigh In On CAVA Group

Several large investors have recently modified their holdings of the stock. Los Angeles Capital Management LLC acquired a new position in shares of CAVA Group in the 4th quarter worth $25,000. Harbor Investment Advisory LLC lifted its holdings in shares of CAVA Group by 347.8% during the fourth quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock valued at $30,000 after purchasing an additional 400 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of CAVA Group in the 2nd quarter valued at $31,000. TD Private Client Wealth LLC boosted its position in shares of CAVA Group by 118.2% in the 4th quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after purchasing an additional 325 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new position in CAVA Group in the 3rd quarter worth about $36,000. 73.15% of the stock is owned by institutional investors.

CAVA Group Company Profile

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.