CAVA Group (NYSE:CAVA) Stock Price Target Lowered at Citigroup

CAVA Group (NYSE:CAVA) had its price objective reduced by equities researchers at Citigroup from $79.00 to $66.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup‘s target price indicates a potential upside of 20.92% from the company’s previous close.

Several other analysts have also recently issued reports on the company. Freedom Capital raised CAVA Group to a “hold” rating in a research report on Wednesday, July 1st. Weiss Ratings raised CAVA Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. Compass Point raised CAVA Group to a “neutral” rating in a research report on Monday, September 14th. Northcoast Research upgraded CAVA Group from a “sell” rating to a “neutral” rating in a research note on Thursday, August 13th. Finally, Roth Capital reiterated a “buy” rating and issued a $95.00 target price (down from $106.00) on shares of CAVA Group in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, CAVA Group has a consensus rating of “Moderate Buy” and a consensus price target of $87.92.

CAVA Group Price Performance

Shares of NYSE:CAVA traded down $0.42 during trading hours on Thursday, hitting $54.58. The company’s stock had a trading volume of 2,631,745 shares, compared to its average volume of 3,357,364. The firm’s fifty day moving average price is $58.79 and its 200 day moving average price is $71.35. CAVA Group has a 52 week low of $43.41 and a 52 week high of $98.79. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of 99.24, a P/E/G ratio of 4.45 and a beta of 1.80.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $368.44 million for the quarter, compared to analyst estimates of $360.09 million. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. CAVA Group’s revenue was up 31.3% compared to the same quarter last year. During the same period last year, the company posted $0.16 earnings per share. On average, equities research analysts predict that CAVA Group will post 0.55 earnings per share for the current fiscal year.

CAVA Group declared that its Board of Directors has initiated a share repurchase program on Friday, September 18th that allows the company to buy back $100.00 million in shares. This buyback authorization allows the company to reacquire up to 1.7% of its shares through open market purchases. Share buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity at CAVA Group

In other CAVA Group news, insider Douglas Thompson acquired 6,500 shares of the stock in a transaction dated Monday, August 31st. The stock was purchased at an average price of $66.52 per share, with a total value of $432,380.00. Following the transaction, the insider directly owned 19,371 shares of the company’s stock, valued at $1,288,558.92. This trade represents a 50.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Brookstone Capital Management raised its stake in CAVA Group by 6.7% in the third quarter. Brookstone Capital Management now owns 16,952 shares of the company’s stock valued at $917,000 after buying an additional 1,065 shares during the last quarter. E. Ohman J or Asset Management AB boosted its holdings in CAVA Group by 30.7% in the third quarter. E. Ohman J or Asset Management AB now owns 61,922 shares of the company’s stock worth $3,350,000 after acquiring an additional 14,552 shares in the last quarter. Counterpoint Mutual Funds LLC grew its stake in shares of CAVA Group by 38.7% during the third quarter. Counterpoint Mutual Funds LLC now owns 9,703 shares of the company’s stock worth $525,000 after acquiring an additional 2,709 shares during the last quarter. Daytona Street Capital LLC purchased a new stake in shares of CAVA Group during the third quarter worth about $178,000. Finally, AdvisorNet Financial Inc grew its stake in shares of CAVA Group by 18.8% during the third quarter. AdvisorNet Financial Inc now owns 5,109 shares of the company’s stock worth $264,000 after acquiring an additional 807 shares during the last quarter. 73.15% of the stock is owned by institutional investors and hedge funds.

CAVA Group Company Profile

CAVA Group, Inc operates CAVA, a fast-casual restaurant brand serving Mediterranean-inspired food in the United States. Its menu includes customizable bowls and pitas, salads, dips, spreads, grilled proteins, and other Mediterranean dishes, with options designed to accommodate a range of dietary preferences.

The company’s restaurants generally use an assembly-line format that allows customers to build meals from a selection of ingredients and sauces. CAVA also offers its branded dips, spreads, and other products through select grocery and retail channels, extending the brand beyond its restaurant locations.

CAVA was founded in 2010 by Dimitri Moshovitis, Ike Grigoropoulos, and Ted Xenohristos.