CAVA Group (NYSE:CAVA) Shares Down 4% – Here’s What Happened

CAVA Group, Inc. (NYSE:CAVA)’s stock price was down 4% on Monday . The company traded as low as $143.62 and last traded at $144.85. Approximately 886,950 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 2,762,110 shares. The stock had previously closed at $150.88.

Wall Street Analysts Forecast Growth

CAVA has been the topic of several research reports. William Blair reissued an “outperform” rating on shares of CAVA Group in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on shares of CAVA Group from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Morgan Stanley boosted their price target on CAVA Group from $123.00 to $135.00 and gave the company an “equal weight” rating in a report on Thursday, November 14th. Robert W. Baird lifted their price objective on CAVA Group from $125.00 to $148.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Finally, TD Securities upped their target price on CAVA Group from $115.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, CAVA Group has an average rating of “Moderate Buy” and a consensus price target of $143.80.

CAVA Group Price Performance

The stock has a 50 day simple moving average of $137.34 and a 200-day simple moving average of $111.81. The firm has a market cap of $15.55 billion, a PE ratio of 299.89 and a beta of 2.94.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.11 by $0.04. The company had revenue of $243.82 million for the quarter, compared to the consensus estimate of $233.05 million. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. CAVA Group’s revenue for the quarter was up 38.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.06 EPS. As a group, equities analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Insider Activity at CAVA Group

In related news, Director Karen Kochevar sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $142.23, for a total transaction of $2,133,450.00. Following the transaction, the director now owns 1,307 shares in the company, valued at $185,894.61. This represents a 91.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 12.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CAVA Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nemes Rush Group LLC purchased a new position in shares of CAVA Group in the second quarter worth approximately $28,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of CAVA Group during the 2nd quarter worth $36,000. Headlands Technologies LLC bought a new stake in shares of CAVA Group during the 2nd quarter valued at $37,000. GAMMA Investing LLC increased its stake in shares of CAVA Group by 68.3% in the 3rd quarter. GAMMA Investing LLC now owns 308 shares of the company’s stock worth $38,000 after purchasing an additional 125 shares in the last quarter. Finally, SOA Wealth Advisors LLC. bought a new position in CAVA Group in the 2nd quarter worth $46,000. 73.15% of the stock is owned by institutional investors.

About CAVA Group

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.