Barclays Issues Pessimistic Forecast for CAVA Group (NYSE:CAVA) Stock Price

Key Points

• Barclays has lowered its price target for CAVA Group from $74.00 to $64.00, indicating a potential downside of 2.33% from the stock's current price.
• Despite the negative forecast from Barclays, other analysts have mixed views, with Royal Bank of Canada initiating coverage with an "outperform" rating and a target price of $80.00.
• CAVA Group reported $280.62 million in revenue for the last quarter, up 20.2% year-over-year, exceeding earnings per share expectations with $0.16 EPS compared to the consensus estimate of $0.13.

CAVA Group (NYSE:CAVA - Get Free Report) had its price target lowered by equities research analysts at Barclays from $74.00 to $64.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Barclays's target price would suggest a potential downside of 2.33% from the stock's current price.

Other equities research analysts have also recently issued research reports about the company. Royal Bank Of Canada initiated coverage on CAVA Group in a report on Wednesday, October 8th. They set an "outperform" rating and a $80.00 target price on the stock. UBS Group dropped their target price on CAVA Group from $96.00 to $75.00 and set a "neutral" rating on the stock in a report on Wednesday, August 13th. Weiss Ratings reissued a "hold (c)" rating on shares of CAVA Group in a report on Wednesday, October 8th. Sanford C. Bernstein set a $74.00 target price on CAVA Group in a report on Wednesday, August 13th. Finally, JPMorgan Chase & Co. dropped their price target on CAVA Group from $115.00 to $95.00 and set an "overweight" rating on the stock in a report on Wednesday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $93.74.

CAVA Group Trading Up 5.2%

CAVA opened at $65.53 on Wednesday. CAVA Group has a twelve month low of $58.33 and a twelve month high of $172.43. The stock has a market cap of $7.60 billion, a PE ratio of 55.06, a price-to-earnings-growth ratio of 3.19 and a beta of 2.50. The business's 50 day moving average is $64.96 and its 200-day moving average is $78.65.

CAVA Group (NYSE:CAVA - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. CAVA Group had a return on equity of 9.83% and a net margin of 12.98%.The firm had revenue of $280.62 million for the quarter, compared to analysts' expectations of $285.65 million. During the same quarter in the previous year, the company earned $0.17 earnings per share. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, analysts forecast that CAVA Group will post 0.5 EPS for the current year.

Hedge Funds Weigh In On CAVA Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CAVA. Jennison Associates LLC grew its position in CAVA Group by 246.1% during the 1st quarter. Jennison Associates LLC now owns 8,519,459 shares of the company's stock worth $736,166,000 after purchasing an additional 6,057,727 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in CAVA Group by 114.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company's stock worth $206,915,000 after purchasing an additional 1,277,912 shares in the last quarter. Vanguard Group Inc. boosted its holdings in CAVA Group by 13.2% in the first quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company's stock worth $783,374,000 after purchasing an additional 1,054,180 shares in the last quarter. Nuveen LLC bought a new stake in CAVA Group in the first quarter worth $72,800,000. Finally, Alliancebernstein L.P. boosted its holdings in CAVA Group by 2,072.1% in the first quarter. Alliancebernstein L.P. now owns 852,691 shares of the company's stock worth $73,681,000 after purchasing an additional 813,434 shares in the last quarter. 73.15% of the stock is currently owned by hedge funds and other 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.

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