Short Interest in CAVA Group, Inc. (NYSE:CAVA) Declines By 17.5%

CAVA Group, Inc. (NYSE:CAVA - Get Free Report) was the target of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 9,030,000 shares, a decrease of 17.5% from the March 31st total of 10,940,000 shares. Approximately 9.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,550,000 shares, the days-to-cover ratio is currently 2.5 days.

Wall Street Analysts Forecast Growth

CAVA has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upgraded shares of CAVA Group from a "neutral" rating to an "overweight" rating and set a $110.00 price objective for the company in a research report on Thursday, March 20th. Sanford C. Bernstein upgraded CAVA Group from a "market perform" rating to an "outperform" rating and set a $115.00 price target for the company in a research note on Wednesday, April 23rd. Barclays dropped their target price on CAVA Group from $104.00 to $90.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. TD Securities reduced their price target on CAVA Group from $130.00 to $120.00 and set a "buy" rating on the stock in a report on Monday, April 21st. Finally, Citigroup cut their target price on shares of CAVA Group from $163.00 to $140.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, CAVA Group currently has an average rating of "Moderate Buy" and a consensus target price of $124.19.

Hedge Funds Weigh In On CAVA Group

A number of hedge funds have recently added to or reduced their stakes in CAVA. Jennison Associates LLC increased its stake in CAVA Group by 246.1% in the 1st quarter. Jennison Associates LLC now owns 8,519,459 shares of the company's stock valued at $736,166,000 after buying an additional 6,057,727 shares during the last quarter. Vanguard Group Inc. increased its position in shares of CAVA Group by 20.4% during the fourth quarter. Vanguard Group Inc. now owns 8,011,602 shares of the company's stock valued at $903,709,000 after acquiring an additional 1,357,187 shares during the last quarter. FMR LLC lifted its holdings in CAVA Group by 14.1% during the fourth quarter. FMR LLC now owns 3,976,353 shares of the company's stock worth $448,533,000 after acquiring an additional 491,320 shares during the period. Federated Hermes Inc. boosted its position in CAVA Group by 33.0% in the fourth quarter. Federated Hermes Inc. now owns 1,464,987 shares of the company's stock worth $165,243,000 after purchasing an additional 363,814 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its stake in CAVA Group by 2.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,389,327 shares of the company's stock valued at $156,716,000 after purchasing an additional 31,077 shares during the period. Institutional investors and hedge funds own 73.15% of the company's stock.

CAVA Group Price Performance

Shares of CAVA traded down $0.73 during trading hours on Monday, hitting $95.92. The stock had a trading volume of 1,945,756 shares, compared to its average volume of 3,105,967. The firm has a 50 day simple moving average of $86.14 and a 200-day simple moving average of $114.38. CAVA Group has a 1-year low of $70.00 and a 1-year high of $172.43. The firm has a market capitalization of $11.09 billion, a P/E ratio of 208.52 and a beta of 3.28.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its earnings results on Tuesday, February 25th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.01). The firm had revenue of $227.40 million during the quarter, compared to the consensus estimate of $223.34 million. CAVA Group had a return on equity of 9.10% and a net margin of 5.88%. Equities analysts predict that CAVA Group will post 0.5 EPS for the current fiscal year.

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.