CAVA Group (NYSE:CAVA) Given New $100.00 Price Target at Bank of America

Key Points

• Bank of America has lowered its price target for CAVA Group from $121.00 to $100.00 but maintains a "buy" rating, indicating a potential upside of 40.14% from its previous close.
• CAVA Group's stock recently fell by 15.6%, trading at $71.36, with significant trading volume exceeding 33 million shares.
• Despite mixed ratings from various analysts, CAVA Group holds an average rating of "Moderate Buy" with an average target price of $101.56.

CAVA Group (NYSE:CAVA - Get Free Report) had its price objective lowered by research analysts at Bank of America from $121.00 to $100.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's price objective would suggest a potential upside of 40.14% from the stock's previous close.

Other equities research analysts have also issued reports about the company. UBS Group reduced their price objective on CAVA Group from $96.00 to $75.00 and set a "neutral" rating for the company in a research note on Wednesday. Sanford C. Bernstein set a $74.00 price objective on shares of CAVA Group in a research report on Wednesday. TD Securities restated a "buy" rating and issued a $120.00 price target on shares of CAVA Group in a report on Friday, May 16th. Robert W. Baird upped their target price on CAVA Group from $105.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. Finally, TD Cowen lowered their price objective on shares of CAVA Group from $120.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, CAVA Group presently has an average rating of "Moderate Buy" and an average target price of $101.56.

CAVA Group Trading Down 15.6%

Shares of CAVA stock traded down $13.15 during trading on Wednesday, hitting $71.36. The company's stock had a trading volume of 33,497,410 shares, compared to its average volume of 3,743,896. The company has a market cap of $8.25 billion, a PE ratio of 59.25, a P/E/G ratio of 4.11 and a beta of 2.65. The business has a fifty day moving average of $83.46 and a 200-day moving average of $92.30. CAVA Group has a 52 week low of $65.70 and a 52 week high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.03. The business had revenue of $280.62 million for the quarter, compared to analysts' expectations of $285.65 million. CAVA Group had a return on equity of 10.61% and a net margin of 13.70%. The firm's revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.17 earnings per share. As a group, research analysts predict that CAVA Group will post 0.5 EPS for the current year.

Insider Activity at CAVA Group

In related news, CAO Adam David Phillips sold 739 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $55,543.24. Following the completion of the sale, the chief accounting officer directly owned 11,063 shares in the company, valued at approximately $831,495.08. This trade represents a 6.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Tricia K. Tolivar sold 4,845 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $364,150.20. Following the sale, the chief financial officer directly owned 236,345 shares of the company's stock, valued at $17,763,690.20. This represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 58,603 shares of company stock valued at $4,522,089 in the last ninety days. 12.10% of the stock is owned by insiders.

Institutional Trading of CAVA Group

A number of hedge funds have recently made changes to their positions in CAVA. Jennison Associates LLC raised its position in shares of CAVA Group by 246.1% in the first quarter. Jennison Associates LLC now owns 8,519,459 shares of the company's stock valued at $736,166,000 after purchasing an additional 6,057,727 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 valued at $206,915,000 after buying an additional 1,277,912 shares during the last quarter. Vanguard Group Inc. raised its holdings in CAVA Group by 13.2% during the 1st 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 during the last quarter. Nuveen LLC bought a new position in CAVA Group during the first quarter worth about $72,800,000. Finally, Alliancebernstein L.P. boosted its holdings in shares of CAVA Group by 2,072.1% in the first quarter. Alliancebernstein L.P. now owns 852,691 shares of the company's stock valued at $73,681,000 after buying an additional 813,434 shares during the period. 73.15% of the stock is owned by hedge funds and other institutional investors.

CAVA Group Company Profile

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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