CAVA Group (NYSE:CAVA) Issues Quarterly Earnings Results

Key Points

• CAVA Group reported quarterly earnings of $0.16 per share, exceeding analyst expectations of $0.13, but down from $0.17 in the same quarter last year.
• The company's stock reached $85.07 during trading, up $2.77, with a market cap of $9.84 billion and a price-to-earnings ratio of 70.89.
• Insiders, including CEO Brett Schulman, sold significant amounts of stock recently, with Schulman selling 31,856 shares, indicating a 3.87% decrease in ownership.

CAVA Group (NYSE:CAVA - Get Free Report) announced its quarterly earnings results on Tuesday. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03, Zacks reports. CAVA Group had a net margin of 13.70% and a return on equity of 10.61%. During the same quarter in the previous year, the company posted $0.17 earnings per share.

CAVA Group Stock Performance

Shares of CAVA traded up $2.77 during mid-day trading on Tuesday, reaching $85.07. The stock had a trading volume of 11,865,896 shares, compared to its average volume of 3,518,685. The firm has a market cap of $9.84 billion, a price-to-earnings ratio of 70.89, a PEG ratio of 4.24 and a beta of 2.65. CAVA Group has a 12 month low of $70.00 and a 12 month high of $172.43. The business has a fifty day moving average of $83.38 and a 200 day moving average of $92.35.

Insiders Place Their Bets

In other CAVA Group news, insider Jennifer Somers sold 2,861 shares of the company'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 value of $215,032.76. Following the completion of the transaction, the insider directly owned 137,048 shares in the company, valued at $10,300,527.68. This represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Brett Schulman sold 31,856 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $2,394,296.96. Following the completion of the transaction, the chief executive officer owned 792,318 shares of the company's stock, valued at approximately $59,550,620.88. The trade was a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,603 shares of company stock valued at $4,522,089. Insiders own 12.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its stake in shares of CAVA Group by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company's stock valued at $52,432,000 after acquiring an additional 75,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in CAVA Group by 17.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company's stock worth $20,447,000 after buying an additional 34,860 shares during the period. Finally, Bison Wealth LLC purchased a new position in CAVA Group in the 4th quarter worth about $208,000. Hedge funds and other institutional investors own 73.15% of the company's stock.

Analyst Upgrades and Downgrades

CAVA has been the subject of several research analyst reports. Citigroup raised their target price on shares of CAVA Group from $114.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Wall Street Zen cut shares of CAVA Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. Melius initiated coverage on shares of CAVA Group in a research report on Monday, July 14th. They issued a "hold" rating and a $95.00 target price for the company. UBS Group set a $196.00 target price on shares of CAVA Group in a research report on Tuesday, August 5th. Finally, Sanford C. Bernstein raised shares of CAVA Group from a "market perform" rating to an "outperform" rating and set a $115.00 target price for the company in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $119.72.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.