CAVA Group (NYSE:CAVA) Sets New 12-Month Low - Here's What Happened

Key Points

• CAVA Group's stock has reached a new 12-month low, trading at $60.85 before closing at $61.46.
• Several analysts have adjusted their price targets for CAVA Group, with a consensus target price of $96.41 and a "Moderate Buy" rating overall.
• CAVA Group reported a 20.2% year-over-year revenue increase for the last quarter, although it fell short of analysts' revenue expectations.

CAVA Group, Inc. (NYSE:CAVA - Get Free Report) shares hit a new 52-week low on Thursday . The stock traded as low as $60.85 and last traded at $61.46, with a volume of 752831 shares trading hands. The stock had previously closed at $63.42.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CAVA shares. Argus set a $76.00 price target on CAVA Group in a report on Tuesday, September 2nd. Robert W. Baird set a $95.00 price target on CAVA Group in a report on Wednesday, August 13th. Piper Sandler cut their price target on CAVA Group from $122.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, August 13th. UBS Group cut their price target on CAVA Group from $96.00 to $75.00 and set a "neutral" rating for the company in a report on Wednesday, August 13th. Finally, Morgan Stanley lowered their price objective on shares of CAVA Group from $107.00 to $97.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, CAVA Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.41.

CAVA Group Trading Down 2.9%

The business's 50-day moving average is $74.23 and its two-hundred day moving average is $81.33. The stock has a market capitalization of $7.14 billion, a PE ratio of 51.76, a PEG ratio of 3.26 and a beta of 2.61.

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

Hedge Funds Weigh In On CAVA Group

Institutional investors have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. lifted its holdings in CAVA Group by 1,400.0% in the 1st quarter. First Horizon Advisors Inc. now owns 285 shares of the company's stock worth $25,000 after buying an additional 266 shares in the last quarter. Vision Financial Markets LLC acquired a new position in CAVA Group in the 1st quarter worth $26,000. Dagco Inc. acquired a new position in CAVA Group in the 1st quarter worth $27,000. Versant Capital Management Inc acquired a new position in CAVA Group in the 1st quarter worth $31,000. Finally, Atlantic Union Bankshares Corp acquired a new position in CAVA Group in the 2nd quarter worth $31,000. Institutional investors and hedge funds own 73.15% of the company's stock.

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.

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.