CAVA Group (NYSE:CAVA) Stock Price Down 5.8% - Here's What Happened

Shares of CAVA Group, Inc. (NYSE:CAVA - Get Free Report) dropped 5.8% during trading on Thursday . The company traded as low as $84.35 and last traded at $83.85. Approximately 1,233,070 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 3,228,289 shares. The stock had previously closed at $88.98.

Wall Street Analyst Weigh In

CAVA has been the topic of a number of research reports. Barclays raised their target price on shares of CAVA Group from $90.00 to $91.00 and gave the company an "equal weight" rating in a research note on Thursday. TD Securities reissued a "buy" rating and issued a $120.00 target price on shares of CAVA Group in a research note on Friday, May 16th. Sanford C. Bernstein raised shares of CAVA Group from a "market perform" rating to an "outperform" rating and set a $115.00 target price on the stock in a research note on Wednesday, April 23rd. Morgan Stanley set a $107.00 price target on shares of CAVA Group and gave the stock an "equal weight" rating in a research note on Monday. Finally, JPMorgan Chase & Co. dropped their price target on shares of CAVA Group from $115.00 to $95.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $115.06.

CAVA Group Stock Down 2.3%

The stock has a market cap of $10.06 billion, a price-to-earnings ratio of 72.48, a price-to-earnings-growth ratio of 4.16 and a beta of 2.65. The firm's 50 day moving average is $84.05 and its two-hundred day moving average is $96.27.

CAVA Group (NYSE:CAVA - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.08. The firm had revenue of $331.83 million for the quarter, compared to analyst estimates of $327.98 million. CAVA Group had a net margin of 13.70% and a return on equity of 10.61%. CAVA Group's quarterly revenue was up 28.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.12 earnings per share. On average, analysts anticipate that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Insider Activity

In other CAVA Group news, 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 value of $364,150.20. Following the completion of the transaction, the chief financial officer owned 236,345 shares in the company, valued at approximately $17,763,690.20. This represents a 2.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Adam David Phillips sold 739 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $55,543.24. Following the completion of the transaction, the chief accounting officer owned 11,063 shares of the company's stock, valued at approximately $831,495.08. This trade represents a 6.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,951 shares of company stock valued at $5,409,027 over the last quarter. Corporate insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Utah Retirement Systems lifted its stake in shares of CAVA Group by 2.5% in the 4th quarter. Utah Retirement Systems now owns 4,100 shares of the company's stock worth $462,000 after acquiring an additional 100 shares during the period. Whittier Trust Co. lifted its stake in shares of CAVA Group by 80.9% in the 4th quarter. Whittier Trust Co. now owns 284 shares of the company's stock worth $32,000 after acquiring an additional 127 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of CAVA Group by 37.3% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 530 shares of the company's stock worth $46,000 after acquiring an additional 144 shares during the period. Miracle Mile Advisors LLC lifted its stake in shares of CAVA Group by 1.9% in the 1st quarter. Miracle Mile Advisors LLC now owns 8,247 shares of the company's stock worth $713,000 after acquiring an additional 150 shares during the period. Finally, Kovitz Investment Group Partners LLC lifted its stake in shares of CAVA Group by 7.0% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 2,435 shares of the company's stock worth $275,000 after acquiring an additional 159 shares during the period. Institutional investors own 73.15% of the company's stock.

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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