Citigroup Lowers CAVA Group (NYSE:CAVA) Price Target to $88.00

Key Points

• Citigroup has lowered its price target for CAVA Group from $102 to $88, maintaining a "neutral" rating on the stock, indicating a potential upside of 22.69% from its current price.
• Recent analyst reports have shown a consensus rating of "Moderate Buy" for CAVA Group, with varied target prices ranging from $75 to $103.56 among different institutions.
• CAVA Group's shares experienced a significant drop, trading down 15.5% to $71.72, and the company reported quarterly earnings that slightly beat consensus estimates but fell short on revenue expectations.

CAVA Group (NYSE:CAVA - Get Free Report) had its target price lowered by equities research analysts at Citigroup from $102.00 to $88.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's price objective would indicate a potential upside of 22.69% from the stock's current price.

CAVA has been the topic of several other reports. Morgan Stanley dropped their price target on shares of CAVA Group from $107.00 to $97.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Wall Street Zen downgraded shares of CAVA Group from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. TD Cowen cut their target price on shares of CAVA Group from $120.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday. UBS Group dropped their price target on shares of CAVA Group from $96.00 to $75.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, KeyCorp decreased their price target on shares of CAVA Group from $100.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, CAVA Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $103.56.

CAVA Group Stock Performance

Shares of NYSE:CAVA traded down $12.78 during mid-day trading on Wednesday, hitting $71.72. The stock had a trading volume of 26,421,924 shares, compared to its average volume of 3,695,085. The company has a market cap of $8.30 billion, a PE ratio of 59.58, a P/E/G ratio of 4.11 and a beta of 2.65. CAVA Group has a 12-month low of $65.70 and a 12-month high of $172.43. The company's 50 day moving average is $83.46 and its 200-day moving average is $92.30.

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

Insiders Place Their Bets

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

Institutional Trading of CAVA Group

Several institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its stake in CAVA Group by 17,386.7% during the first quarter. GAMMA Investing LLC now owns 73,794 shares of the company's stock worth $6,377,000 after buying an additional 73,372 shares during the last quarter. SG Americas Securities LLC boosted its stake in CAVA Group by 768.4% during the first quarter. SG Americas Securities LLC now owns 220,816 shares of the company's stock worth $19,081,000 after buying an additional 195,389 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new position in CAVA Group during the first quarter worth $257,000. Yousif Capital Management LLC acquired a new position in CAVA Group during the first quarter worth $2,429,000. Finally, Golden State Wealth Management LLC boosted its stake in CAVA Group by 101.9% during the first quarter. Golden State Wealth Management LLC now owns 848 shares of the company's stock worth $73,000 after buying an additional 428 shares during the last quarter. 73.15% of the stock is owned by institutional investors and hedge funds.

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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