1832 Asset Management L.P. Lowers Stock Position in CAVA Group, Inc. $CAVA

Key Points

• 1832 Asset Management L.P. reduced its holdings in CAVA Group by 20.2%, selling 440,078 shares and retaining a total of 1,738,400 shares worth approximately $150.22 million.
• CAVA Group's CEO and CFO both sold shares on June 16, with the CEO selling 31,856 shares for over $2.39 million and the CFO selling 4,845 shares for approximately $364,150.
• Several analysts have revised their target prices for CAVA Group, with Morgan Stanley and Bank of America lowering theirs to $97.00 and $100.00 respectively, while the stock consensus rating is categorized as a "Moderate Buy."

1832 Asset Management L.P. trimmed its position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 20.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,738,400 shares of the company's stock after selling 440,078 shares during the quarter. 1832 Asset Management L.P. owned approximately 1.50% of CAVA Group worth $150,215,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hobbs Group Advisors LLC increased its holdings in CAVA Group by 31.3% in the 1st quarter. Hobbs Group Advisors LLC now owns 2,979 shares of the company's stock worth $257,000 after acquiring an additional 711 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in CAVA Group by 4,432.3% in the 1st quarter. Ameriprise Financial Inc. now owns 654,279 shares of the company's stock worth $56,537,000 after acquiring an additional 639,843 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in CAVA Group by 114.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company's stock worth $206,915,000 after acquiring an additional 1,277,912 shares in the last quarter. Tradition Wealth Management LLC increased its holdings in CAVA Group by 18.2% in the 1st quarter. Tradition Wealth Management LLC now owns 2,700 shares of the company's stock worth $233,000 after acquiring an additional 415 shares in the last quarter. Finally, MIG Capital LLC purchased a new stake in CAVA Group in the 1st quarter worth $5,792,000. Hedge funds and other institutional investors own 73.15% of the company's stock.

CAVA Group Price Performance

Shares of CAVA traded up $1.0510 during mid-day trading on Friday, reaching $68.3810. The stock had a trading volume of 3,322,547 shares, compared to its average volume of 6,196,685. CAVA Group, Inc. has a 52-week low of $65.70 and a 52-week high of $172.43. The business's fifty day moving average is $81.98 and its 200 day moving average is $88.25. The firm has a market cap of $7.93 billion, a price-to-earnings ratio of 57.46, a P/E/G ratio of 3.43 and a beta of 2.65.

CAVA Group (NYSE:CAVA - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $285.65 million. During the same quarter in the prior year, the firm posted $0.17 earnings per share. CAVA Group's quarterly revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts anticipate that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on CAVA shares. JPMorgan Chase & Co. cut their price target on shares of CAVA Group from $115.00 to $95.00 and set an "overweight" rating for the company in a report on Wednesday, June 25th. Citigroup cut their price target on shares of CAVA Group from $102.00 to $88.00 and set a "neutral" rating for the company in a report on Wednesday, August 13th. Cfra Research raised shares of CAVA Group to a "strong-buy" rating in a report on Thursday, August 14th. KeyCorp cut their price target on shares of CAVA Group from $100.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, August 13th. Finally, Melius assumed coverage on shares of CAVA Group in a report on Monday, July 14th. They set a "hold" rating and a $95.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $99.47.

Insider Transactions at CAVA Group

In related news, insider Jennifer Somers sold 2,861 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 $215,032.76. Following the completion of the sale, the insider owned 137,048 shares of the company's stock, valued at approximately $10,300,527.68. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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 completion of 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 48,360 shares of company stock valued at $3,634,738 in the last three months. 12.10% of the stock is currently owned by corporate insiders.

CAVA Group 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.