Wesbanco Bank Inc. Invests $1.99 Million in CAVA Group, Inc. (NYSE:CAVA)

Wesbanco Bank Inc. acquired a new position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 23,000 shares of the company's stock, valued at approximately $1,987,000.

Other hedge funds have also recently bought and sold shares of the company. Arcadia Investment Management Corp MI purchased a new stake in CAVA Group during the fourth quarter valued at about $25,000. Allworth Financial LP grew its holdings in shares of CAVA Group by 369.2% during the 4th quarter. Allworth Financial LP now owns 244 shares of the company's stock worth $30,000 after purchasing an additional 192 shares during the period. Larson Financial Group LLC grew its holdings in shares of CAVA Group by 274.0% during the 4th quarter. Larson Financial Group LLC now owns 273 shares of the company's stock worth $31,000 after purchasing an additional 200 shares during the period. Versant Capital Management Inc acquired a new stake in CAVA Group during the 1st quarter worth approximately $31,000. Finally, Whittier Trust Co. raised its holdings in CAVA Group by 80.9% in the fourth quarter. Whittier Trust Co. now owns 284 shares of the company's stock valued at $32,000 after buying an additional 127 shares during the period. Institutional investors and hedge funds own 73.15% of the company's stock.

Insiders Place Their Bets

In related news, insider Kelly Costanza sold 10,243 shares of CAVA Group stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $86.63, for a total value of $887,351.09. Following the completion of the sale, the insider now directly owns 125,347 shares in the company, valued at $10,858,810.61. This trade represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Theodoros Xenohristos sold 9,348 shares of the firm's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $94.88, for a total value of $886,938.24. Following the completion of the transaction, the insider now owns 353,271 shares in the company, valued at $33,518,352.48. This represents a 2.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Piper Sandler raised CAVA Group from a "neutral" rating to an "overweight" rating and dropped their target price for the stock from $142.00 to $115.00 in a research report on Friday, February 28th. UBS Group decreased their target price on CAVA Group from $125.00 to $112.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Citigroup boosted their price objective on CAVA Group from $114.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Bank of America raised their target price on shares of CAVA Group from $112.00 to $121.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Finally, Sanford C. Bernstein raised CAVA Group from a "market perform" rating to an "outperform" rating and set a $115.00 target price on the stock in a report on Wednesday, April 23rd. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, CAVA Group currently has a consensus rating of "Moderate Buy" and an average price target of $123.00.

CAVA Group Stock Performance

Shares of CAVA Group stock traded up $0.19 on Tuesday, reaching $78.41. The stock had a trading volume of 3,257,234 shares, compared to its average volume of 3,087,547. The business's 50-day moving average price is $87.61 and its two-hundred day moving average price is $105.11. The stock has a market cap of $9.07 billion, a P/E ratio of 170.46 and a beta of 2.77. CAVA Group, Inc. has a fifty-two week low of $70.00 and a fifty-two week high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.08. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The firm had revenue of $331.83 million during the quarter, compared to analyst estimates of $327.98 million. During the same quarter in the previous year, the business earned $0.12 EPS. The business's revenue was up 28.1% on a year-over-year basis. As a group, equities analysts forecast that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

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.