Algert Global LLC Makes New $4.16 Million Investment in CAVA Group, Inc. $CAVA

Key Points

• Algert Global acquired 53,030 CAVA shares worth approximately $4.16 million during the second quarter, while institutional investors collectively own 73.15% of the company.
• CAVA reported quarterly EPS of $0.19, topping estimates by $0.01, and revenue of $368.44 million, up 31.3% year over year. The stock opened at $66.80, well below its 52-week high of $98.79.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $89.44, although some firms recently lowered their targets. Insiders sold 67,512 shares worth about $6.05 million over the past 90 days.

Algert Global LLC acquired a new position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 53,030 shares of the company's stock, valued at approximately $4,162,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CAVA. Bison Wealth LLC bought a new position in CAVA Group during the 4th quarter valued at about $208,000. Goldman Sachs Group Inc. lifted its stake in shares of CAVA Group by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company's stock worth $52,432,000 after acquiring an additional 75,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of CAVA Group by 17.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company's stock valued at $20,447,000 after purchasing an additional 34,860 shares during the period. Brown Advisory Inc. grew its holdings in shares of CAVA Group by 9.3% in the second quarter. Brown Advisory Inc. now owns 2,979 shares of the company's stock worth $251,000 after purchasing an additional 253 shares during the last quarter. Finally, Cresset Asset Management LLC grew its holdings in shares of CAVA Group by 20.3% in the second quarter. Cresset Asset Management LLC now owns 9,165 shares of the company's stock worth $772,000 after purchasing an additional 1,549 shares during the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

CAVA Group Stock Down 1.4%

CAVA opened at $66.80 on Friday. CAVA Group, Inc. has a 52-week low of $43.41 and a 52-week high of $98.79. The firm's 50-day moving average price is $70.43 and its 200-day moving average price is $77.40. The company has a market cap of $7.80 billion, a P/E ratio of 121.46, a price-to-earnings-growth ratio of 4.61 and a beta of 1.74.

CAVA Group (NYSE:CAVA - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The firm had revenue of $368.44 million for the quarter, compared to the consensus estimate of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The firm's revenue was up 31.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.16 EPS. On average, research analysts anticipate that CAVA Group, Inc. will post 0.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Argus set a $92.00 price objective on shares of CAVA Group in a research report on Friday, May 22nd. Piper Sandler lifted their target price on CAVA Group from $85.00 to $92.00 and gave the company an "overweight" rating in a research report on Wednesday, May 20th. Sanford C. Bernstein reiterated an "outperform" rating on shares of CAVA Group in a report on Wednesday, August 12th. DA Davidson lowered their price objective on shares of CAVA Group from $84.00 to $75.00 and set a "neutral" rating for the company in a research note on Thursday, August 13th. Finally, TD Cowen dropped their target price on shares of CAVA Group from $100.00 to $85.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, CAVA Group presently has an average rating of "Moderate Buy" and an average price target of $89.44.

Insider Activity at CAVA Group

In other news, insider Theodoros Xenohristos sold 3,252 shares of the firm's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $290,826.36. Following the sale, the insider directly owned 324,630 shares in the company, valued at $29,031,660.90. This trade represents a 0.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of CAVA Group stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the transaction, the director owned 3,074 shares of the company's stock, valued at approximately $276,660. This represents a 76.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 67,512 shares of company stock valued at $6,050,417 in the last 90 days. 6.70% of the stock is currently owned by corporate insiders.

CAVA Group Company Profile

CAVA Group, Inc NYSE: CAVA is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe's Kitchen.

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