Caas Capital Management LP Acquires New Position in CAVA Group, Inc. (NYSE:CAVA)

Caas Capital Management LP acquired a new stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,500 shares of the company's stock, valued at approximately $302,000.

A number of other hedge funds have also recently modified their holdings of the company. Steward Partners Investment Advisory LLC lifted its position in shares of CAVA Group by 229.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,793 shares of the company's stock worth $202,000 after purchasing an additional 1,248 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in CAVA Group by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 527,868 shares of the company's stock valued at $59,544,000 after acquiring an additional 11,776 shares in the last quarter. Victory Capital Management Inc. raised its holdings in CAVA Group by 46.7% in the fourth quarter. Victory Capital Management Inc. now owns 29,851 shares of the company's stock valued at $3,367,000 after acquiring an additional 9,497 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in CAVA Group in the fourth quarter valued at approximately $2,697,000. Finally, PNC Financial Services Group Inc. increased its stake in CAVA Group by 13.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,443 shares of the company's stock valued at $276,000 after purchasing an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company's stock.

CAVA Group Stock Performance

CAVA Group stock opened at $91.73 on Friday. CAVA Group, Inc. has a one year low of $70.00 and a one year high of $172.43. The business has a fifty day moving average of $84.46 and a two-hundred day moving average of $97.02. The company has a market cap of $10.61 billion, a P/E ratio of 76.44, a price-to-earnings-growth ratio of 4.20 and a beta of 2.65.

CAVA Group (NYSE:CAVA - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported $0.22 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.08. CAVA Group had a return on equity of 10.61% and a net margin of 13.70%. The company had revenue of $331.83 million during the quarter, compared to the consensus estimate of $327.98 million. During the same quarter last year, the company earned $0.12 earnings per share. CAVA Group's quarterly revenue was up 28.1% compared to the same quarter last year. Sell-side analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current year.

Insider Buying and Selling

In other news, CAO Adam David Phillips sold 739 shares of CAVA Group stock in a transaction on 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 $831,495.08. The trade was a 6.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Tricia K. Tolivar sold 4,845 shares of the 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 in the company, valued at approximately $17,763,690.20. The trade was a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,951 shares of company stock valued at $5,409,027 in the last quarter. Corporate insiders own 6.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CAVA. Stifel Nicolaus dropped their price target on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating on the stock in a research note on Wednesday, June 18th. Barclays lowered their target price on shares of CAVA Group from $104.00 to $90.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Citigroup raised their target price on shares of CAVA Group from $114.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Wall Street Zen lowered shares of CAVA Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. Finally, Bank of America raised their target price on shares of CAVA Group from $112.00 to $121.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $117.82.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.