CAVA Group, Inc. $CAVA Shares Bought by Congress Asset Management Co.

Key Points

• Congress Asset Management Co. significantly increased its holdings in CAVA Group, Inc. by 30,593.6% during the second quarter, resulting in ownership of 751,994 shares worth $63.34 million.
• Research analysts have adjusted their price targets for CAVA Group, with some forecasting a decrease; Piper Sandler lowered its target from $122 to $100, and UBS Group reduced it from $96 to $75.
• CAVA Group reported earnings of $0.16 per share for the last quarter, surpassing analyst expectations, although revenue of $280.62 million did not meet the estimate of $285.65 million.

Congress Asset Management Co. raised its position in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 30,593.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 751,994 shares of the company's stock after acquiring an additional 749,544 shares during the period. Congress Asset Management Co. owned approximately 0.65% of CAVA Group worth $63,340,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in shares of CAVA Group by 17,386.7% in 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. PNC Financial Services Group Inc. raised its holdings in shares of CAVA Group by 123.4% in the first quarter. PNC Financial Services Group Inc. now owns 5,458 shares of the company's stock worth $472,000 after buying an additional 3,015 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of CAVA Group by 5.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 554,934 shares of the company's stock worth $47,952,000 after buying an additional 27,066 shares during the last quarter. Lewis Asset Management LLC purchased a new position in shares of CAVA Group in the second quarter worth $504,000. Finally, SG Americas Securities LLC raised its holdings in shares of CAVA Group by 768.4% in 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. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on CAVA shares. Piper Sandler decreased their price target on shares of CAVA Group from $122.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, August 13th. Argus set a $76.00 price target on shares of CAVA Group in a report on Tuesday, September 2nd. UBS Group decreased their price target on shares of CAVA Group from $96.00 to $75.00 and set a "neutral" rating for the company in a report on Wednesday, August 13th. Bank of America decreased their price target on shares of CAVA Group from $121.00 to $100.00 and set a "buy" rating for the company in a report on Wednesday, August 13th. Finally, Wall Street Zen cut shares of CAVA Group from a "hold" rating to a "sell" rating in a report on Friday, June 27th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $96.41.

CAVA Group Price Performance

Shares of CAVA Group stock opened at $62.82 on Friday. The firm has a fifty day moving average price of $73.75 and a 200 day moving average price of $81.21. CAVA Group, Inc. has a 1 year low of $60.81 and a 1 year high of $172.43. The stock has a market cap of $7.28 billion, a PE ratio of 52.79, a price-to-earnings-growth ratio of 3.17 and a beta of 2.61.

CAVA Group (NYSE:CAVA - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.13 by $0.03. The company had revenue of $280.62 million for the quarter, compared to analyst estimates of $285.65 million. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The firm's revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business earned $0.17 earnings per share. As a group, equities analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current year.

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.

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