CAVA Group, Inc. $CAVA Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its CAVA stake by 37.6% in the first quarter, selling 781,634 shares and retaining 1.30 million shares worth approximately $105.0 million. Institutional investors collectively own 73.15% of the company.
• CAVA reported quarterly earnings of $0.20 per share, beating estimates by $0.03, while revenue of $438.27 million exceeded forecasts and rose 32.1% year over year.
• The stock opened at $62.33, below its 50-day and 200-day moving averages. Analysts maintain a “Moderate Buy” consensus, with an average price target of $92.46.

Bank of America Corp DE cut its stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 37.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,297,361 shares of the company's stock after selling 781,634 shares during the period. Bank of America Corp DE owned approximately 1.11% of CAVA Group worth $104,957,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CAVA. Amundi lifted its stake in shares of CAVA Group by 578.4% in the 1st quarter. Amundi now owns 290,281 shares of the company's stock worth $23,484,000 after acquiring an additional 247,489 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of CAVA Group by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,040 shares of the company's stock worth $84,000 after buying an additional 393 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of CAVA Group by 25.2% during the 1st quarter. California State Teachers Retirement System now owns 110,842 shares of the company's stock worth $8,967,000 after buying an additional 22,322 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of CAVA Group by 123.0% in the 1st quarter. Quantinno Capital Management LP now owns 76,126 shares of the company's stock valued at $6,159,000 after buying an additional 41,986 shares during the period. Finally, Blue Chip Partners LLC raised its position in CAVA Group by 46.3% in the first quarter. Blue Chip Partners LLC now owns 9,822 shares of the company's stock worth $795,000 after acquiring an additional 3,107 shares in the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Theodoros Xenohristos sold 9,044 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $79.75, for a total transaction of $721,259.00. Following the sale, the insider owned 327,882 shares of the company's stock, valued at $26,148,589.50. The trade was a 2.68% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, insider Kelly Costanza sold 12,490 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total value of $1,124,100.00. Following the sale, the insider directly owned 98,490 shares in the company, valued at approximately $8,864,100. The trade was a 11.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 91,747 shares of company stock worth $7,970,838 in the last 90 days. 6.70% of the stock is currently owned by corporate insiders.

CAVA Group Stock Performance

CAVA Group stock opened at $62.33 on Friday. The company has a 50-day simple moving average of $73.56 and a 200-day simple moving average of $76.86. The firm has a market capitalization of $7.26 billion, a P/E ratio of 119.86, a P/E/G ratio of 4.29 and a beta of 1.74. CAVA Group, Inc. has a one year low of $43.41 and a one year high of $98.79.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings data on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The business had revenue of $438.27 million during the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The business's revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 EPS. As a group, sell-side analysts forecast that CAVA Group, Inc. will post 0.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CAVA has been the topic of several recent analyst reports. Royal Bank Of Canada lowered their target price on shares of CAVA Group from $105.00 to $90.00 and set an "outperform" rating on the stock in a research report on Thursday. Wall Street Zen raised shares of CAVA Group from a "sell" rating to a "hold" rating in a research report on Sunday, May 24th. JPMorgan Chase & Co. upped their price target on shares of CAVA Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Friday, April 24th. Roth Capital reiterated a "buy" rating and issued a $106.00 price target on shares of CAVA Group in a research note on Wednesday, May 20th. Finally, Argus set a $92.00 price objective on CAVA Group in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $92.46.

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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