CAVA Group, Inc. $CAVA Stock Position Decreased by Congress Asset Management Co.

Key Points

• Congress Asset Management reduced its CAVA position by 24.1% in the third quarter, selling 120,258 shares and retaining 378,086 shares valued at approximately $20.45 million. Institutional investors and hedge funds collectively own 73.15% of the company.
• CAVA reported quarterly revenue of $368.44 million, up 31.3% year over year, and earnings of $0.19 per share, slightly exceeding analyst expectations.
• The company authorized a $100 million share-repurchase program, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $88.64.

Congress Asset Management Co. cut its position in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 24.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 378,086 shares of the company's stock after selling 120,258 shares during the period. Congress Asset Management Co. owned 0.32% of CAVA Group worth $20,454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in CAVA. Ancora Advisors LLC purchased a new stake in shares of CAVA Group during the second quarter worth $27,000. FNY Investment Advisers LLC acquired a new position in CAVA Group during the second quarter worth about $31,000. Philadelphia Investment Partners LLC purchased a new stake in CAVA Group during the 2nd quarter valued at about $33,000. CX Institutional purchased a new stake in CAVA Group during the 3rd quarter valued at about $26,000. Finally, Scarborough Advisors LLC acquired a new stake in CAVA Group in the 1st quarter valued at about $54,000. 73.15% of the stock is owned by institutional investors and hedge funds.

CAVA Group Trading Down 2.8%

Shares of NYSE:CAVA opened at $52.57 on Wednesday. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 95.59, a PEG ratio of 4.19 and a beta of 1.80. CAVA Group, Inc. has a 12-month low of $43.41 and a 12-month high of $98.79. The business has a 50-day moving average price of $60.95 and a 200 day moving average price of $73.44.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.01. The company had revenue of $368.44 million for the quarter, compared to analysts' expectations of $360.09 million. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. CAVA Group's revenue for the quarter was up 31.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 earnings per share. As a group, equities research analysts predict that CAVA Group, Inc. will post 0.55 earnings per share for the current fiscal year.

CAVA Group announced that its Board of Directors has initiated a share repurchase plan on Friday, September 18th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 1.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Activity at CAVA Group

In related news, insider Douglas Thompson acquired 6,500 shares of the firm's stock in a transaction dated Monday, August 31st. The shares were purchased at an average cost of $66.52 per share, for a total transaction of $432,380.00. Following the acquisition, the insider owned 19,371 shares in the company, valued at $1,288,558.92. The trade was a 50.50% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CAVA. Guggenheim decreased their target price on shares of CAVA Group from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. JPMorgan Chase & Co. dropped their price target on CAVA Group from $85.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, September 18th. Roth Capital reaffirmed a "buy" rating and issued a $95.00 price target (down from $106.00) on shares of CAVA Group in a report on Wednesday, August 12th. Weiss Ratings downgraded CAVA Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, July 24th. Finally, UBS Group raised CAVA Group from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $85.00 to $90.00 in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, CAVA Group has an average rating of "Moderate Buy" and a consensus price target of $88.64.

About CAVA Group

CAVA Group, Inc is a fast-casual restaurant company focused on Mediterranean-inspired food and hospitality. Its restaurants offer customizable meals such as grain bowls, salads, pitas and dips, with ingredients and flavors influenced by the cuisines of the Mediterranean region. The company also provides digital ordering, delivery and catering services through its restaurant platform.

CAVA began as a Washington, DC-area restaurant concept and has expanded its operations across the United States.

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