Thoroughbred Financial Services LLC Purchases 4,110 Shares of CAVA Group, Inc. (NYSE:CAVA)

Key Points

• Thoroughbred Financial Services LLC increased its ownership in CAVA Group, Inc. by 14.2% during Q1, acquiring a total of 33,037 shares valued at approximately $2.85 million.
• Several institutional investors significantly boosted their positions in CAVA, with Jennison Associates LLC increasing theirs by 246.1%, now owning over 8.5 million shares valued at $736.17 million.
• CAVA Group reported a quarterly revenue increase of 28.1% year-over-year, with earnings of $0.22 per share, surpassing expectations of $0.14.

Thoroughbred Financial Services LLC lifted its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 14.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,037 shares of the company's stock after buying an additional 4,110 shares during the period. Thoroughbred Financial Services LLC's holdings in CAVA Group were worth $2,854,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. First Horizon Advisors Inc. raised its stake in shares of CAVA Group by 1,400.0% in the first quarter. First Horizon Advisors Inc. now owns 285 shares of the company's stock valued at $25,000 after acquiring an additional 266 shares during the last quarter. Versant Capital Management Inc bought a new position in shares of CAVA Group in the first quarter valued at approximately $31,000. NCP Inc. bought a new position in shares of CAVA Group in the first quarter valued at approximately $44,000. Whittier Trust Co. of Nevada Inc. raised its stake in shares of CAVA Group by 37.3% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 530 shares of the company's stock valued at $46,000 after acquiring an additional 144 shares during the last quarter. Finally, Signaturefd LLC raised its stake in shares of CAVA Group by 148.9% in the first quarter. Signaturefd LLC now owns 784 shares of the company's stock valued at $68,000 after acquiring an additional 469 shares during the last quarter. 73.15% of the stock is owned by institutional investors and hedge funds.

CAVA Group Price Performance

NYSE:CAVA traded up $2.82 on Thursday, hitting $88.98. 3,300,437 shares of the company's stock were exchanged, compared to its average volume of 3,156,718. The firm has a 50-day moving average price of $83.28 and a 200-day moving average price of $93.32. CAVA Group, Inc. has a 52 week low of $70.00 and a 52 week high of $172.43. The company has a market cap of $10.29 billion, a P/E ratio of 146.03, a price-to-earnings-growth ratio of 4.30 and a beta of 2.65.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.14 by $0.08. CAVA Group had a net margin of 13.70% and a return on equity of 10.61%. The firm had revenue of $331.83 million for the quarter, compared to analysts' expectations of $327.98 million. During the same period in the previous year, the firm posted $0.12 EPS. The company's revenue for the quarter was up 28.1% on a year-over-year basis. On average, research analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CAVA has been the subject of a number of research analyst reports. UBS Group set a $196.00 target price on shares of CAVA Group in a research note on Tuesday. JPMorgan Chase & Co. dropped their price objective on shares of CAVA Group from $115.00 to $95.00 and set an "overweight" rating for the company in a research report on Wednesday, June 25th. Wall Street Zen cut shares of CAVA Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. KeyCorp began coverage on shares of CAVA Group in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $100.00 price objective for the company. Finally, TD Securities restated a "buy" rating and issued a $120.00 price objective on shares of CAVA Group in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $119.72.

Insider Activity

In other news, insider Theodoros Xenohristos sold 3,062 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $230,139.92. Following the sale, the insider directly owned 350,209 shares of the company's stock, valued at approximately $26,321,708.44. This represents a 0.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Somers sold 2,861 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $215,032.76. Following the completion of the sale, the insider directly owned 137,048 shares in the company, valued at approximately $10,300,527.68. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,951 shares of company stock worth $5,409,027. 6.80% of the stock is currently owned by company insiders.

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.