CAVA Group, Inc. $CAVA Position Cut by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in CAVA Group, Inc. by 3.2%, owning 824,828 shares valued at approximately $71 million as of the latest SEC filing.
• Several institutional investors, including Vanguard Group and Jennison Associates, significantly increased their holdings in CAVA Group during the first quarter.
• Analyst ratings for CAVA Group show a shift with price targets being cut by multiple firms, including Citigroup and TD Cowen, reflecting a more cautious outlook on the stock's performance.

Invesco Ltd. decreased its position in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 3.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 824,828 shares of the company's stock after selling 26,925 shares during the quarter. Invesco Ltd. owned 0.71% of CAVA Group worth $71,273,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Covestor Ltd grew its position in CAVA Group by 191.6% in the first quarter. Covestor Ltd now owns 1,884 shares of the company's stock valued at $163,000 after acquiring an additional 1,238 shares in the last quarter. Townsquare Capital LLC acquired a new stake in CAVA Group in the first quarter valued at approximately $429,000. LaSalle St. Investment Advisors LLC acquired a new stake in CAVA Group in the first quarter valued at approximately $275,000. Swiss National Bank grew its position in shares of CAVA Group by 5.7% during the first quarter. Swiss National Bank now owns 166,400 shares of the company's stock worth $14,379,000 after buying an additional 9,000 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of CAVA Group by 19.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 67,206 shares of the company's stock worth $5,807,000 after buying an additional 11,000 shares in the last quarter. Institutional investors and hedge funds own 73.15% of the company's stock.

CAVA Group Trading Down 1.7%

CAVA Group stock traded down $1.1880 during mid-day trading on Thursday, reaching $67.3620. The company's stock had a trading volume of 3,879,208 shares, compared to its average volume of 6,208,525. The firm has a market cap of $7.81 billion, a price-to-earnings ratio of 56.61, a PEG ratio of 3.43 and a beta of 2.65. The business has a 50 day moving average price of $82.10 and a 200-day moving average price of $89.51. CAVA Group, Inc. has a twelve month low of $65.70 and a twelve month high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. The firm had revenue of $280.62 million during the quarter, compared to the consensus estimate 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 in the previous year, the company posted $0.17 earnings per share. On average, equities analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. 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 research report on Wednesday, August 13th. TD Cowen decreased their price target on shares of CAVA Group from $120.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, August 13th. Stifel Nicolaus decreased their price target on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating for the company in a research report on Wednesday, June 18th. TD Securities reissued a "buy" rating and set a $120.00 price target on shares of CAVA Group in a research report on Friday, May 16th. Finally, Barclays decreased their price target on shares of CAVA Group from $91.00 to $74.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, CAVA Group has a consensus rating of "Moderate Buy" and a consensus target price of $100.44.

Insider Transactions at CAVA Group

In other CAVA Group news, insider Jennifer Somers sold 2,861 shares of CAVA Group stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $215,032.76. Following the completion of the transaction, the insider owned 137,048 shares of the company's stock, valued at $10,300,527.68. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Theodoros Xenohristos sold 3,062 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 $230,139.92. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders have sold a total of 48,360 shares of company stock valued at $3,634,738 over the last quarter. Insiders own 6.80% of the company's stock.

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.