Victory Capital Management Inc. Has $1.55 Million Position in CAVA Group, Inc. (NYSE:CAVA)

Key Points

• Victory Capital Management Inc. reduced its stake in CAVA Group by 39.9%, now holding 17,954 shares valued at approximately $1.55 million.
• CAVA Group posted $0.22 EPS, surpassing analysts' expectations, with a revenue increase of 28.1% year-over-year at $331.83 million.
• Institutional investors own 73.15% of CAVA Group's stock, with various firms increasing their holdings significantly during the 4th quarter.

Victory Capital Management Inc. trimmed its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 39.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 17,954 shares of the company's stock after selling 11,897 shares during the quarter. Victory Capital Management Inc.'s holdings in CAVA Group were worth $1,551,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of CAVA Group by 37.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 530 shares of the company's stock valued at $46,000 after purchasing an additional 144 shares during the period. Bogart Wealth LLC increased its holdings in shares of CAVA Group by 527.8% during the first quarter. Bogart Wealth LLC now owns 1,626 shares of the company's stock valued at $141,000 after purchasing an additional 1,367 shares during the period. Signaturefd LLC increased its holdings in shares of CAVA Group by 148.9% during the first quarter. Signaturefd LLC now owns 784 shares of the company's stock valued at $68,000 after purchasing an additional 469 shares during the period. Securian Asset Management Inc. acquired a new position in shares of CAVA Group during the first quarter valued at $535,000. Finally, Louisiana State Employees Retirement System acquired a new position in shares of CAVA Group during the first quarter valued at $1,910,000. 73.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CAVA. Citigroup raised their price target on CAVA Group from $114.00 to $115.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Barclays lifted their target price on CAVA Group from $90.00 to $91.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. KeyCorp began coverage on CAVA Group in a report on Wednesday, July 2nd. They set an "overweight" rating and a $100.00 target price on the stock. Stifel Nicolaus lowered their target price on CAVA Group from $175.00 to $125.00 and set a "buy" rating on the stock in a report on Wednesday, June 18th. Finally, Melius began coverage on CAVA Group in a report on Monday, July 14th. They set a "hold" rating and a $95.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $115.06.

CAVA Group Trading Down 2.4%

NYSE:CAVA traded down $2.14 on Thursday, hitting $88.18. 3,146,356 shares of the company's stock traded hands, compared to its average volume of 3,419,643. The firm has a 50-day moving average price of $82.75 and a 200-day moving average price of $94.48. The company has a market cap of $10.20 billion, a PE ratio of 73.48, a price-to-earnings-growth ratio of 4.51 and a beta of 2.65. CAVA Group, Inc. has a 1 year low of $70.00 and a 1 year high of $172.43.

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

Insider Buying and Selling

In other news, insider Kelly Costanza sold 10,243 shares of CAVA Group stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $86.63, for a total transaction of $887,351.09. Following the completion of the sale, the insider directly owned 125,347 shares in the company, valued at $10,858,810.61. The trade was a 7.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brett Schulman sold 31,856 shares of CAVA Group stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $2,394,296.96. Following the sale, the chief executive officer owned 792,318 shares of the company's stock, valued at approximately $59,550,620.88. This represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,951 shares of company stock worth $5,409,027. Insiders own 6.80% of the company's stock.

About CAVA Group

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.