Concurrent Investment Advisors LLC Purchases 3,416 Shares of CAVA Group, Inc. (NYSE:CAVA)

Concurrent Investment Advisors LLC raised its holdings in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 120.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,244 shares of the company's stock after acquiring an additional 3,416 shares during the quarter. Concurrent Investment Advisors LLC's holdings in CAVA Group were worth $540,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC increased its position in CAVA Group by 229.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,793 shares of the company's stock worth $202,000 after acquiring an additional 1,248 shares during the period. Charles Schwab Investment Management Inc. increased its position in CAVA Group by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 527,868 shares of the company's stock worth $59,544,000 after acquiring an additional 11,776 shares during the period. Victory Capital Management Inc. increased its position in CAVA Group by 46.7% during the fourth quarter. Victory Capital Management Inc. now owns 29,851 shares of the company's stock worth $3,367,000 after acquiring an additional 9,497 shares during the period. Proficio Capital Partners LLC bought a new position in CAVA Group during the fourth quarter worth $2,697,000. Finally, PNC Financial Services Group Inc. increased its position in CAVA Group by 13.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,443 shares of the company's stock worth $276,000 after acquiring an additional 289 shares during the period. 73.15% of the stock is currently owned by institutional investors and hedge funds.

CAVA Group Trading Down 2.3%

Shares of NYSE:CAVA traded down $2.09 during trading on Monday, hitting $89.96. 2,786,429 shares of the company's stock were exchanged, compared to its average volume of 3,229,761. CAVA Group, Inc. has a 1-year low of $70.00 and a 1-year high of $172.43. The firm has a 50-day moving average price of $84.37 and a two-hundred day moving average price of $96.55. The firm has a market cap of $10.40 billion, a P/E ratio of 74.97, a PEG ratio of 4.32 and a beta of 2.65.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CAVA shares. Wall Street Zen lowered shares of CAVA Group from a "hold" rating to a "sell" rating in a report on Friday, June 27th. JPMorgan Chase & Co. lowered their price target on shares of CAVA Group from $115.00 to $95.00 and set an "overweight" rating on the stock in a report on Wednesday, June 25th. Stifel Nicolaus lowered their price target on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating on the stock in a report on Wednesday, June 18th. TD Securities reissued a "buy" rating and issued a $120.00 price target on shares of CAVA Group in a report on Friday, May 16th. Finally, Citigroup boosted their price target on shares of CAVA Group from $114.00 to $115.00 and gave the company a "neutral" rating in a report on Friday, May 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $115.00.

Insiders Place Their Bets

In related news, CEO Brett Schulman sold 31,856 shares of the stock in a transaction that occurred on 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 directly owned 792,318 shares in the company, valued at $59,550,620.88. This trade represents a 3.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Theodoros Xenohristos sold 3,062 shares of the firm's stock in a transaction that occurred 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 sale, the insider owned 350,209 shares in the company, valued at $26,321,708.44. This trade represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,951 shares of company stock worth $5,409,027 over the last ninety days. Company 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.