D.A. Davidson & CO. Reduces Position in CAVA Group, Inc. $CAVA

Key Points

• D.A. Davidson cut its stake in CAVA by 72.2% in Q4, selling 29,822 shares and retaining 11,474 shares valued at about $673,000 at quarter-end.
• Multiple analysts have raised price targets (recent lifts into the mid-$80s to $105), and the consensus rating is a "Moderate Buy" with an average price target of $89.70.
• CAVA slightly beat quarterly estimates (EPS $0.04 vs. $0.03) with revenue up 20.9% to $274.99M; the stock trades near $89 with a market cap of $10.37B and a high P/E of 165.

D.A. Davidson & CO. decreased its stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 72.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,474 shares of the company's stock after selling 29,822 shares during the period. D.A. Davidson & CO.'s holdings in CAVA Group were worth $673,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Cornerstone Planning Group LLC increased its position in CAVA Group by 378.7% during the third quarter. Cornerstone Planning Group LLC now owns 450 shares of the company's stock worth $27,000 after buying an additional 356 shares in the last quarter. Harbor Investment Advisory LLC increased its position in CAVA Group by 347.8% during the fourth quarter. Harbor Investment Advisory LLC now owns 515 shares of the company's stock worth $30,000 after buying an additional 400 shares in the last quarter. CNB Bank increased its position in CAVA Group by 275.8% during the third quarter. CNB Bank now owns 575 shares of the company's stock worth $35,000 after buying an additional 422 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in CAVA Group during the third quarter worth $36,000. Finally, National Bank of Canada FI increased its position in CAVA Group by 195.1% during the third quarter. National Bank of Canada FI now owns 717 shares of the company's stock worth $43,000 after buying an additional 474 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Truist Financial lifted their price objective on CAVA Group from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday, February 25th. Piper Sandler lifted their price objective on CAVA Group from $71.00 to $85.00 and gave the company an "overweight" rating in a research report on Wednesday, February 25th. KeyCorp lifted their price objective on CAVA Group from $95.00 to $105.00 and gave the company an "overweight" rating in a research report on Monday, April 20th. Barclays lifted their price objective on CAVA Group from $52.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, January 7th. Finally, TD Cowen lifted their price objective on CAVA Group from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $89.70.

CAVA Group Trading Down 2.1%

Shares of CAVA Group stock opened at $89.11 on Tuesday. CAVA Group, Inc. has a twelve month low of $43.41 and a twelve month high of $101.50. The stock has a market capitalization of $10.37 billion, a P/E ratio of 165.03, a PEG ratio of 6.48 and a beta of 1.90. The business's fifty day moving average price is $84.33 and its 200 day moving average price is $67.95.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its earnings results on Tuesday, February 24th. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.01. CAVA Group had a return on equity of 8.43% and a net margin of 5.40%.The firm had revenue of $274.99 million for the quarter, compared to analysts' expectations of $268.04 million. During the same quarter last year, the firm earned $0.05 earnings per share. The firm's revenue for the quarter was up 20.9% compared to the same quarter last year. As a group, sell-side analysts predict that CAVA Group, Inc. will post 0.52 EPS for the current year.

About CAVA Group

CAVA Group, Inc NYSE: CAVA is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe's Kitchen.

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