Driehaus Capital Management LLC Sells 467,987 Shares of CAVA Group, Inc. $CAVA

Key Points

• Driehaus Capital Management LLC reduced its stake in CAVA Group, Inc. by 61.6%, owning approximately 0.25% of the company with holdings worth $25.24 million after selling 467,987 shares.
• CEO Brett Schulman and insider Kelly Costanza sold shares on June 16th, with Schulman’s transaction worth nearly $2.4 million, reflecting a decrease in their ownership stakes.
• CAVA Group's stock has seen significant fluctuations, with recent earnings reports revealing a 20.2% year-over-year revenue increase despite a PE ratio of 56.84.

Driehaus Capital Management LLC decreased its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 61.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 292,110 shares of the company's stock after selling 467,987 shares during the period. Driehaus Capital Management LLC owned 0.25% of CAVA Group worth $25,241,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in CAVA. First Horizon Advisors Inc. raised its position in CAVA Group by 1,400.0% in the first quarter. First Horizon Advisors Inc. now owns 285 shares of the company's stock worth $25,000 after acquiring an additional 266 shares during the period. Vision Financial Markets LLC bought a new stake in CAVA Group in the first quarter worth about $26,000. Dagco Inc. bought a new stake in CAVA Group in the first quarter worth about $27,000. Versant Capital Management Inc bought a new stake in CAVA Group in the first quarter worth about $31,000. Finally, Brooklyn Investment Group raised its position in CAVA Group by 168.0% in the first quarter. Brooklyn Investment Group now owns 402 shares of the company's stock worth $35,000 after acquiring an additional 252 shares during the period. Institutional investors own 73.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on CAVA shares. TD Securities reaffirmed a "buy" rating and issued a $120.00 price objective on shares of CAVA Group in a research report on Friday, May 16th. Bank of America lowered their price target on shares of CAVA Group from $121.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, August 13th. TD Cowen lowered their price target on shares of CAVA Group from $120.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, August 13th. Piper Sandler lowered their price target on shares of CAVA Group from $122.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 13th. Finally, KeyCorp lowered their price target on shares of CAVA Group from $100.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, CAVA Group presently has a consensus rating of "Moderate Buy" and an average target price of $99.47.

Insider Transactions at CAVA Group

In other news, insider Jennifer Somers sold 2,861 shares of the 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 transaction, the insider owned 137,048 shares of the company's stock, valued at $10,300,527.68. This represents a 2.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Theodoros Xenohristos sold 3,062 shares of the 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 in the company, valued at $26,321,708.44. The trade was a 0.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 48,360 shares of company stock worth $3,634,738. Company insiders own 12.10% of the company's stock.

CAVA Group Trading Down 3.0%

Shares of CAVA traded down $2.01 during mid-day trading on Tuesday, reaching $65.54. 3,520,536 shares of the stock traded hands, compared to its average volume of 3,841,158. The company has a market cap of $7.60 billion, a price-to-earnings ratio of 55.08, a price-to-earnings-growth ratio of 3.38 and a beta of 2.62. The firm has a fifty day moving average price of $81.10 and a 200 day moving average price of $85.46. CAVA Group, Inc. has a 1 year low of $65.03 and a 1 year high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating 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 return on equity of 9.83% and a net margin of 12.98%.The company's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the company posted $0.17 EPS. On average, sell-side analysts anticipate that CAVA Group, Inc. will post 0.5 EPS for the current year.

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.