Econ Financial Services Corp Purchases Shares of 7,618 CAVA Group, Inc. (NYSE:CAVA)

Econ Financial Services Corp purchased a new stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,618 shares of the company's stock, valued at approximately $658,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Principal Securities Inc. grew its stake in CAVA Group by 263.3% in the 4th quarter. Principal Securities Inc. now owns 436 shares of the company's stock valued at $49,000 after purchasing an additional 316 shares during the period. Allworth Financial LP grew its stake in CAVA Group by 369.2% in the 4th quarter. Allworth Financial LP now owns 244 shares of the company's stock valued at $30,000 after purchasing an additional 192 shares during the period. Truist Financial Corp grew its stake in CAVA Group by 28.8% in the 4th quarter. Truist Financial Corp now owns 6,423 shares of the company's stock valued at $725,000 after purchasing an additional 1,437 shares during the period. Atria Wealth Solutions Inc. grew its stake in CAVA Group by 19.6% in the 4th quarter. Atria Wealth Solutions Inc. now owns 7,606 shares of the company's stock valued at $858,000 after purchasing an additional 1,245 shares during the period. Finally, Ieq Capital LLC grew its stake in CAVA Group by 261.2% in the 4th quarter. Ieq Capital LLC now owns 9,885 shares of the company's stock valued at $1,115,000 after purchasing an additional 7,148 shares during the period. 73.15% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other CAVA Group news, insider Kelly Costanza sold 2,799 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $75.16, for a total value of $210,372.84. Following the sale, the insider now owns 122,548 shares of the company's stock, valued at $9,210,707.68. This trade represents a 2.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Adam David Phillips sold 739 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $55,543.24. Following the completion of the sale, the chief accounting officer now directly owns 11,063 shares in the company, valued at approximately $831,495.08. The trade was a 6.26% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,951 shares of company stock valued at $5,409,027. Corporate insiders own 6.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Piper Sandler upgraded CAVA Group from a "neutral" rating to an "overweight" rating and reduced their price objective for the company from $142.00 to $115.00 in a research note on Friday, February 28th. Wall Street Zen downgraded CAVA Group from a "hold" rating to a "sell" rating in a research note on Friday. Barclays cut their price target on CAVA Group from $104.00 to $90.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Robert W. Baird increased their price target on CAVA Group from $105.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. Finally, Stifel Nicolaus cut their price target on CAVA Group from $175.00 to $125.00 and set a "buy" rating for the company in a research note on Wednesday, June 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $118.94.

CAVA Group Stock Up 0.5%

CAVA traded up $0.37 during trading on Friday, reaching $78.04. 6,875,984 shares of the company were exchanged, compared to its average volume of 3,164,171. The company's 50-day moving average is $84.95 and its two-hundred day moving average is $99.04. The company has a market cap of $9.03 billion, a price-to-earnings ratio of 65.03, a P/E/G ratio of 3.64 and a beta of 2.77. CAVA Group, Inc. has a 12-month low of $70.00 and a 12-month high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $327.98 million. CAVA Group had a return on equity of 10.61% and a net margin of 13.70%. The firm's quarterly revenue was up 28.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.12 EPS. Equities analysts forecast that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

CAVA Group Company 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.