ING Groep NV Makes New Investment in CAVA Group, Inc. (NYSE:CAVA)

Key Points

• ING Groep NV has acquired a new stake in CAVA Group, purchasing 14,500 shares valued at approximately $1.25 million during Q1.
• Analysts have given mixed reviews on CAVA Group, with target prices ranging from $95.00 to $175.00, indicating a general sentiment of buy but with some downgrades.
• CAVA Group reported a 28.1% year-over-year revenue increase in its most recent quarterly earnings, achieving $331.83 million compared to analyst expectations.

ING Groep NV acquired a new stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 14,500 shares of the company's stock, valued at approximately $1,253,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. lifted its position in shares of CAVA Group by 1,400.0% during the 1st quarter. First Horizon Advisors Inc. now owns 285 shares of the company's stock valued at $25,000 after acquiring an additional 266 shares during the period. Versant Capital Management Inc bought a new stake in shares of CAVA Group during the 1st quarter valued at $31,000. NCP Inc. bought a new stake in shares of CAVA Group during the 1st quarter valued at $44,000. Whittier Trust Co. of Nevada Inc. lifted its position in shares of CAVA Group by 37.3% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 530 shares of the company's stock valued at $46,000 after acquiring an additional 144 shares during the period. Finally, Signaturefd LLC lifted its position in shares of CAVA Group by 148.9% during the 1st quarter. Signaturefd LLC now owns 784 shares of the company's stock valued at $68,000 after acquiring an additional 469 shares during the period. 73.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CAVA has been the subject of a number of recent analyst reports. Stifel Nicolaus cut their target price on CAVA Group from $175.00 to $125.00 and set a "buy" rating for the company in a research report on Wednesday, June 18th. TD Securities reiterated a "buy" rating and set a $120.00 target price on shares of CAVA Group in a research report on Friday, May 16th. Wall Street Zen downgraded CAVA Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. Morgan Stanley set a $107.00 price objective on CAVA Group and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Finally, JPMorgan Chase & Co. dropped their price objective on CAVA Group from $115.00 to $95.00 and set an "overweight" rating for the company in a research report on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, CAVA Group has an average rating of "Moderate Buy" and an average target price of $119.72.

CAVA Group Stock Performance

Shares of CAVA stock traded down $3.79 on Friday, hitting $85.11. The company had a trading volume of 4,082,840 shares, compared to its average volume of 3,109,148. The firm has a market cap of $9.84 billion, a P/E ratio of 70.93, a P/E/G ratio of 4.44 and a beta of 2.65. The stock's 50-day moving average is $83.36 and its two-hundred day moving average is $93.07. CAVA Group, Inc. has a twelve month low of $70.00 and a twelve month high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.08. The company had revenue of $331.83 million during 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 business'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 earnings per share. Equities research analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current year.

Insider Buying and Selling

In other CAVA Group news, CAO Adam David Phillips sold 739 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.16, for a total value of $55,543.24. Following the transaction, the chief accounting officer owned 11,063 shares in the company, valued at approximately $831,495.08. This represents a 6.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brett Schulman sold 31,856 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.16, for a total value of $2,394,296.96. Following the completion of the transaction, the chief executive officer owned 792,318 shares in the company, valued at approximately $59,550,620.88. The trade was a 3.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,603 shares of company stock valued at $4,522,089. Corporate 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.