Joule Financial LLC Makes New Investment in CAVA Group, Inc. $CAVA

Key Points

• Joule Financial LLC acquired 10,096 shares of CAVA Group, Inc. valued at approximately $850,000, marking a new investment during the second quarter.
• Multiple institutional investors have significantly increased their positions in CAVA Group, indicating strong interest in the stock, with hedge funds owning over 73.15% of the shares.
• Analysts have varied opinions on CAVA's stock, with ratings ranging from "Strong Buy" to "Sell," and a consensus price target of $96.41 per share.

Joule Financial LLC acquired a new position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 10,096 shares of the company's stock, valued at approximately $850,000.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in CAVA Group by 13.2% during the first quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company's stock valued at $783,374,000 after buying an additional 1,054,180 shares during the period. Jennison Associates LLC boosted its stake in shares of CAVA Group by 246.1% during the 1st quarter. Jennison Associates LLC now owns 8,519,459 shares of the company's stock worth $736,166,000 after acquiring an additional 6,057,727 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of CAVA Group by 114.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company's stock valued at $206,915,000 after acquiring an additional 1,277,912 shares during the period. Alliancebernstein L.P. increased its stake in shares of CAVA Group by 2,072.1% in the 1st quarter. Alliancebernstein L.P. now owns 852,691 shares of the company's stock valued at $73,681,000 after purchasing an additional 813,434 shares in the last quarter. Finally, Nuveen LLC acquired a new position in CAVA Group in the 1st quarter worth about $72,800,000. 73.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on CAVA shares. Wall Street Zen lowered CAVA Group from a "hold" rating to a "sell" rating in a report on Friday, June 27th. TD Cowen cut their price target on shares of CAVA Group from $120.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, August 13th. Morgan Stanley reduced their price objective on shares of CAVA Group from $107.00 to $97.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Argus set a $76.00 target price on shares of CAVA Group in a research report on Tuesday, September 2nd. Finally, Melius initiated coverage on shares of CAVA Group in a research note on Monday, July 14th. They set a "hold" rating and a $95.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $96.41.

CAVA Group Stock Up 0.4%

CAVA Group stock opened at $63.49 on Monday. The company has a fifty day simple moving average of $70.52 and a 200-day simple moving average of $80.50. The firm has a market capitalization of $7.36 billion, a price-to-earnings ratio of 53.36, a PEG ratio of 3.18 and a beta of 2.50. CAVA Group, Inc. has a 52-week low of $58.33 and a 52-week high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. The firm had revenue of $280.62 million for the quarter, compared to analyst estimates of $285.65 million. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. CAVA Group's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.17 earnings per share. On average, research analysts anticipate that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

CAVA Group 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.

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