MIG Capital LLC Acquires New Position in CAVA Group, Inc. $CAVA

Key Points

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MIG Capital LLC acquired a new position in CAVA Group, Inc. (NYSE:CAVA - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 67,028 shares of the company's stock, valued at approximately $5,792,000. CAVA Group makes up about 0.7% of MIG Capital LLC's investment portfolio, making the stock its 21st largest holding. MIG Capital LLC owned about 0.06% of CAVA Group at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Envestnet Asset Management Inc. boosted its stake in shares of CAVA Group by 20.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 10,871 shares of the company's stock worth $1,226,000 after acquiring an additional 1,874 shares in the last quarter. Barclays PLC boosted its stake in shares of CAVA Group by 116.7% during the 4th quarter. Barclays PLC now owns 84,755 shares of the company's stock worth $9,560,000 after acquiring an additional 591,866 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of CAVA Group by 24.6% during the 4th quarter. NewEdge Advisors LLC now owns 15,666 shares of the company's stock worth $1,767,000 after acquiring an additional 3,094 shares in the last quarter. Forum Financial Management LP purchased a new stake in shares of CAVA Group during the 4th quarter worth about $230,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of CAVA Group by 43.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 239,561 shares of the company's stock worth $27,019,000 after acquiring an additional 72,288 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company's stock.

Analyst Ratings Changes

CAVA has been the topic of several recent analyst reports. Melius started 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 on the stock. Bank of America reduced their price target on shares of CAVA Group from $121.00 to $100.00 and set a "buy" rating for the company in a research report on Wednesday, August 13th. Sanford C. Bernstein set a $74.00 price target on shares of CAVA Group in a research report on Wednesday, August 13th. Robert W. Baird set a $95.00 price target on shares of CAVA Group in a research report on Wednesday, August 13th. Finally, Citigroup reduced their price target on shares of CAVA Group from $102.00 to $88.00 and set a "neutral" rating for the company in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $99.47.

Insider Activity

In other news, insider Theodoros Xenohristos sold 3,062 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $230,139.92. Following the transaction, the insider owned 350,209 shares of the company's stock, valued at approximately $26,321,708.44. The trade was a 0.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Tricia K. Tolivar sold 4,845 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $364,150.20. Following the completion of the transaction, the chief financial officer owned 236,345 shares in the company, valued at $17,763,690.20. The trade was a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,360 shares of company stock worth $3,634,738. Insiders own 6.80% of the company's stock.

CAVA Group Price Performance

NYSE CAVA traded up $1.0510 during trading hours on Friday, hitting $68.3810. 3,322,547 shares of the company's stock traded hands, compared to its average volume of 6,136,702. CAVA Group, Inc. has a 52-week low of $65.70 and a 52-week high of $172.43. The company has a market capitalization of $7.93 billion, a PE ratio of 57.46, a PEG ratio of 3.37 and a beta of 2.65. The firm's 50-day moving average is $81.98 and its 200-day moving average is $88.99.

CAVA Group (NYSE:CAVA - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The company had revenue of $280.62 million during the quarter, compared to analysts' expectations of $285.65 million. During the same quarter in the prior year, the company earned $0.17 EPS. CAVA Group's revenue was up 20.2% compared to the same quarter last year. Equities research analysts predict that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal 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.