Norden Group LLC Purchases Shares of 6,514 CAVA Group, Inc. $CAVA

Key Points

• Norden Group LLC has acquired a new stake in CAVA Group, Inc., purchasing 6,514 shares valued at approximately $549,000 in the second quarter.
• Institutional investors and hedge funds collectively own 73.15% of CAVA Group's shares, with several hedge funds recently increasing their holdings.
• CAVA Group reported a 20.2% year-over-year revenue increase, totaling $280.62 million for the latest quarter, though it fell short of analyst expectations.

Norden Group LLC purchased a new stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,514 shares of the company's stock, valued at approximately $549,000.

Several other hedge funds have also recently modified their holdings of the stock. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of CAVA Group by 37.3% during the first 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 in the last quarter. Miracle Mile Advisors LLC increased its holdings in shares of CAVA Group by 1.9% during the first quarter. Miracle Mile Advisors LLC now owns 8,247 shares of the company's stock valued at $713,000 after acquiring an additional 150 shares in the last quarter. Regent Peak Wealth Advisors LLC increased its holdings in shares of CAVA Group by 6.2% during the first quarter. Regent Peak Wealth Advisors LLC now owns 3,166 shares of the company's stock valued at $274,000 after acquiring an additional 186 shares in the last quarter. World Investment Advisors increased its holdings in shares of CAVA Group by 6.3% during the first quarter. World Investment Advisors now owns 3,565 shares of the company's stock valued at $308,000 after acquiring an additional 210 shares in the last quarter. Finally, Dearborn Partners LLC increased its holdings in shares of CAVA Group by 10.4% during the first quarter. Dearborn Partners LLC now owns 2,449 shares of the company's stock valued at $212,000 after acquiring an additional 230 shares in the last quarter. Institutional investors and hedge funds own 73.15% of the company's stock.

CAVA Group Trading Down 1.0%

Shares of NYSE:CAVA opened at $62.82 on Friday. CAVA Group, Inc. has a twelve month low of $60.81 and a twelve month high of $172.43. The company's 50 day moving average is $73.75 and its 200 day moving average is $81.21. The company has a market cap of $7.28 billion, a PE ratio of 52.79, a price-to-earnings-growth ratio of 3.17 and a beta of 2.61.

CAVA Group (NYSE:CAVA - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. CAVA Group had a return on equity of 9.83% and a net margin of 12.98%.The business had revenue of $280.62 million for the quarter, compared to analyst estimates of $285.65 million. During the same quarter in the prior year, the firm posted $0.17 EPS. The business's quarterly 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.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CAVA shares. Argus set a $76.00 price objective on shares of CAVA Group in a report on Tuesday, September 2nd. TD Cowen cut their price objective on shares of CAVA Group from $120.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, August 13th. Barclays cut their price objective on shares of CAVA Group from $91.00 to $74.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Stifel Nicolaus cut their price target on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating on the stock in a report on Wednesday, June 18th. Finally, Piper Sandler cut their price target on shares of CAVA Group from $122.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.41.

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.

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