Platinum Investment Management Ltd. Makes New Investment in CAVA Group, Inc. $CAVA

Key Points

• Platinum Investment Management initiated a new position in CAVA Group, buying 37,500 shares valued at about $2.2 million in the fourth quarter.
• CAVA reported a strong quarterly beat, with EPS of $0.20 versus the $0.17 estimate and revenue of $438.27 million, up 32.1% year over year.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $93.37, while shares recently traded up 3.1% to $91.01.

Platinum Investment Management Ltd. bought a new stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 37,500 shares of the company's stock, valued at approximately $2,201,000.

Other hedge funds have also recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new stake in shares of CAVA Group during the 4th quarter valued at about $25,000. Harbor Investment Advisory LLC raised its position in shares of CAVA Group by 347.8% during the 4th quarter. Harbor Investment Advisory LLC now owns 515 shares of the company's stock valued at $30,000 after buying an additional 400 shares in the last quarter. TD Private Client Wealth LLC raised its position in shares of CAVA Group by 118.2% during the 4th quarter. TD Private Client Wealth LLC now owns 600 shares of the company's stock valued at $35,000 after buying an additional 325 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of CAVA Group during the 3rd quarter valued at about $36,000. Finally, Allworth Financial LP raised its position in shares of CAVA Group by 57.4% during the 4th quarter. Allworth Financial LP now owns 650 shares of the company's stock valued at $38,000 after buying an additional 237 shares in the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

CAVA Group Trading Up 3.1%

Shares of NYSE:CAVA opened at $91.01 on Friday. The company has a market capitalization of $10.60 billion, a price-to-earnings ratio of 175.02, a PEG ratio of 6.05 and a beta of 1.70. CAVA Group, Inc. has a 12 month low of $43.41 and a 12 month high of $98.79. The firm's 50-day moving average is $83.51 and its 200 day moving average is $72.88.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. The company had revenue of $438.27 million for the quarter, compared to the consensus estimate of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The firm's revenue was up 32.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.22 EPS. As a group, equities analysts forecast that CAVA Group, Inc. will post 0.55 EPS for the current fiscal year.

Analysts Set New Price Targets

CAVA has been the topic of several analyst reports. Argus set a $92.00 price target on shares of CAVA Group in a report on Friday, May 22nd. DA Davidson upped their price target on shares of CAVA Group from $80.00 to $84.00 and gave the company a "neutral" rating in a report on Thursday, May 21st. Weiss Ratings upgraded shares of CAVA Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, May 20th. Mizuho upped their price target on shares of CAVA Group from $72.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday, April 2nd. Finally, Stifel Nicolaus upped their price target on shares of CAVA Group from $90.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, CAVA Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $93.37.

Insiders Place Their Bets

In other CAVA Group news, insider Theodoros Xenohristos sold 9,044 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $79.75, for a total value of $721,259.00. Following the transaction, the insider directly owned 327,882 shares in the company, valued at $26,148,589.50. This represents a 2.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Adam David Phillips sold 5,181 shares of the company's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $77.14, for a total transaction of $399,662.34. Following the completion of the transaction, the chief accounting officer owned 9,505 shares in the company, valued at $733,215.70. This represents a 35.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 24,235 shares of company stock worth $1,920,420 in the last three months. Corporate insiders own 6.70% of the company's stock.

About CAVA Group

CAVA Group, Inc NYSE: CAVA is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe's Kitchen.

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