Sovran Advisors LLC Buys 23,817 Shares of CAVA Group, Inc. (NYSE:CAVA)

Sovran Advisors LLC increased its position in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 101.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,190 shares of the company's stock after buying an additional 23,817 shares during the quarter. Sovran Advisors LLC's holdings in CAVA Group were worth $4,058,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Utah Retirement Systems increased its stake in CAVA Group by 2.5% in the 4th quarter. Utah Retirement Systems now owns 4,100 shares of the company's stock worth $462,000 after purchasing an additional 100 shares during the period. Whittier Trust Co. increased its stake in CAVA Group by 80.9% in the 4th quarter. Whittier Trust Co. now owns 284 shares of the company's stock worth $32,000 after purchasing an additional 127 shares during the period. Mainstream Capital Management LLC increased its stake in CAVA Group by 0.7% in the 4th quarter. Mainstream Capital Management LLC now owns 17,758 shares of the company's stock worth $2,003,000 after purchasing an additional 132 shares during the period. Miracle Mile Advisors LLC increased its stake in CAVA Group by 1.9% in the 1st quarter. Miracle Mile Advisors LLC now owns 8,247 shares of the company's stock worth $713,000 after purchasing an additional 150 shares during the period. Finally, Centurion Wealth Management LLC increased its stake in CAVA Group by 8.8% in the 4th quarter. Centurion Wealth Management LLC now owns 1,913 shares of the company's stock worth $216,000 after purchasing an additional 154 shares during the period. Institutional investors own 73.15% of the company's stock.

CAVA Group Stock Performance

Shares of NYSE CAVA traded up $0.37 during mid-day trading on Friday, hitting $78.04. 6,875,984 shares of the stock traded hands, compared to its average volume of 3,164,171. CAVA Group, Inc. has a 52 week low of $70.00 and a 52 week high of $172.43. The company has a market cap of $9.03 billion, a price-to-earnings ratio of 65.03, a PEG ratio of 3.64 and a beta of 2.77. The stock has a fifty day moving average price of $84.95 and a 200-day moving average price of $99.04.

CAVA Group (NYSE:CAVA - Get Free Report) last released 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. CAVA Group had a return on equity of 10.61% and a net margin of 13.70%. The company had revenue of $331.83 million for the quarter, compared to analyst estimates of $327.98 million. During the same period in the previous year, the company posted $0.12 earnings per share. The firm's revenue was up 28.1% on a year-over-year basis. As a group, sell-side analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Insider Activity at CAVA Group

In related news, CFO Tricia K. Tolivar sold 4,845 shares of CAVA Group stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $364,150.20. Following the sale, the chief financial officer now directly owns 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Adam David Phillips sold 739 shares of CAVA Group stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $55,543.24. Following the sale, the chief accounting officer now owns 11,063 shares in the company, valued at $831,495.08. This represents a 6.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,951 shares of company stock worth $5,409,027 over the last ninety days. 6.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Citigroup lifted their price target on CAVA Group from $114.00 to $115.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Sanford C. Bernstein raised CAVA Group from a "market perform" rating to an "outperform" rating and set a $115.00 price target on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. decreased their price target on CAVA Group from $115.00 to $95.00 and set an "overweight" rating on the stock in a research note on Wednesday. UBS Group reduced their target price on CAVA Group from $125.00 to $112.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Finally, Wall Street Zen cut CAVA Group from a "hold" rating to a "sell" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $118.94.

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.