Wesbanco Bank Inc. Buys 22,100 Shares of CAVA Group, Inc. $CAVA

Key Points

• Wesbanco Bank Inc. increased its stake in CAVA Group by 96.1% during Q2, owning 45,100 shares valued at approximately $3.80 million as per its latest SEC filing.
• Multiple analysts have adjusted their target prices for CAVA, with KeyCorp lowering its target from $100 to $85 and Citigroup from $102 to $88, while maintaining varying ratings from "Strong Buy" to "Sell."
• CAVA Group reported earnings per share of $0.16 for the last quarter, exceeding expectations, but its revenue of $280.62 million fell short of the analysts' forecast of $285.65 million.

Wesbanco Bank Inc. increased its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 96.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,100 shares of the company's stock after buying an additional 22,100 shares during the period. Wesbanco Bank Inc.'s holdings in CAVA Group were worth $3,799,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. First Horizon Advisors Inc. lifted its holdings in CAVA Group by 1,400.0% during the 1st quarter. First Horizon Advisors Inc. now owns 285 shares of the company's stock valued at $25,000 after purchasing an additional 266 shares during the last quarter. Vision Financial Markets LLC acquired a new position in CAVA Group in the 1st quarter valued at $26,000. Dagco Inc. acquired a new stake in shares of CAVA Group during the 1st quarter worth $27,000. Versant Capital Management Inc acquired a new stake in shares of CAVA Group during the first quarter valued at about $31,000. Finally, Brooklyn Investment Group increased its holdings in CAVA Group by 168.0% in the first quarter. Brooklyn Investment Group now owns 402 shares of the company's stock worth $35,000 after purchasing an additional 252 shares in the last quarter. Institutional investors and hedge funds own 73.15% of the company's stock.

CAVA Group Stock Down 1.3%

Shares of CAVA stock traded down $0.83 during trading hours on Friday, reaching $62.73. 1,294,562 shares of the stock traded hands, compared to its average volume of 3,819,823. The firm has a market capitalization of $7.27 billion, a PE ratio of 52.77, a PEG ratio of 3.12 and a beta of 2.61. CAVA Group, Inc. has a 1-year low of $61.90 and a 1-year high of $172.43. The business has a fifty day moving average price of $76.26 and a 200 day moving average price of $81.90.

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

Analysts Set New Price Targets

CAVA has been the topic of a number of analyst reports. TD Cowen decreased their price objective on CAVA Group from $120.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, August 13th. KeyCorp reduced their target price on CAVA Group from $100.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, August 13th. Wall Street Zen lowered CAVA Group from a "hold" rating to a "sell" rating in a report on Friday, June 27th. JPMorgan Chase & Co. lowered their price target on shares of CAVA Group from $115.00 to $95.00 and set an "overweight" rating on the stock in a report on Wednesday, June 25th. Finally, UBS Group cut their price target on shares of CAVA Group from $96.00 to $75.00 and set a "neutral" rating for the company in a report on Wednesday, August 13th. One 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $96.41.

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.