JPMorgan Chase & Co. Cuts CAVA Group (NYSE:CAVA) Price Target to $95.00

CAVA Group (NYSE:CAVA - Get Free Report) had its target price reduced by analysts at JPMorgan Chase & Co. from $115.00 to $95.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 25.86% from the stock's previous close.

Several other research analysts have also commented on CAVA. Citigroup boosted their price target on CAVA Group from $114.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. William Blair reiterated an "outperform" rating on shares of CAVA Group in a report on Wednesday, February 26th. Robert W. Baird increased their price target on shares of CAVA Group from $105.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. Piper Sandler upgraded shares of CAVA Group from a "neutral" rating to an "overweight" rating and lowered their price target for the company from $142.00 to $115.00 in a report on Friday, February 28th. Finally, Barclays reduced their price objective on shares of CAVA Group from $104.00 to $90.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $118.94.

CAVA Group Trading Up 1.7%

Shares of CAVA Group stock traded up $1.25 during trading on Wednesday, hitting $75.48. 742,044 shares of the stock traded hands, compared to its average volume of 3,124,258. The stock's fifty day simple moving average is $85.51 and its 200 day simple moving average is $100.14. The firm has a market cap of $8.73 billion, a P/E ratio of 62.93, a price-to-earnings-growth ratio of 3.52 and a beta of 2.77. CAVA Group has a 52-week low of $70.00 and a 52-week high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.08. The firm had revenue of $331.83 million during the quarter, compared to analysts' expectations of $327.98 million. CAVA Group had a net margin of 13.70% and a return on equity of 10.61%. The company's revenue was up 28.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.12 EPS. As a group, equities analysts expect that CAVA Group will post 0.5 EPS for the current year.

Insider Buying and Selling at CAVA Group

In other news, CFO Tricia K. Tolivar sold 4,845 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.16, for a total value 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. This represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Theodoros Xenohristos sold 9,348 shares of CAVA Group stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $94.88, for a total transaction of $886,938.24. Following the sale, the insider now owns 353,271 shares of the company's stock, valued at approximately $33,518,352.48. This trade represents a 2.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,951 shares of company stock valued at $5,409,027. 12.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On CAVA Group

Several hedge funds and other institutional investors have recently made changes to their positions in CAVA. Voya Investment Management LLC raised its stake in shares of CAVA Group by 219.5% during the first quarter. Voya Investment Management LLC now owns 386,330 shares of the company's stock valued at $33,383,000 after purchasing an additional 265,416 shares during the period. Cim LLC boosted its stake in shares of CAVA Group by 2.6% in the first quarter. Cim LLC now owns 9,755 shares of the company's stock valued at $843,000 after purchasing an additional 247 shares during the period. Strs Ohio acquired a new stake in CAVA Group during the 1st quarter valued at $766,000. Advisors Capital Management LLC purchased a new stake in CAVA Group during the 1st quarter worth $1,853,000. Finally, Belpointe Asset Management LLC purchased a new stake in CAVA Group during the 1st quarter worth $254,000. Institutional investors and hedge funds own 73.15% of the company's stock.

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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