Bank of America Issues Positive Forecast for CAVA Group (NYSE:CAVA) Stock Price

by · The Cerbat Gem

CAVA Group (NYSE:CAVA – Free Report) had its price objective increased by Bank of America from $112.00 to $121.00 in a research note published on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Barclays lowered their target price on shares of CAVA Group from $104.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. raised shares of CAVA Group from a “neutral” rating to an “overweight” rating and set a $110.00 price objective for the company in a report on Thursday, March 20th. Robert W. Baird upped their target price 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. Wedbush reiterated an “outperform” rating and set a $150.00 price target on shares of CAVA Group in a research note on Wednesday, February 26th. Finally, Piper Sandler upgraded shares of CAVA Group from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $142.00 to $115.00 in a research note on Friday, February 28th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $123.00.

Check Out Our Latest Report on CAVA Group

CAVA Group Price Performance

Shares of NYSE CAVA opened at $83.80 on Monday. The firm’s 50 day simple moving average is $88.65 and its 200-day simple moving average is $110.97. CAVA Group has a 12 month low of $70.00 and a 12 month high of $172.43. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of 182.17 and a beta of 3.28.

CAVA Group (NYSE:CAVA – Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.14 by $0.08. The company had revenue of $331.83 million during the quarter, compared to analyst estimates of $327.98 million. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The firm’s revenue was up 28.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.12 EPS. Analysts anticipate that CAVA Group will post 0.5 earnings per share for the current fiscal year.

Insider Activity at CAVA Group

In related news, insider Theodoros Xenohristos sold 9,348 shares of the company’s stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $94.88, for a total value of $886,938.24. Following the completion of the transaction, the insider now directly owns 353,271 shares of the company’s stock, valued at $33,518,352.48. This represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CAVA Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arcadia Investment Management Corp MI purchased a new position in shares of CAVA Group during the fourth quarter worth approximately $25,000. First Horizon Advisors Inc. grew its position in shares of CAVA Group by 1,400.0% during the first quarter. First Horizon Advisors Inc. now owns 285 shares of the company’s stock worth $25,000 after acquiring an additional 266 shares during the last quarter. Vision Financial Markets LLC purchased a new position in shares of CAVA Group during the first quarter worth approximately $26,000. Dagco Inc. purchased a new position in shares of CAVA Group during the first quarter worth approximately $27,000. Finally, Allworth Financial LP grew its position in shares of CAVA Group by 369.2% during the fourth quarter. Allworth Financial LP now owns 244 shares of the company’s stock worth $30,000 after acquiring an additional 192 shares during the last quarter. 73.15% of the stock is owned by institutional investors and hedge funds.

CAVA Group Company Profile

(Get Free Report)

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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