CAVA Group, Inc. $CAVA Shares Purchased by CI Investments Inc.

CI Investments Inc. raised its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 29.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,911 shares of the company’s stock after buying an additional 9,022 shares during the period. CI Investments Inc.’s holdings in CAVA Group were worth $3,229,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Trust Advisors LP acquired a new position in CAVA Group in the 1st quarter worth approximately $1,530,000. PNC Financial Services Group Inc. lifted its stake in CAVA Group by 22.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,932 shares of the company’s stock worth $723,000 after acquiring an additional 1,636 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in CAVA Group by 1.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 778,093 shares of the company’s stock worth $62,931,000 after acquiring an additional 12,698 shares during the period. Scarborough Advisors LLC acquired a new stake in CAVA Group during the 1st quarter worth about $54,000. Finally, Parallel Advisors LLC grew its stake in CAVA Group by 152.7% during the 1st quarter. Parallel Advisors LLC now owns 1,137 shares of the company’s stock valued at $92,000 after acquiring an additional 687 shares in the last quarter. 73.15% of the stock is owned by institutional investors.

CAVA Group Stock Performance

Shares of CAVA stock opened at $62.12 on Friday. The company has a market cap of $7.23 billion, a PE ratio of 119.46, a P/E/G ratio of 4.35 and a beta of 1.69. The stock’s fifty day moving average price is $76.63 and its two-hundred day moving average price is $77.19. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $98.79.

CAVA Group (NYSE:CAVA) last posted its 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. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The firm had revenue of $438.27 million during the quarter, compared to the consensus estimate of $360.89 million. During the same period last year, the company earned $0.22 earnings per share. The business’s quarterly revenue was up 32.1% on a year-over-year basis. On average, equities analysts predict that CAVA Group, Inc. will post 0.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CAVA shares. Citigroup upped their price objective on shares of CAVA Group from $75.00 to $92.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Telsey Advisory Group boosted their price objective on CAVA Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, May 20th. JPMorgan Chase & Co. boosted their price target on shares of CAVA Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, April 24th. Wolfe Research set a $95.00 price objective on shares of CAVA Group in a report on Tuesday, June 30th. Finally, BNP Paribas Exane initiated coverage on shares of CAVA Group in a research note on Monday, March 30th. They issued a “neutral” rating and a $91.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, CAVA Group presently has a consensus rating of “Moderate Buy” and an average price target of $93.54.

Insiders Place Their Bets

In other CAVA Group news, insider Theodoros Xenohristos sold 3,252 shares of CAVA Group stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $290,826.36. Following the sale, the insider owned 324,630 shares of the company’s stock, valued at approximately $29,031,660.90. The trade was a 0.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Tricia K. Tolivar sold 4,969 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $444,377.67. Following the completion of the sale, the chief financial officer directly owned 234,931 shares of the company’s stock, valued at $21,009,879.33. This represents a 2.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 91,747 shares of company stock worth $7,970,838 in the last three months. 6.70% of the stock is owned by corporate insiders.

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.