Cibc World Market Inc. Makes New $803,000 Investment in CAVA Group, Inc. $CAVA

Cibc World Market Inc. purchased a new stake in CAVA Group, Inc. (NYSE:CAVA) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 10,229 shares of the company’s stock, valued at approximately $803,000.

Several other institutional investors have also modified their holdings of the business. Los Angeles Capital Management LLC purchased a new stake in shares of CAVA Group during the fourth quarter worth $25,000. FNY Investment Advisers LLC purchased a new position in CAVA Group in the second quarter valued at $31,000. TD Private Client Wealth LLC boosted its holdings in CAVA Group by 118.2% in the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after purchasing an additional 325 shares during the period. Allworth Financial LP grew its stake in CAVA Group by 57.4% during the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after purchasing an additional 237 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in CAVA Group by 115.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company’s stock worth $38,000 after purchasing an additional 347 shares in the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

CAVA Group Price Performance

NYSE CAVA opened at $66.80 on Friday. The firm’s fifty day moving average price is $70.43 and its 200 day moving average price is $77.40. CAVA Group, Inc. has a 12 month low of $43.41 and a 12 month high of $98.79. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of 121.46, a price-to-earnings-growth ratio of 4.61 and a beta of 1.74.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The firm had revenue of $368.44 million during the quarter, compared to analysts’ expectations of $360.09 million. During the same period in the previous year, the company earned $0.16 earnings per share. CAVA Group’s quarterly revenue was up 31.3% compared to the same quarter last year. As a group, sell-side analysts forecast that CAVA Group, Inc. will post 0.54 earnings per share for the current year.

Insider Buying and Selling at CAVA Group

In related news, insider Theodoros Xenohristos sold 3,252 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $290,826.36. Following the completion of the sale, the insider directly owned 324,630 shares of the company’s stock, valued at $29,031,660.90. This represents a 0.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Adam David Phillips sold 757 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $67,698.51. Following the transaction, the chief accounting officer owned 6,848 shares in the company, valued at $612,416.64. This represents a 9.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 67,512 shares of company stock valued at $6,050,417. 6.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CAVA shares. Northcoast Research raised CAVA Group from a “sell” rating to a “neutral” rating in a research report on Thursday, August 13th. Royal Bank Of Canada boosted their price objective on CAVA Group from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. Weiss Ratings downgraded CAVA Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, July 24th. Roth Capital restated a “buy” rating and set a $95.00 target price (down from $106.00) on shares of CAVA Group in a research note on Wednesday, August 12th. Finally, Piper Sandler raised their target price on shares of CAVA Group from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $89.44.

CAVA Group Company Profile

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.