CAVA Group (NYSE:CAVA) Price Target Raised to $74.00 at Wedbush

CAVA Group (NYSE:CAVA) had its price target hoisted by Wedbush from $65.00 to $74.00 in a report published on Tuesday, Benzinga reports. The firm currently has an outperform rating on the stock. Wedbush also issued estimates for CAVA Group’s Q1 2024 earnings at $0.06 EPS, Q2 2024 earnings at $0.13 EPS, Q4 2024 earnings at $0.00 EPS, FY2024 earnings at $0.29 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.15 EPS, Q3 2025 earnings at $0.13 EPS, Q4 2025 earnings at $0.02 EPS and FY2025 earnings at $0.38 EPS.

CAVA has been the subject of several other reports. Citigroup upped their price objective on shares of CAVA Group from $49.00 to $60.00 and gave the stock a neutral rating in a report on Wednesday, February 28th. Argus upgraded shares of CAVA Group from a hold rating to a buy rating and set a $70.00 price target for the company in a research note on Wednesday, April 10th. Barclays assumed coverage on shares of CAVA Group in a research note on Monday, April 15th. They issued an equal weight rating and a $58.00 price target for the company. Piper Sandler increased their price target on shares of CAVA Group from $46.00 to $63.00 and gave the stock an overweight rating in a research note on Wednesday, February 28th. Finally, William Blair reiterated an outperform rating on shares of CAVA Group in a research note on Tuesday, February 27th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, CAVA Group currently has an average rating of Moderate Buy and an average price target of $60.42.

CAVA Group Trading Down 3.1 %

NYSE:CAVA opened at $59.62 on Tuesday. The company has a fifty day moving average of $61.13 and a 200 day moving average of $46.17. CAVA Group has a 52 week low of $29.05 and a 52 week high of $71.60.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings results on Monday, February 26th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. CAVA Group had a net margin of 1.82% and a return on equity of 4.28%. The company had revenue of $175.50 million during the quarter, compared to analyst estimates of $240.03 million. CAVA Group’s quarterly revenue was up 52.6% compared to the same quarter last year. On average, sell-side analysts predict that CAVA Group will post 0.25 EPS for the current year.

Insider Activity

In other news, Director International S.C.A. Artal sold 2,000,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $66.25, for a total transaction of $132,500,000.00. Following the sale, the director now owns 26,507,990 shares of the company’s stock, valued at approximately $1,756,154,337.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Theodoros Xenohristos sold 47,239 shares of the firm’s stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $68.29, for a total value of $3,225,951.31. Following the transaction, the director now owns 526,521 shares of the company’s stock, valued at $35,956,119.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director International S.C.A. Artal sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $66.25, for a total transaction of $132,500,000.00. Following the completion of the transaction, the director now directly owns 26,507,990 shares in the company, valued at approximately $1,756,154,337.50. The disclosure for this sale can be found here. Insiders have sold a total of 3,547,239 shares of company stock valued at $221,525,951 in the last 90 days.

Hedge Funds Weigh In On CAVA Group

A number of institutional investors and hedge funds have recently made changes to their positions in CAVA. Barclays PLC purchased a new position in shares of CAVA Group in the second quarter worth approximately $250,000. Commonwealth Equity Services LLC purchased a new position in shares of CAVA Group in the second quarter worth approximately $339,000. Osaic Holdings Inc. purchased a new position in shares of CAVA Group in the second quarter worth approximately $74,000. BlackRock Inc. purchased a new position in shares of CAVA Group in the second quarter worth approximately $16,380,000. Finally, Nuveen Asset Management LLC bought a new stake in CAVA Group during the 2nd quarter worth approximately $20,285,000. Hedge funds and other institutional investors 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.