CAVA Group (NYSE:CAVA) Price Target Cut to $97.00 by Analysts at Morgan Stanley

CAVA Group (NYSE:CAVA) had its target price cut by Morgan Stanley from $107.00 to $97.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

CAVA has been the topic of a number of other reports. Melius initiated coverage on CAVA Group in a report on Monday, July 14th. They issued a “hold” rating and a $95.00 price target on the stock. Stifel Nicolaus cut their price target on CAVA Group from $175.00 to $125.00 and set a “buy” rating on the stock in a report on Wednesday, June 18th. Wall Street Zen lowered CAVA Group from a “hold” rating to a “sell” rating in a report on Friday, June 27th. TD Securities reiterated a “buy” rating and set a $120.00 target price on shares of CAVA Group in a report on Friday, May 16th. Finally, TD Cowen dropped their target price on CAVA Group from $120.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $100.44.

CAVA Group Trading Down 16.8%

NYSE:CAVA opened at $70.31 on Wednesday. CAVA Group has a 1 year low of $65.70 and a 1 year high of $172.43. The stock has a market cap of $8.13 billion, a price-to-earnings ratio of 59.08, a PEG ratio of 4.22 and a beta of 2.65. The stock has a 50-day moving average price of $83.23 and a two-hundred day moving average price of $92.14.

CAVA Group (NYSE:CAVA) last posted its earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The firm had revenue of $280.62 million during the quarter, compared to analysts’ expectations of $285.65 million. CAVA Group had a return on equity of 10.09% and a net margin of 12.98%. The company’s revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 earnings per share. Sell-side analysts forecast that CAVA Group will post 0.5 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Tricia K. Tolivar sold 4,845 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer owned 236,345 shares of the company’s stock, valued at approximately $17,763,690.20. This represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brett Schulman sold 31,856 shares of the company’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $2,394,296.96. Following the completion of the transaction, the chief executive officer directly owned 792,318 shares in the company, valued at $59,550,620.88. The trade was a 3.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,603 shares of company stock valued at $4,522,089 in the last ninety days. 6.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CAVA Group

Large investors have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. grew its position in 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 buying an additional 266 shares in the last quarter. Vision Financial Markets LLC bought a new stake in CAVA Group during the first quarter worth $26,000. Dagco Inc. bought a new stake in CAVA Group during the first quarter worth $27,000. Versant Capital Management Inc bought a new stake in CAVA Group during the first quarter worth $31,000. Finally, Atlantic Union Bankshares Corp bought a new stake in CAVA Group during the second quarter worth $31,000. 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.