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

CAVA Group (NYSE:CAVA) had its price objective decreased by Bank of America from $121.00 to $100.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 45.03% from the stock’s current price.

CAVA has been the topic of a number of other reports. Morgan Stanley reduced their price target on shares of CAVA Group from $107.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Barclays reduced their price target on shares of CAVA Group from $91.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Wall Street Zen cut shares of CAVA Group from a “hold” rating to a “sell” rating in a research report on Friday, June 27th. Piper Sandler dropped their price objective on shares of CAVA Group from $122.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, TD Cowen dropped their price objective on shares of CAVA Group from $120.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $100.44.

CAVA Group Price Performance

CAVA opened at $68.95 on Wednesday. CAVA Group has a one year low of $65.70 and a one year high of $172.43. The company’s 50 day simple moving average is $83.04 and its 200-day simple moving average is $91.77. The stock has a market capitalization of $7.97 billion, a P/E ratio of 57.94, a price-to-earnings-growth ratio of 3.58 and a beta of 2.65.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data 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. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The firm had revenue of $280.62 million for the quarter, compared to analysts’ expectations of $285.65 million. During the same period last year, the firm earned $0.17 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, analysts anticipate that CAVA Group will post 0.5 EPS for the current year.

Insider Transactions at CAVA Group

In other CAVA Group news, insider Jennifer Somers sold 2,861 shares of the business’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $215,032.76. Following the completion of the sale, the insider owned 137,048 shares of the company’s stock, valued at $10,300,527.68. The trade was a 2.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Adam David Phillips sold 739 shares of the business’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $55,543.24. Following the completion of the sale, the chief accounting officer directly owned 11,063 shares of the company’s stock, valued at $831,495.08. This represents a 6.26% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 58,603 shares of company stock worth $4,522,089. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On CAVA Group

Several hedge funds and other institutional investors have recently made changes to their positions in CAVA. First Horizon Advisors Inc. increased its position in CAVA Group by 1,400.0% during the 1st quarter. First Horizon Advisors Inc. now owns 285 shares of the company’s stock worth $25,000 after purchasing an additional 266 shares in the last quarter. Vision Financial Markets LLC acquired a new position in CAVA Group during the 1st quarter worth approximately $26,000. Dagco Inc. acquired a new position in CAVA Group during the 1st quarter worth approximately $27,000. Versant Capital Management Inc acquired a new position in CAVA Group during the 1st quarter worth approximately $31,000. Finally, Atlantic Union Bankshares Corp acquired a new position in CAVA Group during the 2nd quarter worth approximately $31,000. 73.15% of the stock is currently owned by institutional investors and hedge funds.

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.