CAVA Group, Inc. $CAVA Holdings Increased by Econ Financial Services Corp

Econ Financial Services Corp increased its stake in CAVA Group, Inc. (NYSE:CAVA) by 186.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,661 shares of the company’s stock after acquiring an additional 21,253 shares during the period. Econ Financial Services Corp’s holdings in CAVA Group were worth $1,973,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CAVA. State Street Corp lifted its position in CAVA Group by 5.0% in the second quarter. State Street Corp now owns 2,543,335 shares of the company’s stock worth $214,225,000 after purchasing an additional 122,163 shares during the period. Geode Capital Management LLC lifted its holdings in shares of CAVA Group by 16.2% in the second quarter. Geode Capital Management LLC now owns 1,622,898 shares of the company’s stock valued at $136,715,000 after buying an additional 226,785 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of CAVA Group by 58.7% in the second quarter. Alliancebernstein L.P. now owns 1,353,058 shares of the company’s stock valued at $113,968,000 after buying an additional 500,367 shares during the period. Champlain Investment Partners LLC boosted its stake in CAVA Group by 108.3% during the second quarter. Champlain Investment Partners LLC now owns 1,351,955 shares of the company’s stock valued at $113,875,000 after buying an additional 703,020 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in CAVA Group by 8.6% during the second quarter. Franklin Resources Inc. now owns 1,082,183 shares of the company’s stock worth $91,152,000 after acquiring an additional 85,834 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. TD Cowen cut their price target on shares of CAVA Group from $80.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Stifel Nicolaus set a $75.00 target price on shares of CAVA Group in a research note on Wednesday, November 5th. Mizuho upgraded shares of CAVA Group to a “hold” rating in a report on Tuesday, October 28th. Royal Bank Of Canada set a $70.00 price target on CAVA Group in a report on Wednesday, November 5th. Finally, Morgan Stanley set a $86.00 price objective on CAVA Group in a research report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.00.

CAVA Group Stock Up 0.5%

CAVA opened at $58.65 on Friday. The firm has a market capitalization of $6.80 billion, a P/E ratio of 50.56, a PEG ratio of 3.31 and a beta of 2.40. The stock has a fifty day moving average of $53.22 and a 200-day moving average of $66.56. CAVA Group, Inc. has a 12-month low of $43.41 and a 12-month high of $144.49.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The business had revenue of $292.24 million for the quarter, compared to analysts’ expectations of $292.88 million. CAVA Group had a net margin of 12.14% and a return on equity of 8.88%. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.15 EPS. On average, analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kenneth Robert Bertram sold 3,788 shares of the company’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $50.70, for a total value of $192,051.60. Following the transaction, the insider owned 51,143 shares in the company, valued at $2,592,950.10. This represents a 6.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.80% of the stock is currently owned by company insiders.

CAVA Group 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.