Truist Financial Issues Positive Forecast for CAVA Group (NYSE:CAVA) Stock Price

CAVA Group (NYSE:CAVA) had its price target increased by Truist Financial from $78.00 to $80.00 in a research report report published on Monday morning, Marketbeat Ratings reports. Truist Financial currently has a buy rating on the stock.

Several other analysts have also recently commented on CAVA. Piper Sandler cut their price target on CAVA Group from $100.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $85.00 price objective on shares of CAVA Group in a research note on Thursday, February 19th. Sanford C. Bernstein set a $70.00 price objective on CAVA Group in a report on Wednesday, January 7th. Citigroup raised their target price on CAVA Group from $60.00 to $74.00 and gave the stock a “neutral” rating in a report on Thursday, February 12th. Finally, Morgan Stanley decreased their target price on CAVA Group from $86.00 to $80.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $82.29.

CAVA Group Price Performance

CAVA opened at $68.36 on Monday. The firm has a 50 day simple moving average of $64.35 and a 200 day simple moving average of $61.64. CAVA Group has a fifty-two week low of $43.41 and a fifty-two week high of $108.98. The company has a market cap of $7.93 billion, a price-to-earnings ratio of 58.93, a price-to-earnings-growth ratio of 5.15 and a beta of 2.41.

Insider Activity at CAVA Group

In other news, CFO Tricia K. Tolivar sold 2,404 shares of CAVA Group stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $149,384.56. Following the transaction, the chief financial officer owned 231,934 shares in the company, valued at $14,412,378.76. The trade was a 1.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brett Schulman sold 4,542 shares of the business’s stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total value of $282,239.88. Following the completion of the transaction, the chief executive officer owned 802,783 shares of the company’s stock, valued at $49,884,935.62. This represents a 0.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,843 shares of company stock valued at $2,764,355 over the last 90 days. Insiders own 12.10% of the company’s stock.

Institutional Investors Weigh In On CAVA Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Invesco Ltd. boosted its stake in CAVA Group by 8.2% in the 4th quarter. Invesco Ltd. now owns 145,565 shares of the company’s stock worth $8,543,000 after purchasing an additional 11,013 shares during the period. Alberta Investment Management Corp bought a new stake in shares of CAVA Group in the fourth quarter valued at about $1,473,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of CAVA Group in the fourth quarter valued at about $323,000. State of Tennessee Department of Treasury boosted its position in shares of CAVA Group by 4.8% during the fourth quarter. State of Tennessee Department of Treasury now owns 34,021 shares of the company’s stock worth $2,062,000 after buying an additional 1,543 shares during the period. Finally, XTX Topco Ltd grew its holdings in shares of CAVA Group by 18.1% during the fourth quarter. XTX Topco Ltd now owns 36,816 shares of the company’s stock worth $2,161,000 after buying an additional 5,643 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors and hedge funds.

About CAVA Group

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.