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

CAVA Group (NYSE:CAVA) had its price target increased by KeyCorp from $65.00 to $95.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently issued reports on CAVA. UBS Group lifted their price objective on shares of CAVA Group from $69.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Piper Sandler lifted their price target on shares of CAVA Group from $71.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, February 25th. Mizuho increased their price objective on CAVA Group from $52.00 to $64.00 and gave the company a “neutral” rating in a report on Friday, January 9th. Citigroup boosted their target price on CAVA Group from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. Finally, Truist Financial increased their price target on CAVA Group from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, CAVA Group presently has an average rating of “Moderate Buy” and an average price target of $83.82.

CAVA Group Trading Down 1.9%

Shares of NYSE:CAVA opened at $77.02 on Tuesday. The company has a market capitalization of $8.96 billion, a PE ratio of 142.63, a P/E/G ratio of 6.75 and a beta of 2.16. CAVA Group has a 12-month low of $43.41 and a 12-month high of $101.50. The business’s fifty day simple moving average is $67.15 and its 200-day simple moving average is $61.74.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, February 24th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The company had revenue of $274.99 million for the quarter, compared to the consensus estimate of $268.04 million. CAVA Group had a return on equity of 8.43% and a net margin of 5.40%.The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.05 earnings per share. Research analysts predict that CAVA Group will post 0.5 EPS for the current year.

Insiders Place Their Bets

In related news, insider Kenneth Robert Bertram sold 1,074 shares of CAVA Group stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $67.41, for a total transaction of $72,398.34. Following the completion of the sale, the insider owned 50,116 shares of the company’s stock, valued at $3,378,319.56. The trade was a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Theodoros Xenohristos sold 1,039 shares of the stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $64,563.46. Following the completion of the transaction, the insider owned 332,205 shares in the company, valued at approximately $20,643,218.70. This trade represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 39,055 shares of company stock valued at $2,572,303. Insiders own 12.10% of the company’s stock.

Hedge Funds Weigh In On CAVA Group

Institutional investors have recently modified their holdings of the stock. Bison Wealth LLC purchased a new stake in shares of CAVA Group in the fourth quarter worth about $208,000. Goldman Sachs Group Inc. lifted its holdings in CAVA Group by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock valued at $52,432,000 after acquiring an additional 75,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in CAVA Group by 17.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company’s stock worth $20,447,000 after purchasing an additional 34,860 shares in the last quarter. Nisa Investment Advisors LLC acquired a new stake in shares of CAVA Group during the 2nd quarter worth approximately $45,000. Finally, Envestnet Asset Management Inc. increased its holdings in shares of CAVA Group by 192.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 141,106 shares of the company’s stock valued at $11,885,000 after purchasing an additional 92,885 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

CAVA Group Company 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.