PNC Financial Services Group Inc. Has $472,000 Stock Position in CAVA Group, Inc. (NYSE:CAVA)

PNC Financial Services Group Inc. raised its position in CAVA Group, Inc. (NYSE:CAVA) by 123.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 5,458 shares of the company’s stock after purchasing an additional 3,015 shares during the quarter. PNC Financial Services Group Inc.’s holdings in CAVA Group were worth $472,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CAVA. Blueshift Asset Management LLC raised its stake in shares of CAVA Group by 206.3% in the first quarter. Blueshift Asset Management LLC now owns 12,877 shares of the company’s stock valued at $1,113,000 after acquiring an additional 8,673 shares during the last quarter. Moors & Cabot Inc. acquired a new stake in CAVA Group during the 1st quarter valued at $236,000. Jefferies Financial Group Inc. increased its holdings in CAVA Group by 69.7% during the 1st quarter. Jefferies Financial Group Inc. now owns 18,323 shares of the company’s stock valued at $1,583,000 after purchasing an additional 7,528 shares in the last quarter. US Bancorp DE increased its holdings in CAVA Group by 103.3% during the 1st quarter. US Bancorp DE now owns 3,846 shares of the company’s stock valued at $332,000 after purchasing an additional 1,954 shares in the last quarter. Finally, Harbour Investments Inc. raised its position in CAVA Group by 77.2% in the 1st quarter. Harbour Investments Inc. now owns 895 shares of the company’s stock valued at $77,000 after purchasing an additional 390 shares during the last quarter. 73.15% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Brett Schulman sold 31,856 shares of the business’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 transaction of $2,394,296.96. Following the completion of the transaction, the chief executive officer owned 792,318 shares in the company, valued at approximately $59,550,620.88. The trade was a 3.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Theodoros Xenohristos sold 3,062 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 transaction of $230,139.92. Following the completion of the sale, the insider directly owned 350,209 shares of the company’s stock, valued at $26,321,708.44. The trade was a 0.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 58,603 shares of company stock worth $4,522,089 over the last ninety days. Company insiders own 6.80% of the company’s stock.

CAVA Group Stock Down 16.8%

NYSE:CAVA opened at $70.31 on Thursday. CAVA Group, Inc. has a 12-month low of $65.70 and a 12-month high of $172.43. The stock’s fifty day simple moving average is $83.23 and its 200-day simple moving average is $92.14. The firm has a market capitalization of $8.13 billion, a P/E ratio of 59.08, a P/E/G ratio of 4.22 and a beta of 2.65.

CAVA Group (NYSE:CAVA) last released its earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. The firm had revenue of $280.62 million for the quarter, compared to analyst estimates of $285.65 million. CAVA Group had a return on equity of 10.09% and a net margin of 12.98%. The company’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. As a group, equities research analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on CAVA. Piper Sandler decreased their target price on CAVA Group from $122.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday. Stifel Nicolaus decreased their price objective on shares of CAVA Group from $175.00 to $125.00 and set a “buy” rating on the stock in a report on Wednesday, June 18th. Morgan Stanley lowered their price objective on shares of CAVA Group from $107.00 to $97.00 and set an “equal weight” rating for the company in a research report on Wednesday. Sanford C. Bernstein set a $74.00 target price on shares of CAVA Group in a research report on Wednesday. Finally, JPMorgan Chase & Co. decreased their price target on shares of CAVA Group from $115.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $100.44.

CAVA Group Company Profile

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.