CAVA Group (NYSE:CAVA) Reaches New 52-Week Low Following Analyst Downgrade

CAVA Group, Inc. (NYSE:CAVA)’s share price reached a new 52-week low on Wednesday after Bank of America lowered their price target on the stock from $121.00 to $100.00. Bank of America currently has a buy rating on the stock. CAVA Group traded as low as $65.40 and last traded at $70.17, with a volume of 2539958 shares traded. The stock had previously closed at $84.50.

CAVA has been the subject of several other reports. JPMorgan Chase & Co. cut their target price on shares of CAVA Group from $115.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, June 25th. Robert W. Baird upped their target price on shares of CAVA Group from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, May 16th. Barclays cut their target price on shares of CAVA Group from $91.00 to $74.00 and set an “equal weight” rating for the company in a research report on Wednesday. TD Cowen cut their target price on shares of CAVA Group from $120.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Citigroup cut their target price on shares of CAVA Group from $102.00 to $88.00 and set a “neutral” rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $100.44.

Insider Activity at CAVA Group

In other news, insider Jennifer Somers sold 2,861 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $215,032.76. Following the completion of the sale, the insider directly owned 137,048 shares in the company, valued at approximately $10,300,527.68. This represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Adam David Phillips sold 739 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $55,543.24. Following the sale, the chief accounting officer owned 11,063 shares of the company’s stock, valued at approximately $831,495.08. This represents a 6.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 58,603 shares of company stock valued at $4,522,089 in the last quarter. 6.80% of the stock is currently owned by company insiders.

Institutional Trading of CAVA Group

Institutional investors have recently modified their holdings of the company. First Horizon Advisors Inc. boosted its holdings in shares of CAVA Group by 1,400.0% during the first quarter. First Horizon Advisors Inc. now owns 285 shares of the company’s stock worth $25,000 after purchasing an additional 266 shares during the period. Vision Financial Markets LLC bought a new position in CAVA Group in the first quarter worth about $26,000. Dagco Inc. bought a new position in CAVA Group in the first quarter worth about $27,000. Versant Capital Management Inc bought a new position in CAVA Group in the first quarter worth about $31,000. Finally, Atlantic Union Bankshares Corp bought a new position in CAVA Group in the second quarter worth about $31,000. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

CAVA Group Price Performance

The company has a market capitalization of $7.97 billion, a P/E ratio of 57.94, a P/E/G ratio of 3.58 and a beta of 2.65. The stock’s 50 day moving average is $83.04 and its 200-day moving average is $91.77.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, topping 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 company had revenue of $280.62 million during the quarter, compared to the consensus estimate of $285.65 million. During the same period in the prior year, the firm earned $0.17 earnings per share. CAVA Group’s revenue was up 20.2% on a year-over-year basis. On average, equities research analysts anticipate that CAVA Group, Inc. will post 0.5 EPS for the current year.

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.