CAVA Group (NYSE:CAVA) Given New $74.00 Price Target at Citigroup

CAVA Group (NYSE:CAVA) had its price objective hoisted by equities researchers at Citigroup from $60.00 to $74.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price objective indicates a potential upside of 14.46% from the company’s current price.

A number of other brokerages have also commented on CAVA. UBS Group lifted their price objective on CAVA Group from $58.00 to $66.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Sanford C. Bernstein set a $70.00 price target on CAVA Group in a research note on Wednesday, January 7th. Argus decreased their target price on CAVA Group from $76.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Barclays upped their price target on shares of CAVA Group from $52.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 7th. Finally, Royal Bank Of Canada set a $70.00 price objective on shares of CAVA Group in a report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.08.

CAVA Group Trading Down 4.0%

NYSE CAVA traded down $2.72 on Thursday, reaching $64.65. The stock had a trading volume of 941,065 shares, compared to its average volume of 3,518,933. CAVA Group has a 1 year low of $43.41 and a 1 year high of $134.89. The business has a 50 day moving average price of $62.29 and a 200 day moving average price of $63.02. The company has a market capitalization of $7.50 billion, a price-to-earnings ratio of 56.17, a P/E/G ratio of 5.06 and a beta of 2.41.

Insiders Place Their Bets

In related news, CFO Tricia K. Tolivar sold 2,404 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 $149,384.56. Following the completion of the transaction, the chief financial officer owned 231,934 shares of the company’s stock, valued at $14,412,378.76. The trade was a 1.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Adam David Phillips sold 774 shares of the business’s stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $48,096.36. Following the sale, the chief accounting officer directly owned 10,435 shares in the company, valued at $648,430.90. This trade represents a 6.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 42,843 shares of company stock valued at $2,764,355 over the last quarter. Corporate insiders own 6.80% of the company’s stock.

Institutional Trading of CAVA Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC purchased a new stake in shares of CAVA Group in the fourth quarter valued at $25,000. Cornerstone Planning Group LLC grew its holdings in shares of CAVA Group by 378.7% during the 3rd quarter. Cornerstone Planning Group LLC now owns 450 shares of the company’s stock worth $27,000 after purchasing an additional 356 shares in the last quarter. Harbor Investment Advisory LLC boosted its stake in CAVA Group by 347.8% in the fourth quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock worth $30,000 after purchasing an additional 400 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in CAVA Group in the second quarter valued at approximately $31,000. Finally, Toth Financial Advisory Corp raised its stake in CAVA Group by 656.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 507 shares of the company’s stock worth $31,000 after buying an additional 440 shares during the period. Hedge funds and other institutional investors own 73.15% of the company’s stock.

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.