Platinum Investment Management Ltd. Makes New $2.20 Million Investment in CAVA Group, Inc. $CAVA

Platinum Investment Management Ltd. bought a new position in CAVA Group, Inc. (NYSE:CAVA) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 37,500 shares of the company’s stock, valued at approximately $2,201,000.

A number of other hedge funds have also added to or reduced their stakes in CAVA. Capital International Investors grew its stake in CAVA Group by 105.4% in the 3rd quarter. Capital International Investors now owns 4,228,736 shares of the company’s stock worth $255,451,000 after acquiring an additional 2,169,553 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in shares of CAVA Group in the 3rd quarter worth approximately $114,098,000. Capital Research Global Investors lifted its position in shares of CAVA Group by 27.2% in the 4th quarter. Capital Research Global Investors now owns 8,440,040 shares of the company’s stock worth $495,344,000 after purchasing an additional 1,805,174 shares during the period. Alliancebernstein L.P. lifted its position in shares of CAVA Group by 118.3% in the 3rd quarter. Alliancebernstein L.P. now owns 2,953,688 shares of the company’s stock worth $178,432,000 after purchasing an additional 1,600,630 shares during the period. Finally, Primecap Management Co. CA lifted its position in shares of CAVA Group by 1,378.3% in the 4th quarter. Primecap Management Co. CA now owns 1,260,250 shares of the company’s stock worth $73,964,000 after purchasing an additional 1,175,000 shares during the period. 73.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CAVA. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $95.00 price target on shares of CAVA Group in a research report on Wednesday, May 20th. JPMorgan Chase & Co. upped their price target on shares of CAVA Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Truist Financial upped their price target on shares of CAVA Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Benchmark upped their price target on shares of CAVA Group from $80.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Finally, The Goldman Sachs Group upped their price target on shares of CAVA Group from $75.00 to $86.00 and gave the stock a “neutral” rating in a research report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $93.37.

Insider Transactions at CAVA Group

In other news, insider Kelly Costanza sold 10,010 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $79.87, for a total value of $799,498.70. Following the sale, the insider owned 113,850 shares in the company, valued at $9,093,199.50. This represents a 8.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Theodoros Xenohristos sold 9,044 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $79.75, for a total transaction of $721,259.00. Following the completion of the sale, the insider owned 327,882 shares in the company, valued at $26,148,589.50. The trade was a 2.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 24,235 shares of company stock worth $1,920,420 over the last 90 days. 6.70% of the stock is currently owned by company insiders.

CAVA Group Trading Up 3.1%

NYSE CAVA opened at $91.01 on Friday. The company has a fifty day simple moving average of $83.51 and a two-hundred day simple moving average of $72.88. The stock has a market cap of $10.60 billion, a P/E ratio of 175.02, a P/E/G ratio of 6.05 and a beta of 1.70. CAVA Group, Inc. has a 12-month low of $43.41 and a 12-month high of $98.79.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, May 19th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The firm had revenue of $438.27 million for the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The business’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 earnings per share. As a group, sell-side analysts forecast that CAVA Group, Inc. will post 0.55 earnings per share for the current year.

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.