Citigroup Lowers CAVA Group (NYSE:CAVA) Price Target to $79.00

CAVA Group (NYSE:CAVA) had its target price decreased by research analysts at Citigroup from $92.00 to $79.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 22.58% from the company’s previous close.

A number of other equities analysts also recently weighed in on CAVA. Piper Sandler lifted their target price on shares of CAVA Group from $85.00 to $92.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 20th. Wall Street Zen raised shares of CAVA Group from a “sell” rating to a “hold” rating in a research report on Sunday, May 24th. Sanford C. Bernstein reiterated an “outperform” rating and set a $95.00 price target on shares of CAVA Group in a report on Wednesday, May 20th. Royal Bank Of Canada lifted their price objective on CAVA Group from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 20th. Finally, KeyCorp boosted their price objective on CAVA Group from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $93.04.

CAVA Group Stock Performance

NYSE:CAVA opened at $64.45 on Tuesday. CAVA Group has a fifty-two week low of $43.41 and a fifty-two week high of $98.79. The company has a 50 day simple moving average of $76.32 and a two-hundred day simple moving average of $77.27. The company has a market capitalization of $7.51 billion, a PE ratio of 123.94, a P/E/G ratio of 4.27 and a beta of 1.69.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The firm had revenue of $438.27 million for the quarter, compared to the consensus estimate of $360.89 million. During the same quarter in the previous year, the company earned $0.22 EPS. The company’s revenue for the quarter was up 32.1% on a year-over-year basis. Research analysts predict that CAVA Group will post 0.54 EPS for the current year.

Insider Activity

In other news, insider Theodoros Xenohristos sold 9,044 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $79.75, for a total value of $721,259.00. Following the completion of the sale, the insider directly owned 327,882 shares in the company, valued at $26,148,589.50. This trade represents a 2.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the transaction, the director owned 3,074 shares in the company, valued at approximately $276,660. This represents a 76.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 91,747 shares of company stock valued at $7,970,838. Corporate insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On CAVA Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC bought a new stake in CAVA Group during the fourth quarter worth $25,000. FNY Investment Advisers LLC purchased a new position in CAVA Group in the second quarter valued at approximately $31,000. TD Private Client Wealth LLC grew its holdings in CAVA Group by 118.2% during the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after purchasing an additional 325 shares during the period. Allworth Financial LP lifted its position in shares of CAVA Group by 57.4% during the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock valued at $38,000 after buying an additional 237 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in CAVA Group by 115.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company’s stock worth $38,000 after purchasing an additional 347 shares during the period. 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.