Renaissance Technologies LLC Has $82.77 Million Stock Holdings in CAVA Group, Inc. (NYSE:CAVA)

Renaissance Technologies LLC raised its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 102.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 892,400 shares of the company’s stock after purchasing an additional 451,800 shares during the quarter. Renaissance Technologies LLC owned approximately 0.78% of CAVA Group worth $82,770,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CAVA. Vanguard Group Inc. lifted its holdings in CAVA Group by 215.7% during the 1st quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock valued at $346,330,000 after purchasing an additional 3,377,840 shares during the last quarter. Capital Research Global Investors lifted its holdings in CAVA Group by 249.5% during the 4th quarter. Capital Research Global Investors now owns 4,369,281 shares of the company’s stock valued at $187,792,000 after purchasing an additional 3,119,281 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in CAVA Group by 79.5% during the 4th quarter. 1832 Asset Management L.P. now owns 2,248,400 shares of the company’s stock valued at $96,636,000 after purchasing an additional 995,800 shares during the last quarter. Artemis Investment Management LLP acquired a new stake in CAVA Group during the 1st quarter valued at $38,225,000. Finally, Lord Abbett & CO. LLC lifted its holdings in CAVA Group by 55.9% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,373,749 shares of the company’s stock valued at $96,231,000 after purchasing an additional 492,667 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

CAVA Group Stock Up 0.3 %

CAVA Group stock opened at $122.85 on Tuesday. CAVA Group, Inc. has a 12-month low of $29.05 and a 12-month high of $128.18. The business’s 50-day moving average price is $97.72 and its two-hundred day moving average price is $83.47. The stock has a market cap of $14.01 billion, a PE ratio of 299.63 and a beta of 3.34.

CAVA Group (NYSE:CAVA) last released its earnings results on Thursday, August 22nd. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.04. CAVA Group had a return on equity of 7.37% and a net margin of 5.04%. The firm had revenue of $233.50 million for the quarter, compared to analysts’ expectations of $219.47 million. During the same quarter in the previous year, the business posted $0.21 earnings per share. The business’s revenue for the quarter was up 35.1% on a year-over-year basis. As a group, analysts expect that CAVA Group, Inc. will post 0.43 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CAVA. Morgan Stanley downgraded CAVA Group from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $90.00 to $110.00 in a report on Thursday, August 29th. Piper Sandler downgraded CAVA Group from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $63.00 to $92.00 in a report on Thursday, May 30th. Jefferies Financial Group lifted their target price on CAVA Group from $94.00 to $117.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Stifel Nicolaus lifted their target price on CAVA Group from $90.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. lifted their target price on CAVA Group from $77.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $111.58.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, Director Theodoros Xenohristos sold 98,490 shares of CAVA Group stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $125.77, for a total value of $12,387,087.30. Following the transaction, the director now owns 424,846 shares in the company, valued at $53,432,881.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Brett Schulman sold 201,504 shares of CAVA Group stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $125.53, for a total transaction of $25,294,797.12. Following the sale, the chief executive officer now directly owns 702,590 shares of the company’s stock, valued at $88,196,122.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Theodoros Xenohristos sold 98,490 shares of CAVA Group stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.77, for a total value of $12,387,087.30. Following the sale, the director now directly owns 424,846 shares in the company, valued at $53,432,881.42. The disclosure for this sale can be found here. Insiders have sold a total of 400,943 shares of company stock worth $47,062,986 over the last 90 days.

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.