Norges Bank Buys New Shares in CAVA Group, Inc. (NYSE:CAVA)

Norges Bank purchased a new position in shares of CAVA Group, Inc. (NYSE:CAVA) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 572,145 shares of the company’s stock, valued at approximately $64,538,000. Norges Bank owned 0.50% of CAVA Group as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CAVA. Arcadia Investment Management Corp MI acquired a new position in shares of CAVA Group in the 4th quarter valued at about $25,000. Allworth Financial LP lifted its position in CAVA Group by 369.2% during the fourth quarter. Allworth Financial LP now owns 244 shares of the company’s stock valued at $30,000 after buying an additional 192 shares in the last quarter. Larson Financial Group LLC grew its stake in CAVA Group by 274.0% during the fourth quarter. Larson Financial Group LLC now owns 273 shares of the company’s stock worth $31,000 after buying an additional 200 shares during the period. Whittier Trust Co. increased its position in shares of CAVA Group by 80.9% in the fourth quarter. Whittier Trust Co. now owns 284 shares of the company’s stock worth $32,000 after acquiring an additional 127 shares in the last quarter. Finally, Signaturefd LLC raised its stake in shares of CAVA Group by 884.4% in the 4th quarter. Signaturefd LLC now owns 315 shares of the company’s stock valued at $36,000 after acquiring an additional 283 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.

Insider Activity at CAVA Group

In related news, CFO Tricia K. Tolivar sold 2,086 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $119.18, for a total transaction of $248,609.48. Following the completion of the sale, the chief financial officer now owns 235,592 shares of the company’s stock, valued at $28,077,854.56. This represents a 0.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Adam David Phillips sold 615 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $124.39, for a total transaction of $76,499.85. Following the completion of the transaction, the chief accounting officer now directly owns 10,884 shares in the company, valued at $1,353,860.76. This represents a 5.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,235 shares of company stock valued at $3,514,101. Corporate insiders own 12.10% of the company’s stock.

CAVA Group Stock Performance

Shares of CAVA Group stock opened at $84.02 on Friday. CAVA Group, Inc. has a 1 year low of $58.22 and a 1 year high of $172.43. The firm’s 50-day simple moving average is $105.27 and its 200-day simple moving average is $120.95. The firm has a market cap of $9.71 billion, a PE ratio of 182.65 and a beta of 3.58.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The firm had revenue of $227.40 million for the quarter, compared to analyst estimates of $223.34 million. On average, equities analysts predict that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CAVA shares. TD Securities decreased their price target on shares of CAVA Group from $150.00 to $130.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Bank of America started coverage on CAVA Group in a research report on Monday. They issued a “buy” rating and a $112.00 target price for the company. UBS Group dropped their target price on CAVA Group from $160.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Loop Capital decreased their price target on CAVA Group from $147.00 to $100.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Finally, William Blair reaffirmed an “outperform” rating on shares of CAVA Group in a research report on Wednesday, February 26th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $130.25.

About CAVA Group

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.