Wedbush Has Optimistic Outlook of CAVA Group FY2024 Earnings

CAVA Group, Inc. (NYSE:CAVA) – Equities researchers at Wedbush upped their FY2024 earnings per share estimates for shares of CAVA Group in a research report issued to clients and investors on Wednesday, November 13th. Wedbush analyst N. Setyan now anticipates that the company will post earnings per share of $0.50 for the year, up from their previous estimate of $0.44. Wedbush currently has a “Outperform” rating and a $190.00 target price on the stock. The consensus estimate for CAVA Group’s current full-year earnings is $0.44 per share. Wedbush also issued estimates for CAVA Group’s Q4 2024 earnings at $0.06 EPS, Q3 2025 earnings at $0.22 EPS and FY2025 earnings at $0.70 EPS.

CAVA has been the topic of several other research reports. JPMorgan Chase & Co. upped their target price on shares of CAVA Group from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday. Jefferies Financial Group increased their price target on CAVA Group from $94.00 to $117.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Morgan Stanley lowered CAVA Group from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $90.00 to $110.00 in a research report on Thursday, August 29th. William Blair reaffirmed an “outperform” rating on shares of CAVA Group in a report on Wednesday. Finally, Robert W. Baird boosted their price target on shares of CAVA Group from $125.00 to $148.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $136.57.

CAVA Group Stock Up 1.6 %

Shares of NYSE:CAVA opened at $147.31 on Thursday. CAVA Group has a twelve month low of $31.41 and a twelve month high of $172.43. The firm has a market capitalization of $16.84 billion, a price-to-earnings ratio of 320.24 and a beta of 3.23. The stock’s 50 day moving average is $130.75 and its 200-day moving average is $103.50.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.04. The business had revenue of $243.82 million during the quarter, compared to analysts’ expectations of $233.05 million. CAVA Group had a return on equity of 9.23% and a net margin of 5.88%. The firm’s revenue for the quarter was up 38.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 earnings per share.

Hedge Funds Weigh In On CAVA Group

A number of hedge funds have recently added to or reduced their stakes in the business. Nwam LLC raised its holdings in shares of CAVA Group by 2.6% during the third quarter. Nwam LLC now owns 3,368 shares of the company’s stock worth $417,000 after acquiring an additional 85 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of CAVA Group by 3.5% during the third quarter. CIBC Asset Management Inc now owns 3,287 shares of the company’s stock valued at $407,000 after purchasing an additional 110 shares during the period. Farther Finance Advisors LLC lifted its position in CAVA Group by 6.3% in the third quarter. Farther Finance Advisors LLC now owns 1,916 shares of the company’s stock worth $237,000 after purchasing an additional 113 shares during the period. GAMMA Investing LLC raised its stake in CAVA Group by 68.3% during the third quarter. GAMMA Investing LLC now owns 308 shares of the company’s stock worth $38,000 after acquiring an additional 125 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in CAVA Group by 0.5% during the second quarter. Dimensional Fund Advisors LP now owns 39,154 shares of the company’s stock worth $3,632,000 after acquiring an additional 184 shares in the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

Insiders Place Their Bets

In other CAVA Group news, CEO Brett Schulman sold 201,504 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 702,590 shares in the company, valued at $88,196,122.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Theodoros Xenohristos sold 98,490 shares of the company’s stock in a transaction on 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 completion of the sale, the director now owns 424,846 shares in the company, valued at $53,432,881.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brett Schulman sold 201,504 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $125.53, for a total value of $25,294,797.12. Following the completion of the transaction, the chief executive officer now owns 702,590 shares of the company’s stock, valued at $88,196,122.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 304,994 shares of company stock worth $38,310,084 over the last quarter. 12.10% of the stock is currently owned by corporate insiders.

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.