Miracle Mile Advisors LLC Grows Position in CAVA Group, Inc. (NYSE:CAVA)

Miracle Mile Advisors LLC grew its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 4.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,574 shares of the company’s stock after purchasing an additional 318 shares during the quarter. Miracle Mile Advisors LLC’s holdings in CAVA Group were worth $531,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its stake in CAVA Group by 190.0% in the third quarter. PNC Financial Services Group Inc. now owns 870 shares of the company’s stock worth $27,000 after acquiring an additional 570 shares during the period. Swiss National Bank bought a new position in CAVA Group in the fourth quarter worth $1,926,000. CHURCHILL MANAGEMENT Corp bought a new position in CAVA Group in the first quarter worth $3,213,000. Stephens Inc. AR bought a new position in CAVA Group in the fourth quarter worth $1,014,000. Finally, Virtu Financial LLC bought a new position in CAVA Group in the fourth quarter worth $240,000. Hedge funds and other institutional investors own 73.15% of the company’s stock.

Insiders Place Their Bets

In other CAVA Group news, Director Ronald M. Shaich sold 1,231,979 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $87.25, for a total value of $107,490,167.75. Following the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at $436,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other CAVA Group news, Director Ronald M. Shaich sold 1,231,979 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $87.25, for a total value of $107,490,167.75. Following the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at $436,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brett Schulman sold 66,414 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $90.11, for a total value of $5,984,565.54. Following the completion of the transaction, the chief executive officer now directly owns 904,094 shares in the company, valued at $81,467,910.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,414,615 shares of company stock valued at $124,128,832.

CAVA Group Stock Performance

NYSE CAVA opened at $95.26 on Tuesday. CAVA Group, Inc. has a one year low of $29.05 and a one year high of $97.64. The stock has a 50-day moving average of $82.43 and a 200 day moving average of $63.97. The company has a market capitalization of $10.86 billion and a price-to-earnings ratio of 232.35.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, May 28th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.04 by $0.08. CAVA Group had a return on equity of 5.18% and a net margin of 3.75%. The company had revenue of $259.01 million during the quarter, compared to the consensus estimate of $246.02 million. The firm’s revenue was up 27.5% compared to the same quarter last year. On average, equities analysts predict that CAVA Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CAVA shares. Argus upgraded CAVA Group from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a report on Wednesday, April 10th. Robert W. Baird increased their price objective on CAVA Group from $90.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, May 29th. Morgan Stanley increased their price objective on CAVA Group from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. Citigroup increased their price objective on CAVA Group from $60.00 to $81.00 and gave the stock a “neutral” rating in a report on Tuesday, May 21st. Finally, Barclays raised their price target on CAVA Group from $58.00 to $72.00 and gave the company an “equal weight” rating in a report on Thursday, May 30th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.50.

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.