Wedbush Has Positive Outlook of CAVA Group FY2024 Earnings

CAVA Group, Inc. (NYSE:CAVA) – Stock analysts at Wedbush increased their FY2024 EPS estimates for CAVA Group in a research note issued to investors on Wednesday, November 13th. Wedbush analyst N. Setyan now forecasts that the company will post earnings of $0.50 per share for the year, up from their prior forecast of $0.44. Wedbush has a “Outperform” rating and a $190.00 price objective 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 reports. Loop Capital boosted their price objective on shares of CAVA Group from $122.00 to $147.00 and gave the company a “hold” rating in a report on Thursday. Stifel Nicolaus upped their price objective on shares of CAVA Group from $118.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday. TD Securities increased their price objective on shares of CAVA Group from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Barclays boosted their target price on CAVA Group from $113.00 to $142.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. lifted their price objective on CAVA Group from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $140.14.

CAVA Group Stock Down 6.1 %

NYSE:CAVA opened at $138.29 on Thursday. The company has a market capitalization of $15.81 billion, a P/E ratio of 298.04 and a beta of 3.23. CAVA Group has a 52 week low of $31.47 and a 52 week high of $172.43. The stock’s fifty day moving average is $130.75 and its two-hundred day moving average is $103.50.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. The firm had revenue of $243.82 million for 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 quarterly revenue was up 38.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.06 earnings per share.

Insider Activity

In other CAVA Group 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 completion of the sale, the chief executive officer now directly owns 702,590 shares of the company’s stock, valued at $88,196,122.70. The trade was a 22.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Theodoros Xenohristos sold 98,490 shares of the 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 completion of the transaction, the director now owns 424,846 shares in the company, valued at approximately $53,432,881.42. The trade was a 18.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 304,994 shares of company stock worth $38,310,084. 12.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Tradition Wealth Management LLC purchased a new stake in shares of CAVA Group in the 3rd quarter valued at about $250,000. Fred Alger Management LLC lifted its stake in CAVA Group by 14.7% in the third quarter. Fred Alger Management LLC now owns 54,929 shares of the company’s stock valued at $6,803,000 after buying an additional 7,025 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of CAVA Group by 17.6% in the third quarter. Captrust Financial Advisors now owns 9,173 shares of the company’s stock valued at $1,136,000 after acquiring an additional 1,372 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of CAVA Group by 31.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,470 shares of the company’s stock worth $1,297,000 after acquiring an additional 2,511 shares during the last quarter. Finally, FORA Capital LLC increased its holdings in shares of CAVA Group by 11.5% in the 3rd quarter. FORA Capital LLC now owns 101,413 shares of the company’s stock valued at $12,560,000 after acquiring an additional 10,496 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.

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.