CAVA Group (NYSE:CAVA) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

CAVA Group (NYSE:CAVA) announced its quarterly earnings data on Thursday. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.04, Briefing.com reports. The company had revenue of $233.50 million for the quarter, compared to analysts’ expectations of $219.47 million. CAVA Group had a net margin of 3.75% and a return on equity of 5.18%. CAVA Group’s revenue was up 35.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.21 EPS.

CAVA Group Price Performance

NYSE:CAVA traded up $20.02 on Friday, reaching $122.00. The stock had a trading volume of 21,800,501 shares, compared to its average volume of 2,697,611. The company has a market cap of $13.91 billion, a price-to-earnings ratio of 297.39 and a beta of 3.27. CAVA Group has a 12-month low of $29.05 and a 12-month high of $125.87. The firm’s fifty day moving average is $89.86 and its two-hundred day moving average is $75.83.

Insider Activity

In related news, insider Kenneth Robert Bertram sold 5,250 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $95.28, for a total transaction of $500,220.00. Following the sale, the insider now owns 67,005 shares in the company, valued at $6,384,236.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Kenneth Robert Bertram sold 5,250 shares of the stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $95.28, for a total transaction of $500,220.00. Following the transaction, the insider now directly owns 67,005 shares in the company, valued at $6,384,236.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the sale, the director now directly owns 5,000 shares in the company, valued at $436,250. The disclosure for this sale can be found here. Insiders sold a total of 1,420,564 shares of company stock valued at $124,690,835 over the last 90 days.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CAVA. Morgan Stanley boosted their price target on shares of CAVA Group from $85.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Citigroup boosted their target price on CAVA Group from $93.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday. Piper Sandler downgraded CAVA Group from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $63.00 to $92.00 in a research note on Thursday, May 30th. Robert W. Baird lifted their price target on CAVA Group from $105.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday. Finally, TD Cowen increased their price objective on CAVA Group from $95.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, CAVA Group presently has an average rating of “Moderate Buy” and an average price target of $97.17.

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.