Mainstream Capital Management LLC Purchases New Shares in CAVA Group, Inc. (NYSE:CAVA)

Mainstream Capital Management LLC acquired a new position in shares of CAVA Group, Inc. (NYSE:CAVA) during the third quarter, HoldingsChannel reports. The fund acquired 17,626 shares of the company’s stock, valued at approximately $2,183,000. CAVA Group comprises about 1.9% of Mainstream Capital Management LLC’s portfolio, making the stock its 13th largest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of CAVA Group by 215.7% during the first quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock valued at $346,330,000 after acquiring an additional 3,377,840 shares during the period. Capital Research Global Investors boosted its stake in shares of CAVA Group by 21.6% in the 1st quarter. Capital Research Global Investors now owns 5,311,335 shares of the company’s stock valued at $372,059,000 after purchasing an additional 942,054 shares during the last quarter. Lord Abbett & CO. LLC grew its position in shares of CAVA Group by 55.9% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,373,749 shares of the company’s stock worth $96,231,000 after buying an additional 492,667 shares during the period. Renaissance Technologies LLC raised its stake in shares of CAVA Group by 102.5% during the second quarter. Renaissance Technologies LLC now owns 892,400 shares of the company’s stock worth $82,770,000 after buying an additional 451,800 shares during the last quarter. Finally, Driehaus Capital Management LLC lifted its holdings in CAVA Group by 51.8% in the second quarter. Driehaus Capital Management LLC now owns 732,603 shares of the company’s stock valued at $67,949,000 after buying an additional 250,110 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.

CAVA Group Stock Up 1.7 %

NYSE:CAVA opened at $141.38 on Friday. The company has a market cap of $16.16 billion, a P/E ratio of 382.11 and a beta of 3.23. CAVA Group, Inc. has a twelve month low of $29.66 and a twelve month high of $141.62. The business has a 50 day moving average price of $128.08 and a two-hundred day moving average price of $100.88.

CAVA Group (NYSE:CAVA) last announced its earnings results on Thursday, August 22nd. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.13 by $0.04. CAVA Group had a net margin of 5.04% and a return on equity of 7.37%. The business had revenue of $233.50 million during the quarter, compared to analysts’ expectations of $219.47 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The firm’s revenue was up 35.1% on a year-over-year basis. As a group, analysts anticipate that CAVA Group, Inc. will post 0.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on CAVA. Jefferies Financial Group upped their target price on shares of CAVA Group from $94.00 to $117.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Stifel Nicolaus upped their price objective on CAVA Group from $90.00 to $110.00 and gave the company a “buy” rating in a report on Monday, August 19th. Morgan Stanley cut CAVA Group from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $90.00 to $110.00 in a report on Thursday, August 29th. Loop Capital upped their price target on CAVA Group from $80.00 to $122.00 and gave the company a “hold” rating in a research note on Monday, August 26th. Finally, Citigroup lifted their price objective on shares of CAVA Group from $115.00 to $140.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, CAVA Group has a consensus rating of “Moderate Buy” and an average target price of $120.36.

Insider Transactions at CAVA Group

In other CAVA Group news, CFO Tricia K. Tolivar sold 5,000 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $125.64, for a total transaction of $628,200.00. Following the sale, the chief financial officer now directly owns 292,600 shares of the company’s stock, valued at approximately $36,762,264. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Tricia K. Tolivar sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $125.64, for a total value of $628,200.00. Following the completion of the sale, the chief financial officer now directly owns 292,600 shares of the company’s stock, valued at $36,762,264. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Theodoros Xenohristos sold 98,490 shares of CAVA Group stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $125.77, for a total value of $12,387,087.30. Following the transaction, the director now owns 424,846 shares of the company’s stock, valued at $53,432,881.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 304,994 shares of company stock worth $38,310,084 in the last 90 days. Corporate insiders own 12.10% of the company’s stock.

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.