MAI Capital Management Sells 14,773 Shares of CAVA Group, Inc. (NYSE:CAVA)

MAI Capital Management reduced its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 15.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 81,511 shares of the company’s stock after selling 14,773 shares during the period. MAI Capital Management owned about 0.07% of CAVA Group worth $10,095,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Jamison Private Wealth Management Inc. bought a new position in CAVA Group in the 2nd quarter worth about $28,000. Nemes Rush Group LLC purchased a new stake in shares of CAVA Group in the second quarter valued at approximately $28,000. Mark Sheptoff Financial Planning LLC bought a new position in CAVA Group in the second quarter worth approximately $36,000. Headlands Technologies LLC purchased a new position in CAVA Group during the 2nd quarter worth $37,000. Finally, GAMMA Investing LLC raised its position in CAVA Group by 68.3% during the 3rd quarter. GAMMA Investing LLC now owns 308 shares of the company’s stock valued at $38,000 after purchasing an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

Insider Activity

In related news, CFO Tricia K. Tolivar sold 5,000 shares of the company’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 sale, the chief financial officer now owns 292,600 shares in the company, valued at $36,762,264. This represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brett Schulman sold 201,504 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 702,590 shares in the company, valued at approximately $88,196,122.70. This trade represents a 22.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 304,994 shares of company stock valued at $38,310,084 over the last ninety days. 12.10% of the stock is currently owned by insiders.

CAVA Group Stock Performance

CAVA Group stock opened at $137.23 on Tuesday. CAVA Group, Inc. has a one year low of $31.47 and a one year high of $172.43. The stock has a market cap of $15.72 billion, a PE ratio of 295.33 and a beta of 3.23. The stock has a 50-day moving average of $131.69 and a two-hundred day moving average of $104.72.

CAVA Group (NYSE:CAVA) last released its earnings results on Tuesday, November 12th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.04. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The company had revenue of $243.82 million during the quarter, compared to analysts’ expectations of $233.05 million. During the same period last year, the business earned $0.06 EPS. CAVA Group’s revenue for the quarter was up 38.9% on a year-over-year basis. As a group, sell-side analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

CAVA has been the topic of a number of recent research reports. Wedbush increased their price target on CAVA Group from $155.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Robert W. Baird increased their target price on shares of CAVA Group from $125.00 to $148.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Piper Sandler boosted their price target on shares of CAVA Group from $100.00 to $142.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. upped their price target on shares of CAVA Group from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, William Blair reissued an “outperform” rating on shares of CAVA Group in a report on Wednesday, November 13th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, CAVA Group presently has an average rating of “Moderate Buy” and a consensus price target of $143.71.

CAVA Group 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.