Renaissance Capital LLC Has $8.62 Million Stake in CAVA Group, Inc. (NYSE:CAVA)

Renaissance Capital LLC lessened its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 6.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76,422 shares of the company’s stock after selling 4,952 shares during the quarter. CAVA Group comprises about 5.7% of Renaissance Capital LLC’s investment portfolio, making the stock its 5th biggest holding. Renaissance Capital LLC owned 0.07% of CAVA Group worth $8,620,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAVA. GAMMA Investing LLC grew its stake in shares of CAVA Group by 68.3% in the 3rd quarter. GAMMA Investing LLC now owns 308 shares of the company’s stock worth $38,000 after purchasing an additional 125 shares during the last quarter. R Squared Ltd acquired a new position in CAVA Group in the fourth quarter worth approximately $49,000. Sunbelt Securities Inc. bought a new position in shares of CAVA Group in the third quarter valued at $50,000. Burkett Financial Services LLC acquired a new stake in shares of CAVA Group during the 4th quarter valued at $56,000. Finally, Geneos Wealth Management Inc. bought a new stake in shares of CAVA Group during the 4th quarter worth $63,000. Institutional investors own 73.15% of the company’s stock.

Insider Activity

In other news, insider Kenneth Robert Bertram sold 678 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $124.39, for a total transaction of $84,336.42. Following the transaction, the insider now owns 57,312 shares of the company’s stock, valued at approximately $7,129,039.68. This represents a 1.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ronald M. Shaich sold 622,549 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $149.40, for a total value of $93,008,820.60. Following the completion of the sale, the director now owns 6,307 shares of the company’s stock, valued at approximately $942,265.80. This trade represents a 99.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 681,784 shares of company stock worth $100,756,372. 12.10% of the stock is owned by corporate insiders.

CAVA Group Price Performance

Shares of CAVA stock opened at $137.57 on Tuesday. The firm has a market cap of $15.76 billion, a P/E ratio of 299.07 and a beta of 3.25. CAVA Group, Inc. has a fifty-two week low of $47.68 and a fifty-two week high of $172.43. The stock’s 50-day moving average is $125.06 and its two-hundred day moving average is $120.41.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.04. The firm had revenue of $243.82 million for the quarter, compared to analyst estimates of $233.05 million. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The company’s revenue for the quarter was up 38.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.06 earnings per share. As a group, research analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Barclays cut their target price on CAVA Group from $142.00 to $127.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. TD Cowen raised their target price on shares of CAVA Group from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Stifel Nicolaus boosted their price target on shares of CAVA Group from $118.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. William Blair reaffirmed an “outperform” rating on shares of CAVA Group in a research note on Wednesday, November 13th. Finally, Loop Capital boosted their target price on shares of CAVA Group from $122.00 to $147.00 and gave the company a “hold” rating in a research note on Thursday, November 14th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.13.

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.