Research Analysts Set Expectations for CAVA Group, Inc.’s Q1 2024 Earnings (NYSE:CAVA)

CAVA Group, Inc. (NYSE:CAVA) – Investment analysts at Wedbush raised their Q1 2024 earnings per share (EPS) estimates for shares of CAVA Group in a research note issued to investors on Tuesday, April 16th. Wedbush analyst N. Setyan now expects that the company will post earnings per share of $0.06 for the quarter, up from their prior estimate of $0.05. Wedbush currently has a “Outperform” rating and a $74.00 price target on the stock. The consensus estimate for CAVA Group’s current full-year earnings is $0.24 per share. Wedbush also issued estimates for CAVA Group’s Q2 2024 earnings at $0.13 EPS, FY2024 earnings at $0.29 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.15 EPS, Q3 2025 earnings at $0.13 EPS and FY2025 earnings at $0.38 EPS.

Several other equities analysts also recently weighed in on CAVA. Barclays initiated coverage on CAVA Group in a research report on Monday. They issued an “equal weight” rating and a $58.00 target price for the company. William Blair reiterated an “outperform” rating on shares of CAVA Group in a research note on Tuesday, February 27th. Morgan Stanley lifted their price objective on CAVA Group from $62.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. JPMorgan Chase & Co. lifted their price objective on CAVA Group from $50.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Finally, TD Cowen reiterated a “buy” rating and issued a $63.00 price objective on shares of CAVA Group in a research note on Wednesday, April 10th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.42.

CAVA Group Stock Down 2.1 %

NYSE CAVA opened at $61.57 on Wednesday. The stock has a 50-day moving average of $60.95 and a two-hundred day moving average of $46.06. CAVA Group has a 1-year low of $29.05 and a 1-year high of $71.60.

CAVA Group (NYSE:CAVA) last released its earnings results on Monday, February 26th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $175.50 million during the quarter, compared to the consensus estimate of $240.03 million. CAVA Group had a return on equity of 4.28% and a net margin of 1.82%. CAVA Group’s quarterly revenue was up 52.6% on a year-over-year basis.

Insider Buying and Selling

In related news, Director Theodoros Xenohristos sold 47,239 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $68.29, for a total transaction of $3,225,951.31. Following the completion of the sale, the director now owns 526,521 shares in the company, valued at $35,956,119.09. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Theodoros Xenohristos sold 47,239 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $68.29, for a total value of $3,225,951.31. Following the completion of the sale, the director now directly owns 526,521 shares of the company’s stock, valued at $35,956,119.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director International S.C.A. Artal sold 2,000,000 shares of CAVA Group stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $66.25, for a total transaction of $132,500,000.00. Following the completion of the transaction, the director now directly owns 26,507,990 shares in the company, valued at $1,756,154,337.50. The disclosure for this sale can be found here. Insiders sold a total of 3,547,239 shares of company stock worth $221,525,951 over the last 90 days.

Institutional Investors Weigh In On CAVA Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Capital Research Global Investors increased its position in CAVA Group by 249.5% in the 4th quarter. Capital Research Global Investors now owns 4,369,281 shares of the company’s stock valued at $187,792,000 after acquiring an additional 3,119,281 shares during the period. 1832 Asset Management L.P. increased its position in CAVA Group by 79.5% in the 4th quarter. 1832 Asset Management L.P. now owns 2,248,400 shares of the company’s stock valued at $96,636,000 after acquiring an additional 995,800 shares during the period. Alliancebernstein L.P. acquired a new position in CAVA Group in the 2nd quarter valued at about $30,364,000. Artemis Investment Management LLP acquired a new position in CAVA Group in the 1st quarter valued at about $38,225,000. Finally, FMR LLC increased its position in CAVA Group by 92.1% in the 3rd quarter. FMR LLC now owns 1,138,113 shares of the company’s stock valued at $34,860,000 after acquiring an additional 545,799 shares during the period. 73.15% of the stock is owned by hedge funds and other institutional investors.

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.