Wedbush Has Bullish Forecast for CAVA Group FY2024 Earnings

CAVA Group, Inc. (NYSE:CAVA) – Analysts at Wedbush lifted their FY2024 earnings per share estimates for CAVA Group in a report released on Wednesday, November 13th. Wedbush analyst N. Setyan now anticipates that the company will post earnings per share of $0.50 for the year, up from their prior estimate of $0.44. Wedbush currently has a “Outperform” rating and a $190.00 target price on the stock. The consensus estimate for CAVA Group’s current full-year earnings is $0.44 per share. Wedbush also issued estimates for CAVA Group’s Q4 2024 earnings at $0.06 EPS, Q3 2025 earnings at $0.22 EPS and FY2025 earnings at $0.70 EPS.

A number of other analysts have also recently commented on the stock. William Blair restated an “outperform” rating on shares of CAVA Group in a research note on Wednesday. Stifel Nicolaus upped their target price on shares of CAVA Group from $118.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of CAVA Group from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday. TD Cowen increased their price target on shares of CAVA Group from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Citigroup increased their price target on shares of CAVA Group from $140.00 to $163.00 and gave the stock a “neutral” rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $136.57.

CAVA Group Stock Performance

CAVA Group stock opened at $147.31 on Thursday. The stock has a market cap of $16.84 billion, a PE ratio of 320.24 and a beta of 3.23. CAVA Group has a fifty-two week low of $31.41 and a fifty-two week high of $172.43. The firm’s 50-day simple moving average is $130.75 and its 200 day simple moving average is $103.50.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.04. CAVA Group had a return on equity of 9.23% and a net margin of 5.88%. The firm had revenue of $243.82 million for the quarter, compared to analyst estimates of $233.05 million. During the same period in the previous year, the firm earned $0.06 earnings per share. The company’s revenue was up 38.9% compared to the same quarter last year.

Insiders Place Their Bets

In related news, CFO Tricia K. Tolivar sold 5,000 shares of CAVA Group stock in a transaction on Monday, August 26th. The shares were 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 of the company’s stock, valued at approximately $36,762,264. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Theodoros Xenohristos sold 98,490 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.77, for a total transaction of $12,387,087.30. Following the completion of the sale, the director now directly owns 424,846 shares in the company, valued at approximately $53,432,881.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Tricia K. Tolivar sold 5,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 292,600 shares of the company’s stock, valued at approximately $36,762,264. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 304,994 shares of company stock valued at $38,310,084. 12.10% of the stock is owned by insiders.

Hedge Funds Weigh In On CAVA Group

Several large investors have recently modified their holdings of the business. Capital Research Global Investors boosted its stake in shares of CAVA Group by 21.6% in the first 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 period. Vanguard Group Inc. lifted its position in shares of CAVA Group by 215.7% during the 1st quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock worth $346,330,000 after purchasing an additional 3,377,840 shares during the last quarter. FMR LLC boosted its position in shares of CAVA Group by 0.9% during the 3rd quarter. FMR LLC now owns 3,485,033 shares of the company’s stock worth $431,621,000 after acquiring an additional 29,668 shares in the last quarter. Federated Hermes Inc. raised its stake in CAVA Group by 9.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,060,029 shares of the company’s stock worth $98,318,000 after acquiring an additional 93,635 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position 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 acquiring an additional 451,800 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

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.