Evoke Wealth LLC Grows Position in CAVA Group, Inc. (NYSE:CAVA)

Evoke Wealth LLC increased its position in shares of CAVA Group, Inc. (NYSE:CAVA) by 97.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,061 shares of the company’s stock after buying an additional 2,497 shares during the quarter. Evoke Wealth LLC’s holdings in CAVA Group were worth $571,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CAVA. Arcadia Investment Management Corp MI purchased a new stake in shares of CAVA Group during the fourth quarter worth approximately $25,000. Allworth Financial LP increased its stake in CAVA Group by 369.2% in the fourth quarter. Allworth Financial LP now owns 244 shares of the company’s stock valued at $30,000 after purchasing an additional 192 shares during the last quarter. Larson Financial Group LLC increased its stake in CAVA Group by 274.0% in the fourth quarter. Larson Financial Group LLC now owns 273 shares of the company’s stock valued at $31,000 after purchasing an additional 200 shares during the last quarter. Signaturefd LLC increased its stake in CAVA Group by 884.4% in the fourth quarter. Signaturefd LLC now owns 315 shares of the company’s stock valued at $36,000 after purchasing an additional 283 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in CAVA Group in the fourth quarter valued at approximately $47,000. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, CAO Adam David Phillips sold 615 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $124.39, for a total value of $76,499.85. Following the completion of the sale, the chief accounting officer now owns 10,884 shares of the company’s stock, valued at approximately $1,353,860.76. This trade represents a 5.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kenneth Robert Bertram sold 678 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $124.39, for a total value of $84,336.42. Following the completion of the sale, the insider now directly owns 57,312 shares of the company’s stock, valued at approximately $7,129,039.68. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,235 shares of company stock valued at $3,514,101. 12.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wedbush reiterated an “outperform” rating and issued a $150.00 price target on shares of CAVA Group in a research note on Wednesday, February 26th. William Blair reiterated an “outperform” rating on shares of CAVA Group in a research note on Wednesday, February 26th. Sanford C. Bernstein assumed coverage on shares of CAVA Group in a research note on Wednesday, November 20th. They issued a “market perform” rating and a $145.00 price target on the stock. Piper Sandler upgraded shares of CAVA Group from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $142.00 to $115.00 in a research report on Friday, February 28th. Finally, UBS Group lowered their target price on shares of CAVA Group from $160.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $131.47.

CAVA Group Price Performance

Shares of NYSE CAVA opened at $76.76 on Wednesday. The stock has a fifty day moving average price of $112.56 and a 200 day moving average price of $123.66. CAVA Group, Inc. has a 1-year low of $58.22 and a 1-year high of $172.43. The company has a market cap of $8.87 billion, a PE ratio of 166.86 and a beta of 3.58.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). CAVA Group had a return on equity of 9.10% and a net margin of 5.88%. The company had revenue of $227.40 million for the quarter, compared to analyst estimates of $223.34 million. Analysts anticipate that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

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.