SG Americas Securities LLC significantly increased its investment in CAVA Group, Inc. (NYSE:CAVA) by 369.9% during the third quarter of 2023, as reported in its latest 13F filing with the Securities and Exchange Commission. The firm acquired an additional 14,831 shares, bringing its total holdings to 18,840 shares, valued at approximately $1,138,000 by the end of the reporting period.
Other institutional investors have also adjusted their stakes in CAVA Group, reflecting growing interest in the Mediterranean-inspired restaurant chain. The Maryland State Retirement & Pension System raised its holdings by 37.5% during the second quarter, resulting in ownership of 4,850 shares worth $409,000 after acquiring an additional 1,324 shares. Global Retirement Partners LLC entered a new investment in CAVA, valued at around $463,000. Notably, Y Intercept Hong Kong Ltd increased its stake by an impressive 271.7%, now holding 23,659 shares valued at $1,993,000 following a purchase of 17,294 shares.
Hantz Financial Services Inc. made a remarkable move by lifting its stake by an extraordinary 1,846,775.0%, acquiring 73,875 shares now valued at $6,222,000. Additionally, Lewis Asset Management LLC invested $504,000 in a new stake during the same quarter. Overall, hedge funds and institutional investors own approximately 73.15% of CAVA Group’s stock.
Stock Performance and Analyst Ratings
As of the most recent trading session, CAVA Group’s shares opened at $72.06. The company has experienced notable price fluctuations, with a fifty-day moving average of $56.14 and a two-hundred-day moving average of $65.87. CAVA Group boasts a market capitalization of $8.36 billion, a P/E ratio of 62.12, and a PEG ratio of 3.69, alongside a beta of 2.41. The shares have seen a one-year low of $43.41 and a high of $144.49.
Analysts have weighed in on CAVA Group’s prospects, with several adjusting their price targets. On January 6, 2024, UBS Group raised its target from $58.00 to $66.00, assigning a “neutral” rating. Mizuho also increased its target from $52.00 to $64.00, maintaining a “neutral” rating. The Goldman Sachs Group reiterated its “neutral” rating while setting a price target of $68.00 on November 5, 2023. Truist Financial went further, increasing its target from $66.00 to $78.00 and giving a “buy” rating. In total, one analyst has rated the stock as a Strong Buy, while sixteen have given it a Buy rating and nine issued a Hold rating. According to MarketBeat.com, CAVA Group has an average rating of “Moderate Buy” with a target price of $81.83.
Insider Transactions and Company Overview
In related news, insider Kenneth Robert Bertram sold 3,788 shares of CAVA Group stock on November 26, 2023. The shares were sold at an average price of $50.70, resulting in total proceeds of $192,051.60. After this transaction, Bertram retained ownership of 51,143 shares, valued at approximately $2,592,950.10, reflecting a decrease in his position by 6.90%. CAVA Group insiders hold about 6.80% of the company’s stock.
CAVA Group, Inc., founded in 2011 in the Washington, DC metro area, has emerged as a prominent player in the fast-casual dining sector, specializing in Mediterranean-inspired cuisine. The company, operating under the CAVA brand, offers customizable bowls, pitas, and salads featuring a variety of proteins, grains, fresh vegetables, and house-made spreads. CAVA emphasizes high-quality ingredients and made-to-order preparation to provide a casual yet elevated dining experience for its customers, whether dining in, taking out, or catering. The company has pursued aggressive growth strategies, including the acquisition of Zoe’s Kitchen in 2018.
This recent surge in investment interest highlights CAVA Group’s potential for growth and its strategic positioning within the competitive restaurant industry.
