Renaissance Capital LLC Buys 13,587 Shares of CAVA Group, Inc. (NYSE:CAVA)

Renaissance Capital LLC grew its stake in CAVA Group, Inc. (NYSE:CAVA) by 20.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 81,374 shares of the company’s stock after purchasing an additional 13,587 shares during the period. CAVA Group makes up about 6.6% of Renaissance Capital LLC’s holdings, making the stock its 5th largest holding. Renaissance Capital LLC owned approximately 0.07% of CAVA Group worth $10,078,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of CAVA Group by 215.7% in the 1st quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock worth $346,330,000 after acquiring an additional 3,377,840 shares during the last quarter. Capital Research Global Investors raised its stake in CAVA Group by 21.6% during the first quarter. Capital Research Global Investors now owns 5,311,335 shares of the company’s stock worth $372,059,000 after purchasing an additional 942,054 shares during the period. Artemis Investment Management LLP acquired a new position in CAVA Group in the 1st quarter valued at about $38,225,000. Lord Abbett & CO. LLC grew its stake in shares of CAVA Group by 55.9% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,373,749 shares of the company’s stock valued at $96,231,000 after buying an additional 492,667 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of CAVA Group by 102.5% during the 2nd quarter. Renaissance Technologies LLC now owns 892,400 shares of the company’s stock worth $82,770,000 after buying an additional 451,800 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

Insider Activity

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

Wall Street Analysts Forecast Growth

CAVA has been the subject of several analyst reports. Loop Capital increased their price objective on CAVA Group from $80.00 to $122.00 and gave the stock a “hold” rating in a research report on Monday, August 26th. TD Cowen boosted their price objective on shares of CAVA Group from $115.00 to $130.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Jefferies Financial Group increased their target price on shares of CAVA Group from $94.00 to $117.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Robert W. Baird boosted their price target on shares of CAVA Group from $105.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Finally, Wedbush increased their price objective on shares of CAVA Group from $100.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $115.64.

CAVA Group Price Performance

CAVA stock opened at $133.96 on Wednesday. The business’s 50-day moving average is $116.55 and its two-hundred day moving average is $92.77. The firm has a market capitalization of $15.28 billion, a P/E ratio of 326.73 and a beta of 3.33. CAVA Group, Inc. has a 1 year low of $29.66 and a 1 year high of $135.57.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.13 by $0.04. CAVA Group had a net margin of 5.04% and a return on equity of 7.37%. The company had revenue of $233.50 million for the quarter, compared to analyst estimates of $219.47 million. During the same period in the prior year, the firm posted $0.21 earnings per share. The firm’s revenue was up 35.1% on a year-over-year basis. On average, analysts expect that CAVA Group, Inc. will post 0.43 EPS for the current year.

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.