CAVA Group, Inc. (NYSE:CAVA) to Post Q1 2024 Earnings of $0.06 Per Share, Wedbush Forecasts

CAVA Group, Inc. (NYSE:CAVA) – Equities research analysts at Wedbush upped their Q1 2024 earnings per share estimates for shares of CAVA Group in a research report issued to clients and investors on Tuesday, April 16th. Wedbush analyst N. Setyan now anticipates that the company will post earnings of $0.06 per share for the quarter, up from their previous forecast of $0.05. Wedbush has a “Outperform” rating and a $74.00 price objective 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.

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

A number of other brokerages also recently issued reports on CAVA. William Blair reaffirmed an “outperform” rating on shares of CAVA Group in a report on Tuesday, February 27th. Citigroup upped their price target on CAVA Group from $49.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, February 28th. Piper Sandler boosted their price objective on CAVA Group from $46.00 to $63.00 and gave the company an “overweight” rating in a research note on Wednesday, February 28th. Barclays assumed coverage on CAVA Group in a research note on Monday. They issued an “equal weight” rating and a $58.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted 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. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $60.42.

CAVA Group Stock Performance

Shares of CAVA Group stock traded down $1.30 on Wednesday, reaching $61.56. 1,650,255 shares of the company were exchanged, compared to its average volume of 2,236,657. The stock’s 50 day moving average price is $60.49 and its 200-day moving average price is $45.72. CAVA Group has a 1-year low of $29.05 and a 1-year high of $71.60.

Hedge Funds Weigh In On CAVA Group

Several large investors have recently added to or reduced their stakes in CAVA. Barclays PLC purchased a new position in CAVA Group during the second quarter worth about $250,000. Commonwealth Equity Services LLC purchased a new stake in shares of CAVA Group during the 2nd quarter valued at about $339,000. Osaic Holdings Inc. purchased a new stake in shares of CAVA Group during the 2nd quarter valued at about $74,000. BlackRock Inc. acquired a new stake in CAVA Group during the 2nd quarter valued at approximately $16,380,000. Finally, Nuveen Asset Management LLC acquired a new stake in CAVA Group during the 2nd quarter valued at approximately $20,285,000. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other CAVA Group news, Director International S.C.A. Artal sold 2,000,000 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $66.25, for a total value of $132,500,000.00. Following the sale, the director now owns 26,507,990 shares of the company’s stock, valued at $1,756,154,337.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director International S.C.A. Artal sold 2,000,000 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $66.25, for a total transaction of $132,500,000.00. Following the sale, the director now owns 26,507,990 shares of the company’s stock, valued at $1,756,154,337.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ronald M. Shaich sold 1,500,000 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $57.20, for a total value of $85,800,000.00. Following the sale, the insider now directly owns 4,457,634 shares in the company, valued at approximately $254,976,664.80. The disclosure for this sale can be found here. Insiders have sold 3,547,239 shares of company stock valued at $221,525,951 over the last quarter.

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.