Capital Research & Management Co recently announced the acquisition of new stake in Cava Group Inc (NYSE:CAVA). The institutional investor has increased its shareholding in the Consumer Cyclical company by 166.27% to 3.33 million shares with purchase of 2.08 million shares. This fresh investment now brings its stake to 2.93% valued currently at $105.14 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.19 million to 1.45 million shares. And AllianceBernstein LP has lifted its position by 76.33% or 0.57 million shares – to 1.31 million shares.
With over 17.82 million Cava Group Inc (CAVA) shares trading Tuesday and a closing price of $38.87 on the day, the dollar volume was approximately $692.82 million. Currently, there are 111.39M common shares owned by the public and among those 81.94M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for CAVA have a consensus price objective of $43.22. The analysts have set the share’s price value over the next 12 months at a high of $55.00 and a low of $35.00. The average price target is 10.06% above its recent price level and a downside to the estimated low will see the stock lose -11.06% over that period. But an upside of 29.33% will see the stock hit the forecast high price target while median target price for the stock is $42.00.
Insiders at the company have transacted a total of 57 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 48 of these insider trades were purchases, accounting for 56,798,665 shares. Insider sales of the common stock occurred on 9 occasions, with total insider shares sold totaling 81,397 shares.
The top 3 mutual fund holders in Cava Group Inc are American Funds Small Cap World Fu, T Rowe Price New Horizons Fund, and T Rowe Price Small Cap Stock Fund. American Funds Small Cap World Fu owns 4.58 million shares of the company’s stock, all valued at over $144.63 million. The company bought an additional 2.08 million shares recently to bring their total holdings to about 4.03% of the shares outstanding. T Rowe Price New Horizons Fund sold -1.0 million shares to see its total holdings shrink to 3.83 million shares valued at over $120.85 million and representing 3.37% of the shares outstanding. T Rowe Price Small Cap Stock Fund now owns shares totaling to 2.82% of the shares outstanding.
Shares of Cava Group Inc (NYSE: CAVA) opened at $33.80, up $1.31 from a prior closing price of $32.49. However, the script later moved the day high at 39.00, up 19.64%. The company’s stock has a 5-day price change of 7.79% and 9.06% over the past three months. It has a 12-month low price of $29.05 and touched a high of $58.10 over the same period. CAVA has an average intraday trading volume of 1.51 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 14.53%, 17.67%, and -0.70% respectively.
Institutional ownership of Cava Group Inc (NYSE: CAVA) shares accounts for 60.97% of the company’s 111.39M shares outstanding. Mutual fund holders own 22.92%, while other institutional holders and individual stakeholders account for 38.05% and 0.50% respectively.
It has a market capitalization of $4.42B. The earnings-per-share (ttm) stands at -$0.07. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.23% over the week and 5.85% over the month.
Analysts forecast that Cava Group Inc (CAVA) will achieve an EPS of $0 for the current quarter, -$0.01 for the next quarter and $0.14 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.04 while analysts give the company a high EPS estimate of $0.03.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Cava Group Inc (CAVA) as a “Strong Buy” at a consensus score of 1.83. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 4 of the 12 advise that investors “hold,” and 0 rated it as a “Sell.”
