- Published on
CAVA Group's Stock Rallies three days in a row bringing gains exceeding 15% for the week
- Authors
- Name
- Kanchan Sharma
- @SharmaKanchaan
Table of Contents
CAVA Shares Surge In Trading
CAVA group saw their stock price rise by more than 15% in the last three trading days. The company's stock went public mid June at price of $22 per share.
Why Did CAVA Shares surge this week?
T. Rowe Price Investment Management, Inc. disclosed an ownership of 11.1% of outstanding CAVA shares in the recent Schedule 13-G filing, a likely reason propelling the stock higher.
Several analysts have initiated coverage on CAVA stock with buy ratings from JP Mogran, Stifel, William Blair, and Jefferies.
Analyst Catalysts Resulting in Surging CAVA Share Prices
A number of analysts have recently issued updated reports on CAVA stock, with most of them expressing a positive view on the company's growth prospects. While some have expressed concerns about the stock's valuation, overall the sentiment is positive and the company is seen as a compelling growth story in the restaurant space. The main drivers of this optimism are CAVA's strong growth, healthy financials, and attractive business model.
| Analyst Coverage | Price Target |
|---|---|
| Citigroup | $42 |
| JP Morgan Chase | $45 |
| Piper Sandler | $45 |
| Stifel Nicolaus | $48 |
| Jefferies | $48 |
When is CAVA Group Reporting Earnings?
CAVA Group has not officially declared when they will report their first ever quarterly earnings call as a public company. However, as the company went public less than a month ago, it is reasonable to believe they will not schedule an earnings event for at least a month or two.
Analyst Sharon Zackfia of William Blair estimated that the company would generate revenue of $706.9 million in 2023 and $828.6 million in 2024.
Disclosure: We hold a position on CAVA stock