Kenneth Robert Bertram, Chief Legal Officer and Secretary of CAVA Group, Inc. (NYSE:CAVA), recently sold shares of the company's common stock valued at approximately $114,170. The transactions, which occurred on January 21, involved the sale of 958 shares at prices ranging from $119.01 to $119.80 per share. The stock, currently trading at $124.11, has shown remarkable strength with a 160% return over the past year, though InvestingPro analysis suggests the company is trading above its Fair Value.
These sales were part of a mandatory process to cover tax withholding obligations tied to the vesting of restricted stock units (RSUs), as stipulated by CAVA Group's equity incentive plans. Following these transactions, Bertram's direct ownership in the company stands at 57,990 shares. Additionally, he holds shares indirectly through family members, with 1,500 shares owned by his spouse and 195 shares by his daughter. With a market capitalization of $14.14 billion and a "GOOD" financial health rating from InvestingPro, which offers 15+ additional insights and a comprehensive Pro Research Report for deeper analysis.
In other recent news, CAVA Group Inc . has been making significant strides in the restaurant industry. The company's third-quarter results surpassed expectations, with an 18.1% increase in same-store sales and a 39% surge in revenue to $241.5 million. The adjusted EBITDA for the quarter was also impressive at $33.5 million. Bernstein SocGen initiated coverage on CAVA Group with a Market Perform rating and a price target set at $145.00, highlighting the company's impressive growth, but suggesting caution due to the stock's full pricing.
Several firms have adjusted their outlook on CAVA Group. Piper Sandler raised its price target to $142, Loop Capital increased its target to $147, Morgan Stanley (NYSE:MS) raised its target to $135, and CFRA upgraded their rating from Hold to Buy, with a new price target of $200. TD (TSX:TD) Cowen also adjusted its price target for CAVA Group, raising it to $150.
These developments follow CAVA Group's successful expansion of its number of stores and geographic footprint. The company's management has provided guidance for the upcoming year, anticipating a minimum net unit growth of 17% for 2025, and expecting restaurant-level margins to remain in line with the levels projected for 2024. These recent developments underscore the strong performance and positive outlook for CAVA Group.
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