Brett Schulman, CEO and President of CAVA Group, Inc. (NYSE:CAVA), recently sold shares of the company valued at approximately $2.45 million. The transactions, disclosed in a recent SEC filing, involved the sale of 20,564 shares of common stock. These shares were sold at prices ranging from $119.01 to $119.80 per share. The sale comes as CAVA's stock has delivered an impressive 160% return over the past year, though InvestingPro analysis suggests the stock is currently trading above its Fair Value.
The sales were executed to cover tax withholding obligations related to the vesting of restricted stock units, as mandated by the company's equity incentive plans. Following these transactions, Schulman holds 776,369 shares directly and additional shares indirectly through a spouse and an LLC.
The transactions reflect mandatory sell-to-cover actions rather than discretionary trades by Schulman.
In other recent news, CAVA Group has been making headlines with robust financial results and positive analyst attention. The company's third-quarter results surpassed expectations, reporting 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. These strong financial results led several analyst firms to adjust their outlook on CAVA Group. Bernstein SocGen initiated coverage on CAVA Group with a Market Perform rating, while William Blair expressed optimism about CAVA's growth, citing strong momentum and exceptional performance.
Piper Sandler raised its price target to $142, maintaining a Neutral rating. Loop Capital increased its target to $147, maintaining a Hold rating. Morgan Stanley (NYSE:MS) raised its target to $135, keeping an Equalweight rating. 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 and maintaining a Buy rating.
These recent developments highlight the strong performance and positive outlook for CAVA Group. 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 are the recent developments for CAVA Group.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.