Cava Stock Tumbles Late As CEO, Key Insiders Sell Shares After Earnings Spike
Cava Group (CAVA) tumbled early Tuesday after CEO Brent Schulman and several key executives and directors disclosed sales of Cava stock in the wake of the Mediterranean-themed restaurant chain's post-earnings spike to record highs.
↑ X Dow Jones Hits All-Time Highs; Sprouts, Netflix, MercadoLibre In FocusCEO Schulman sold 210,504 shares for $24.87 million, according to SEC filings released Monday night. Ted Xenohristos, Cava co-founder and chief concept officer, sold 98,490 shares for $12.387 million. CFO Patricia Tolivar sold 5,000 shares for $628,175. Board member James White sold 1,500 shares for $190,770.
A trust linked to board member David Bosserman sold 5,000 shares for $627,550.
Cava Stock Nearly Tripled In 2024
Cava stock fell 8% in early Tuesday stock market trading. Shares climbed 3.1% to 125.80 on Monday.
On Friday, Cava skyrocketed 19.6%. That's after reporting second-quarter earnings spiked 183% with revenue growth picking up to 35%, both beating analyst views.
Year to date, Cava stock has skyrocketed nearly 193%.
Cava came public at 22 a share in June 2023.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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