Finance
Cava Stock tumbles; Important insiders are selling shares
Cava group (CAVA) plummeted late Monday after CEO Brent Schulman and several key executives and directors announced stock sales of Cava stock in the wake of the Mediterranean-themed restaurant chain’s post-earnings spike to record highs.
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CEO Schulman sold 210,504 shares for $24.87 million. Ted Xenohristos, co-founder and Chief Concept Officer of Cava, 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 associated with board member David Bosserman sold 5,000 shares for $627,550.
Cava Stock is on a rollercoaster ride
Cava shares fell 6.8% in after-hours trading. Shares rose 3.1% to 125.80 during Monday’s regular session.
On Friday, Cava rose 19.6% after second-quarter profits jumped 183% and sales growth rose to 35%, both better than analyst expectations.
Year to date, Cava shares have skyrocketed nearly 193%.
Cava went public in June 2023 at 22 per share.
Follow Ed Carson on Threads at @edcarson1971 and X/Twitter on @IBD_ECarson for stock market updates and more.
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