{"id":35130,"date":"2023-07-13T10:46:12","date_gmt":"2023-07-13T14:46:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/the-next-chipotle-cava-stock-briefly-hits-all-time-high-as-wall-street-eyes-major-expansion\/"},"modified":"2023-07-13T10:46:14","modified_gmt":"2023-07-13T14:46:14","slug":"the-next-chipotle-cava-stock-briefly-hits-all-time-high-as-wall-street-eyes-major-expansion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35130","title":{"rendered":"The Next Chipotle? Cava Stock Briefly Hits All-Time High As Wall Street Eyes Major Expansion"},"content":{"rendered":"
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Topline<\/h2>\n

Cava shares surged again Thursday to a fresh all-time high, making the burgeoning Mediterranean fast-casual chain one of the most valuable restaurant groups in the world and drumming up dreams that it could follow Chipotle\u2019s growth trajectory.<\/p>\n

Key Facts<\/h2>\n
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Cava stock opened at an all-time high of $54.68 Thursday before tumbling nearly 5% in morning trading.<\/p>\n<\/p><\/div>\n

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Shares of the chain are still up 120% from their June 15 public offering price of $22, a success story for one of the first major companies to go public over the last 18 months amid a tepid macroeconomic backdrop.<\/p>\n<\/p><\/div>\n

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The chain, which counts 263 locations, is now valued at $5.6 billion, making it the eighth-most valuable American restaurant chain, topping more established names such as Wendy\u2019s, Papa John\u2019s and Bloomin\u2019 Brands.<\/p>\n<\/p><\/div>\n

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Cava, which brought in $449 million of revenue last year, actually lost $59 million in 2022, but it’s already a hit on Wall Street, as analysts compare the company to Chipotle, whose stock has soared almost 5,000% from its 2006 IPO, growing from below 600 to more than 3,000 locations during that period.<\/p>\n

<\/fbs-ad>\n <\/div>\n

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In a note initiating coverage of Cava with a buy rating, Jefferies analyst Andy Barish said Cava\u2019s \u201cblue-sky scenario\u201d would be to match Chipotle\u2019s goal and eventually open 7,000 restaurants in North America \u2013 a roughly 2,500% expansion.<\/p>\n<\/p><\/div>\n<\/div>\n

Chief Critic<\/h2>\n

Cava is a \u201cterrible business\u2026burning cash flow\u201d who went public \u201cto keep from going bankrupt,\u201d David Trainer, the CEO of investment research firm New Constructs, told Yahoo Finance earlier this week. Trainer compared Cava\u2019s IPO to that of WeWork, the shared office space firm whose shares are down more than 95% since going public three years ago.<\/p>\n

What To Watch For<\/h2>\n

Whether more companies follow Cava into going public. After a record year for IPOs in 2021, the market went nearly silent save for high-profile names like LGBTQ+ dating app Grindr and the Intel-backed autonomous vehicle company Mobileye. The water brand Liquid Death hired Goldman Sachs to explore an IPO of its own, according to the Information.<\/p>\n

Crucial Quote<\/h2>\n

\u201cThis is not the destination, it\u2019s the beginning of the next chapter of our journey,\u201d Cava CEO Brett Schulman told Forbes<\/em> on his company\u2019s first day of trading. Schulman owns 2.4% of the company, a stake that\u2019s exploded from $57 million to $136 million over the last month, according to FactSet data.<\/p>\n

Tangent<\/h2>\n

Though rapidly growing, Cava’s revenues are still dwarfed by the chain’s less valuable but more established rivals. Wendy’s, for example, pulled in $2.1 billion in sales and $177 million in profit across its 6,500 locations last year.<\/p>\n

<\/h2>\n

Fast-Casual Restaurant Chain Cava Soars Past IPO Target Price In First Day Of Trading (Forbes<\/em>)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline Cava shares surged again Thursday to a fresh all-time high, making the burgeoning Mediterranean fast-casual chain one of the most valuable restaurant groups in the world and drumming up dreams that it could follow Chipotle\u2019s growth trajectory. Key Facts Cava stock opened at an all-time high of $54.68 Thursday before tumbling nearly 5% in […]<\/p>\n","protected":false},"author":1,"featured_media":35131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-35130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nThe Next Chipotle? 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