Cava Shares Slump 6% as Major Shareholder Sells 6 Million Shares
$CAVA Group (CAVA.US)$ shares slumped 6% Tuesday after a regulatory filing showed its major shareholder, Artal International, sold 6 million shares of common stock.
The sale of stocks valued at $732 million, done through broker BofA Securities on Aug. 26, follows Artal's divestment of 3 million shares in June, a filing with the Securities and Exchange Commission.
Latest data tracked by moomoo showed that Artal had a 20.62% stake in Cava, the largest among its shareholders.
Latest data tracked by moomoo showed that Artal had a 20.62% stake in Cava, the largest among its shareholders.
Shares of the company that runs restaurant chains including its namesake brand CAVA and Zoes Kitchen fell 6% to $117.83 at 10:42 a.m. in New York Tuesday.
Share your thoughts on CAVA's prospects below.
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Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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