CAVA Group announced upbeat third-quarter results
Shares of CAVA Group Inc (NYSE:CAVA) are gapping to new highs today, after the fast-casual restaurant name posted better-than-expected third-quarter earnings and revenue and lifted its full-year sales forecast. At last glance, CAVA was up 13.4% at $164.46, and earlier traded as high as $172.20.
Publicly traded since June 2023, CAVA has been notching record peak after record peak as it adds to its 282% year-to-date lead. On the charts, the stock's 40-day moving average helped capture a light pullback this month, and today's pop has it on track for its fourth post-earnings pop in the last five quarters.
Unsurprisingly, CAVA has already seen 3.8 times its average daily options volume this morning, with 44,000 calls and 29,000 puts exchanged so far. The November 180 call is the most popular, where new positions are being opened.
It's also worth noting that despite the stock's outperformance, short interest represents 10.3% of the stock's available float. It would take nearly four days for shorts to cover, at CAVA group stock's average pace of trading.