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Key Takeaways
- Cava shares fell from their record high after a major shareholder and several executives sold shares.
- Cava CEO Brett Schulman and CFO Tricia Toliver were among those who disclosed stock sales.
- The moves came after the restaurant chain’s shares soared on its better-than-expected results for the second quarter.
Shares of Cava (CAVA) fell over 5% Tuesday after records showed a major shareholder and several executives sold shares.
Cava CEO Brett Schulman sold 201,504 shares worth $24.9 million, according to a filing with the U.S. Securities and Exchange Commission. CFO Tricia Toliver and a trust associated with board member David Bosserman each shed 5,000 shares.
Luxembourg-based Artal International S.C.A., Cava’s largest investor, also sold 6 million shares valued at $732 million. It continues to hold about 114 million shares.
Moves Come After Stock Surged on Better-Than-Expected Earnings
The moves came after Cava Group shares surged on the company’s better-than-expected second-quarter results. Schulman said at the time that gains were boosted by demand for the chain’s new grilled steak dish.
Shares of Cava Group closed at an all-time high Monday before turning lower Tuesday. Shares were down nearly 6% at $118.80 in intraday trading Tuesday, though even with Tuesday’s losses, they were up over 175% from the start of the year.
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