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 7% 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.
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