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Cava Group Inc (CAVA): $114.04
Market Cap: $13.04B
Enterprise Value: $13.05B
We saw a spike in aggregate insider selling this week, with total sales of $2.3 billion compared to $1.85 billion last week. Looking at the list of top insider sales, it’s not entirely surprising to see why. While we typically focus our attention on insider purchases in these articles, we do occasionally pivot to discuss an insider or multiple insiders selling shares – especially if that sale is new or unique. Granted, a lot of the companies and names that made the list of top insider sales this week are familiar ones such as Carvana and Meta. However this week, a new company secured the number one spot in the list of insider sales – CAVA Group, which saw eight different insiders sell shares for a total of over $752.75 million.
CAVA Group owns and operates the rapidly growing Mediterranean fast-casual restaurant chain, Cava, based in the United States. Founded in 2006 by childhood friends Ike Grigoropoulos, Dimitri Moshovitis, and Ted Xenohristos, Cava Mezze began as a single full-service dining restaurant in Rockville, Maryland, offering a modern take on traditional Mediterranean cuisine. Soon after, the trio partnered with the father and son duo, Kenny and Geoff Maites, to launch a line of dips, spreads, and other related products. These packaged foods soon made their way into over 200 stores – including retailers such as Whole Foods. A year later, in 2009, Brett Schulman joined Cava’s team as CEO and the restaurant soon rebranded into a fast-casual space, operating much like the fast-casual Mexican chain Chipotle (CMG).