Cava
This trendy food chain was solid out of the gate back in June and has also returned from the stratosphere. Cava Group Inc. (NYSE: CAVA) owns and operates a chain of Mediterranean restaurants. The company offers salads, dips, spreads, toppings and dressings. It sells its products through Whole Foods markets and grocery stores. The company also provides online food ordering services.
The stock was murdered back in August, dropping a stunning 22%. Economic concerns and lukewarm reactions to the company’s first earnings report were cited by some as the reasons behind the big selling momentum. This comes despite the fact that the company beat estimates in that initial report.
Piper Sandler has an Overweight rating and a $52 target price. The consensus target is $49.63. The shares closed trading on Wednesday at $31.26, up over 4% on the day.
Instacart
This company exploded during the pandemic and was trading at a much higher multiple before ultimately going public recently. Instacart (Maplebear Inc.) (NASDAQ: CART) does business as Instacart and provides online grocery shopping services to households in North America.
It sells and delivers a range of products, such as food, alcohol, consumer health, pet care and ready-made meals. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers.
In September, 22 million shares were priced at $30 a share, and the stock opened trading at $42 for close to $10 billion market value. It has not seen that price level since. Instacart is currently the market leader among third-party grocery delivery companies, according to YipitData, a market research firm. But the company is facing growing competition from others, including DoorDash and Uber Eats. It also competes with big grocers like Walmart, which offer their own delivery.
Four firm that, again, were not in the deal have Hold or Neutral ratings on the stock, and there is no Wall Street consensus price objective yet, as those that were in the deal are still in the post-IPO quiet period. The last trade on Wednesday was reported at $27.31 a share, which was up close to 3% on the day.
Klaviyo
This top company has held on reasonably well since being priced and could be a huge steal for technology investors. Klaviyo Inc. (NYSE: KVYO) provides a software-as-a-service platform to enable its customers to send the right messages at the right time across email, short message service (SMS) and push notifications.
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