CAVA Group, Inc. ( CAVA ) , the Mediterranean fast-casual restaurant chain, is seeing its shares move significantly higher Friday. Here’s what you need to know.

What To Know: The stock is trading on higher-than-average volume, with over 2.4 million shares exchanged so far, indicating strong investor interest. Additionally, CAVA ( CAVA ) is trending across social media platforms such as YahooFinance.

Moreover, one of CAVA’s fast-casual peers, Sweetgreen Inc. ( SG ) shares are trading higher after the company reported better-than-expected second-quarter revenue results.

Investors are anticipating CAVA’s upcoming second-quarter earnings report, scheduled for August 22 2024, after the market close. The company is expected to announce estimated EPS of 12 cents and revenue of $218.2 million.

What Else: In recent trading, CAVA ( CAVA ) shares have moved within a day range of $85.77 to $91.43, approaching the upper end of its 52-week range of $29.05 to $98.69. The stock’s strong price action is supported by a 13.92% short float, suggesting that short sellers may be covering their positions in anticipation of positive earnings.

CAVA Price Action: CAVA ( CAVA ) group shares were up by 7.34% at $90.14 according to Benzinga Pro.

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