Shares of Cava (CAVA) experienced a decline of over 5% on Tuesday, following the disclosure that both executives and a major shareholder had sold off significant portions of their holdings. The drop came after the restaurant chain’s stock had recently reached an all-time high.
Cava’s CEO, Brett Schulman, sold 201,504 shares valued at approximately $24.9 million, according to a recent filing with the U.S. Securities and Exchange Commission. Additionally, CFO Tricia Toliver and a trust linked to board member David Bosserman each sold 5,000 shares. Artal International S.C.A., the largest investor in Cava, also reduced its stake by selling 6 million shares worth $732 million, though it still retains around 114 million shares.
These sales followed a surge in Cava’s stock price, which had been driven by the company’s better-than-expected earnings for the second quarter. CEO Schulman attributed the positive results to strong demand for the chain’s new grilled steak dish.
The stock had reached a peak on Monday but fell nearly 6% to $118.80 during intraday trading on Tuesday. Despite this recent dip, Cava’s shares have surged over 175% since the beginning of the year.
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