Can Cava Stock Make You a Millionaire One Day?
After a disappointing three months following its initial public offering in June 2023, Cava (NYSE: CAVA) is starting to whet investors' appetite. Shares of the Mediterranean-focused restaurant chain are up 51% year to date (as of March 19). That gain exceeds the return of the S&P 500 by a wide margin.
While it wins over skeptics, some of the most bullish investors are hoping that there are even better days ahead. Can this hot new restaurant stock make you a millionaire one day? I believe it's best to view this business with both a short- and long-term perspective before coming to a conclusion about that question.
Cava offers healthy food choices, like build-your-own pitas and bowls, in a fast-casual setting that is really catching on with consumers. There's no denying that the company is gaining momentum. It opened 72 net new locations in 2023, bringing the total to 309. This helped drive year-over-year sales growth of 59.8%.
Source Fool.com
