Jim Cramer on Super Micro Computer and Other Stocks

8. CAVA Group, Inc. (NYSE:CAVA)

Number of Hedge Fund Holders: 33

When asked about CAVA Group, Inc. (NYSE:CAVA), Cramer said that he likes the company a lot and recommends owning the stock.

“I like Cava very much. You’ll be buying right here, just a couple points from the high. That tends to be not what I want. I don’t want you to buy it up here, I do want you to own it. And if it does come back down, even when it has a 10% drop, I would actually be a buyer of more. That’s how much I believe in this stock long-term.”

The company operates a successful chain of Mediterranean fast-casual restaurants across the United States. The brand emphasizes a diverse menu that includes a variety of dips, spreads, and dressings, which are also available in grocery stores, appealing to a growing consumer interest in Mediterranean cuisine.

Cramer has liked the company for a while now. Back in September, he said:

“It is time to buy Cava. I had Cava CEO Brett Schulman on “Mad Money” Thursday night, and he detailed compelling expansion plans for the fast-casual Mediterranean chain.”

CAVA Group (NYSE:CAVA) has established itself as a rising participant in the fast-casual dining sector. Since its IPO in June 2023, the company has set ambitious growth targets, aiming to expand to 1,000 locations by 2032. By the end of the first quarter following the initial public offering, it operated 279 restaurants, and this number rose to 341 by the second quarter of 2024.

For 2024, it plans to introduce approximately 55 new locations, indicating a strong commitment to its expansion goals. This swift growth shows management’s determination to rapidly increase the company’s footprint in the market. During the second quarter alone. CAVA Group (NYSE:CAVA) reported an average unit volume of $2.7 million, further highlighting the strong appeal of its offerings and the efficiency of its business model.