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Kava Group (rewardShares of Cava Restaurants Inc. fell late Monday after CEO Brent Schulman and several other key executives and directors disclosed that they were selling Cava shares in the wake of the Mediterranean-themed restaurant chain's record-breaking earnings.
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CEO Schulman sold 210,504 shares for $24.87 million. Ted Zeno Christios, co-founder and CEO of Kava, sold 98,490 shares for $12.387 million. CFO Patricia Tolivar sold 5,000 shares for $628,175. Board member James White sold 1,500 shares for $190,770.
A fund linked to board member David Bosserman sold 5,000 shares for $627,550.
Kava Stock Takes a Challenging Journey
Kava shares fell 6.8% in after-hours trading. Shares rose 3.1% to 125.80 in regular session Monday.
Kava shares rose 19.6% on Friday after second-quarter earnings surged 183% and revenue growth rose to 35%, both beating analysts' expectations.
Since the beginning of the year, Kava shares have risen about 193%.
Kava is set to go public at $22 per share in June 2023.
Please follow Ed Carson on Threads at @Edcarson1971 And X/Twitter on @IBD_ECarson For stock market updates and more.
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