Cava Group’s stock slides 12% on its second day of trading as a public company

Cava Group Inc.’s stock CAVA slid 12% Friday, paring some of its prior-session gains on its second day of trading as a public company. The stock soared more than 100% on Thursday after the initial public offering priced above range in a bullish sign for the market. The Mediterranean fast-casual restaurant chain raised $317 million in the deal, which will be used to grow its network of 236 restaurants. The company is loss-making although revenue has been growing at a rapid clip.

... Cava Group Inc.’s stock CAVA slid 12% Friday, paring some of its prior-session gains on its second day of trading as a public company. The stock soared more than 100% on Thursday after the initial public offering priced above range in a bullish sign for the market. The Mediterranean fast-casual restaurant chain raised $317 million in the deal, which will be used to grow its network of 236 restaurants. The company is loss-making although revenue has been growing at a rapid clip.

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