Cava sizzles on heavy call option activity

Cava shares popped 9% Tuesday afternoon amid a wave of bullish options activity. More than 48,000 call contracts had changed hands by 2:06 p.m. ET — over 3x the 20-day average volume of 14,462.

The surge in call buying suggests investors are betting on a rebound for the fast-casual Mediterranean chain. Cava shares are down 26% year to date but have more than doubled since the company’s 2023 IPO debut.

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