Cava rises after announcing $100 million share repurchase plan

Shares of restaurant chain Cava Group CAVA.N were up 2.6% at $52.55 in premarket trading after the company announced authorization of a share repurchase program of up to $100 million of its outstanding shares of common stock.

Repurchases under the program may be made in the open market, in privately negotiated transactions or by other means. The program will expire on September 17, 2027.

The company expects to fund repurchases with a combination of existing cash and cash equivalents and cash flows from operations.

As of the last close, Cava stock was down about 13% year to date.