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

Cava Group Inc.’s stock
CAVA,
-12.93%
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. For more, see: Cava Group CFO is confident restaurant chain will be profitable — but she won’t say when