Active Long & Short positioning is nearly dollar neutral at $1.3 bill and $1.2 bill, respectively.

CAVA ($8 bill mkt cap, Restaurants, 17%SI float)has transitioned into a true battleground stock, with Active Long Interest Notional steadily declining, while Short Interest Notional has remained resilient.

The Long-to-Short Ratio has compressed meaningfully, falling from >4x in early 2025 to 1.2x today, signaling a firm deterioration in long conviction.

The recent steadying in active long notional, alongside persistent and increasing short exposure, reinforces the battleground setup currently in play.

Following a ~37% drawdown over the past year and wide trading ranges, positioning has become increasingly unstable.

With positioning now tightly balanced, any fundamental or sentiment catalyst could trigger outsized moves as reduced long support meets elevated short exposure. 4Q Earnings scheduled for 2/23.

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