First Watch Restaurant Group (NASDAQ:FWRG) Trading 7.4% Higher – Here’s Why

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s stock price shot up 7.4% during trading on Monday . The company traded as high as $11.48 and last traded at $11.5590. 289,928 shares changed hands during trading, a decline of 84% from the average session volume of 1,768,691 shares. The stock had previously closed at $10.76.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on FWRG shares. TD Cowen reduced their price target on First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Citigroup reduced their target price on First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Weiss Ratings lowered First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. Guggenheim cut their price target on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Finally, Piper Sandler restated an “overweight” rating and set a $19.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.75.

First Watch Restaurant Group Stock Performance

The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average price of $13.73 and a two-hundred day moving average price of $15.61. The firm has a market cap of $696.93 million, a PE ratio of 36.63, a P/E/G ratio of 2.16 and a beta of 0.98.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.08 by $0.16. The firm had revenue of $316.35 million during the quarter, compared to the consensus estimate of $317.49 million. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.The firm’s revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.01 EPS. Research analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO H Melville Hope III sold 3,878 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $12.52, for a total value of $48,552.56. Following the transaction, the chief financial officer directly owned 111,787 shares of the company’s stock, valued at approximately $1,399,573.24. This trade represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Christopher Anthony Tomasso sold 25,062 shares of the company’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $12.52, for a total transaction of $313,776.24. Following the sale, the chief executive officer directly owned 957,315 shares of the company’s stock, valued at approximately $11,985,583.80. This represents a 2.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 74,178 shares of company stock valued at $958,411. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FWRG. Jones Financial Companies Lllp acquired a new stake in shares of First Watch Restaurant Group in the 3rd quarter worth $30,000. Rockefeller Capital Management L.P. purchased a new stake in shares of First Watch Restaurant Group in the fourth quarter valued at about $63,000. State of Wyoming acquired a new stake in First Watch Restaurant Group during the fourth quarter worth about $64,000. Kemnay Advisory Services Inc. acquired a new stake in First Watch Restaurant Group during the fourth quarter worth about $66,000. Finally, BNP Paribas Financial Markets increased its position in First Watch Restaurant Group by 61.9% during the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock worth $70,000 after purchasing an additional 1,673 shares during the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.