First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Sees Large Decline in Short Interest

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) was the target of a large decrease in short interest in the month of February. As of February 27th, there was short interest totaling 4,834,883 shares, a decrease of 12.3% from the February 12th total of 5,512,146 shares. Currently, 8.4% of the company’s shares are sold short. Based on an average daily volume of 2,387,913 shares, the days-to-cover ratio is presently 2.0 days. Based on an average daily volume of 2,387,913 shares, the days-to-cover ratio is presently 2.0 days. Currently, 8.4% of the company’s shares are sold short.

Insider Activity

In other First Watch Restaurant Group news, CFO H Melville Hope III sold 7,358 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $12.59, for a total value of $92,637.22. Following the transaction, the chief financial officer owned 115,665 shares of the company’s stock, valued at $1,456,222.35. This represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John Daniel Jones sold 4,600 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total transaction of $57,914.00. Following the transaction, the insider directly owned 86,422 shares of the company’s stock, valued at approximately $1,088,052.98. This trade represents a 5.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 35,923 shares of company stock worth $479,458. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of First Watch Restaurant Group

A number of large investors have recently modified their holdings of FWRG. Vanguard Group Inc. lifted its holdings in First Watch Restaurant Group by 15.0% during the 4th quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company’s stock worth $50,080,000 after buying an additional 432,634 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of First Watch Restaurant Group by 5.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,576,182 shares of the company’s stock worth $38,849,000 after acquiring an additional 133,402 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of First Watch Restaurant Group by 51.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock valued at $37,468,000 after acquiring an additional 796,191 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of First Watch Restaurant Group by 13.4% during the 2nd quarter. Lazard Asset Management LLC now owns 2,281,137 shares of the company’s stock worth $36,589,000 after acquiring an additional 269,726 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of First Watch Restaurant Group by 1.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,213,754 shares of the company’s stock worth $35,509,000 after acquiring an additional 39,648 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FWRG. TD Cowen decreased their price objective on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. DA Davidson began coverage on shares of First Watch Restaurant Group in a report on Friday, March 6th. They issued a “buy” rating and a $17.00 target price for the company. Citigroup cut their target price on First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. Guggenheim decreased their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Finally, Stephens lowered their price target on First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.75.

First Watch Restaurant Group Stock Down 2.3%

Shares of FWRG opened at $12.32 on Thursday. The company’s 50-day simple moving average is $14.99 and its 200-day simple moving average is $16.18. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. First Watch Restaurant Group has a 1 year low of $11.44 and a 1 year high of $20.55. The stock has a market capitalization of $753.24 million, a PE ratio of 39.74, a P/E/G ratio of 2.54 and a beta of 0.92.

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

First Watch Restaurant Group Company Profile

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.