First Watch Restaurant Group (NASDAQ:FWRG) Stock Sees Heavy Call Option Buying

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) saw unusually large options trading activity on Monday. Stock investors bought 6,994 call options on the company. This is an increase of 1,482% compared to the average volume of 442 call options.

First Watch Restaurant Group Stock Up 4.0%

NASDAQ FWRG traded up $0.52 during trading on Monday, reaching $13.26. 1,042,974 shares of the company’s stock were exchanged, compared to its average volume of 1,459,439. The company has a 50 day moving average price of $11.37 and a two-hundred day moving average price of $12.47. The stock has a market cap of $817.97 million, a P/E ratio of 45.67, a price-to-earnings-growth ratio of 57.54 and a beta of 1.00. First Watch Restaurant Group has a 1 year low of $9.88 and a 1 year high of $18.77. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $354.67 million during the quarter, compared to analysts’ expectations of $351.57 million. First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. First Watch Restaurant Group’s revenue was up 15.2% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. On average, equities research analysts anticipate that First Watch Restaurant Group will post 0.14 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FWRG has been the subject of a number of research analyst reports. Wall Street Zen upgraded First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Guggenheim decreased their target price on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. DA Davidson lowered their target price on shares of First Watch Restaurant Group from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, October 2nd. Citigroup decreased their price objective on shares of First Watch Restaurant Group from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Wednesday, October 21st. Finally, Raymond James Financial cut their target price on First Watch Restaurant Group from $20.00 to $18.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, First Watch Restaurant Group has an average rating of “Buy” and a consensus target price of $17.90.

Institutional Investors Weigh In On First Watch Restaurant Group

Several hedge funds have recently modified their holdings of the company. Arizona State Retirement System boosted its stake in First Watch Restaurant Group by 9.0% in the 2nd quarter. Arizona State Retirement System now owns 16,448 shares of the company’s stock worth $212,000 after buying an additional 1,361 shares during the last quarter. Kornitzer Capital Management Inc. KS raised its holdings in First Watch Restaurant Group by 0.5% in the first quarter. Kornitzer Capital Management Inc. KS now owns 310,837 shares of the company’s stock valued at $3,258,000 after buying an additional 1,450 shares during the period. Allworth Financial LP lifted its position in First Watch Restaurant Group by 325.4% during the second quarter. Allworth Financial LP now owns 2,225 shares of the company’s stock valued at $29,000 after buying an additional 1,702 shares in the last quarter. Sanctuary Advisors LLC lifted its position in First Watch Restaurant Group by 25.3% during the first quarter. Sanctuary Advisors LLC now owns 13,462 shares of the company’s stock valued at $141,000 after buying an additional 2,714 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new stake in First Watch Restaurant Group during the second quarter worth approximately $38,000. 96.11% of the stock is owned by institutional investors and hedge funds.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc operates a daytime-focused restaurant concept serving breakfast, brunch and lunch. Its restaurants offer made-to-order meals such as omelets, pancakes, French toast, sandwiches, salads and bowls, along with fresh juices, coffee and other beverages. The company generally does not serve dinner, positioning its restaurants around the daytime dining occasion.

First Watch restaurants emphasize fresh preparation and seasonal menu offerings, including items made with eggs, fruits, vegetables and other ingredients prepared in the restaurant.