Fiesta Restaurant Group, Inc. (FRGI) Trading 6.7% Higher Following Insider Buying Activity

Shares of Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) traded up 6.7% during mid-day trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $17.55 and last traded at $17.50. 552,223 shares were traded during trading, an increase of 33% from the average session volume of 416,544 shares. The stock had previously closed at $16.40.

Specifically, Director Brian P. Friedman acquired 290,000 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were bought at an average cost of $16.06 per share, with a total value of $4,657,400.00. Following the completion of the purchase, the director now directly owns 2,152,565 shares in the company, valued at $34,570,193.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian P. Friedman acquired 60,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was bought at an average cost of $18.71 per share, for a total transaction of $1,122,600.00. Following the completion of the purchase, the director now owns 36,270 shares of the company’s stock, valued at $678,611.70. The disclosure for this purchase can be found here. Insiders have bought 1,218,665 shares of company stock worth $21,408,577 over the last three months. Insiders own 2.20% of the company’s stock.

A number of research firms recently commented on FRGI. Jefferies Group LLC reaffirmed a “hold” rating and issued a $25.00 price objective on shares of Fiesta Restaurant Group in a research note on Monday, May 15th. BidaskClub lowered Fiesta Restaurant Group from a “hold” rating to a “sell” rating in a research note on Saturday, July 8th. Zacks Investment Research lowered Fiesta Restaurant Group from a “hold” rating to a “strong sell” rating in a research note on Monday, July 10th. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $17.00 price objective (down from $22.00) on shares of Fiesta Restaurant Group in a research note on Thursday, August 10th. Finally, Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Fiesta Restaurant Group in a research note on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $24.33.

The firm’s market cap is $469.61 million. The stock’s 50-day moving average is $17.60 and its 200 day moving average is $20.96.

Fiesta Restaurant Group (NASDAQ:FRGI) last posted its earnings results on Monday, August 7th. The restaurant operator reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.03). The business had revenue of $172.62 million during the quarter, compared to the consensus estimate of $178.19 million. Fiesta Restaurant Group had a positive return on equity of 11.77% and a negative net margin of 2.75%. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 EPS. On average, equities research analysts anticipate that Fiesta Restaurant Group, Inc. will post $1.02 EPS for the current year.

Several institutional investors have recently bought and sold shares of the business. Wasatch Advisors Inc. increased its holdings in shares of Fiesta Restaurant Group by 11.5% in the 2nd quarter. Wasatch Advisors Inc. now owns 3,572,879 shares of the restaurant operator’s stock worth $73,780,000 after purchasing an additional 368,346 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Fiesta Restaurant Group by 29.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 88,090 shares of the restaurant operator’s stock worth $1,819,000 after purchasing an additional 20,148 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Fiesta Restaurant Group in the 2nd quarter worth $217,000. State Street Corp increased its holdings in shares of Fiesta Restaurant Group by 4.8% in the 2nd quarter. State Street Corp now owns 619,008 shares of the restaurant operator’s stock worth $12,777,000 after purchasing an additional 28,557 shares in the last quarter. Finally, Western Standard LLC increased its holdings in shares of Fiesta Restaurant Group by 151.7% in the 2nd quarter. Western Standard LLC now owns 193,306 shares of the restaurant operator’s stock worth $3,992,000 after purchasing an additional 116,518 shares in the last quarter. 94.09% of the stock is owned by institutional investors and hedge funds.

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About Fiesta Restaurant Group

Fiesta Restaurant Group, Inc owns, operates and franchises two fast-casual restaurant brands, Pollo Tropical and Taco Cabana through its subsidiaries Pollo Operations, Inc, and its subsidiaries, and Pollo Franchise, Inc, (collectively Pollo Tropical) and Taco Cabana, Inc and its subsidiaries (collectively Taco Cabana).

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