First Watch Restaurant Group (NASDAQ:FWRG) Trading Down 4.4% – What’s Next?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) fell 4.4% during trading on Thursday . The stock traded as low as $19.09 and last traded at $19.13. 140,555 shares traded hands during trading, a decline of 79% from the average session volume of 676,790 shares. The stock had previously closed at $20.00.

Analyst Ratings Changes

A number of research firms recently weighed in on FWRG. Sanford C. Bernstein set a $21.00 target price on First Watch Restaurant Group in a research report on Tuesday, March 11th. TD Cowen upgraded shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research note on Tuesday, April 1st. Stephens reissued an “overweight” rating and issued a $24.00 target price on shares of First Watch Restaurant Group in a report on Thursday. TD Securities upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and upped their price target for the stock from $21.00 to $22.00 in a research report on Tuesday, April 1st. Finally, Bank of America lifted their target price on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, March 12th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $22.73.

First Watch Restaurant Group Stock Up 0.2 %

The company has a market capitalization of $1.18 billion, a PE ratio of 58.79, a PEG ratio of 3.38 and a beta of 1.02. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The business has a fifty day moving average of $18.27 and a 200 day moving average of $18.58.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The firm had revenue of $263.30 million during the quarter, compared to analysts’ expectations of $262.82 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 earnings per share. Equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Insiders Place Their Bets

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 5,743 shares of First Watch Restaurant Group stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $96,539.83. Following the completion of the transaction, the insider now owns 37,768 shares of the company’s stock, valued at $634,880.08. The trade was a 13.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the completion of the sale, the chief executive officer now directly owns 389,832 shares in the company, valued at approximately $6,553,075.92. This trade represents a 9.73 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC raised its holdings in shares of First Watch Restaurant Group by 1.1% in the 3rd quarter. Jane Street Group LLC now owns 49,358 shares of the company’s stock worth $770,000 after purchasing an additional 551 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of First Watch Restaurant Group by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company’s stock worth $321,000 after acquiring an additional 613 shares during the last quarter. Assetmark Inc. raised its position in shares of First Watch Restaurant Group by 68.7% during the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock worth $46,000 after purchasing an additional 1,000 shares during the period. Mariner LLC lifted its holdings in shares of First Watch Restaurant Group by 5.1% during the fourth quarter. Mariner LLC now owns 21,446 shares of the company’s stock valued at $399,000 after purchasing an additional 1,033 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in First Watch Restaurant Group by 2.7% in the 4th quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company’s stock worth $1,463,000 after purchasing an additional 2,033 shares in the last quarter. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.