First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Up 5% – Here’s Why

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) shares traded up 5% during trading on Tuesday . The stock traded as high as $18.77 and last traded at $18.67. 23,903 shares were traded during trading, a decline of 95% from the average session volume of 442,936 shares. The stock had previously closed at $17.78.

Wall Street Analysts Forecast Growth

FWRG has been the topic of several analyst reports. Stephens lifted their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Guggenheim dropped their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. Raymond James raised their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research note on Friday, November 8th. Barclays boosted their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Piper Sandler raised their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.30.

First Watch Restaurant Group Price Performance

The company has a market cap of $1.17 billion, a price-to-earnings ratio of 58.55, a price-to-earnings-growth ratio of 3.90 and a beta of 0.89. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The company has a fifty day simple moving average of $18.84 and a two-hundred day simple moving average of $17.07.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.02). The business had revenue of $251.61 million for the quarter, compared to analysts’ expectations of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business’s revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 earnings per share. On average, equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity at First Watch Restaurant Group

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the sale, the insider now directly owns 19,189,784 shares of the company’s stock, valued at $379,190,131.84. This trade represents a 29.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

Institutional investors and hedge funds have recently modified their holdings of the company. Jane Street Group LLC raised its holdings in 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 valued at $770,000 after acquiring an additional 551 shares during the last quarter. Diversified Trust Co increased its stake in First Watch Restaurant Group by 9.8% in the third quarter. Diversified Trust Co now owns 15,750 shares of the company’s stock valued at $246,000 after purchasing an additional 1,400 shares during the last quarter. Rocky Mountain Advisers LLC increased its stake in First Watch Restaurant Group by 180.1% in the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after purchasing an additional 4,250 shares during the last quarter. SG Americas Securities LLC lifted its position in First Watch Restaurant Group by 98.9% during the fourth quarter. SG Americas Securities LLC now owns 15,177 shares of the company’s stock worth $282,000 after buying an additional 7,547 shares during the period. Finally, Rhumbline Advisers boosted its stake in First Watch Restaurant Group by 25.0% in the 2nd quarter. Rhumbline Advisers now owns 38,106 shares of the company’s stock worth $669,000 after buying an additional 7,631 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

About First Watch Restaurant Group

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.