First Watch Restaurant Group (NASDAQ:FWRG) Shares Gap Up to $24.77

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $24.77, but opened at $25.50. First Watch Restaurant Group shares last traded at $25.10, with a volume of 152,909 shares.

Analyst Ratings Changes

A number of brokerages have issued reports on FWRG. TD Cowen reiterated a “hold” rating and set a $26.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, April 10th. Stifel Nicolaus increased their price objective on shares of First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a “hold” rating in a research note on Wednesday, March 6th. Citigroup raised their price target on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Barclays raised their price target on shares of First Watch Restaurant Group from $23.00 to $29.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Finally, Raymond James raised their price target on shares of First Watch Restaurant Group from $23.00 to $25.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 25th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

First Watch Restaurant Group Trading Up 2.9 %

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 0.62. The firm’s fifty day simple moving average is $23.90 and its 200-day simple moving average is $20.94. The stock has a market cap of $1.54 billion, a P/E ratio of 62.34, a price-to-earnings-growth ratio of 2.22 and a beta of 1.12.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, March 5th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. The firm had revenue of $244.60 million during the quarter, compared to analyst estimates of $237.20 million. First Watch Restaurant Group had a net margin of 2.85% and a return on equity of 4.62%. The company’s revenue was up 31.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.01) EPS. Equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.45 EPS for the current fiscal year.

Insider Activity

In related news, Director Tricia Glynn sold 6,900,000 shares of First Watch Restaurant Group stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $23.99, for a total value of $165,531,000.00. Following the completion of the sale, the director now owns 27,189,784 shares of the company’s stock, valued at approximately $652,282,918.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Eric Richard Hartman sold 1,474 shares of First Watch Restaurant Group stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $25.03, for a total value of $36,894.22. Following the completion of the sale, the insider now owns 51,417 shares of the company’s stock, valued at approximately $1,286,967.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Tricia Glynn sold 6,900,000 shares of First Watch Restaurant Group stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $23.99, for a total transaction of $165,531,000.00. Following the completion of the sale, the director now directly owns 27,189,784 shares of the company’s stock, valued at approximately $652,282,918.16. The disclosure for this sale can be found here. Insiders sold 7,085,127 shares of company stock worth $170,038,222 in the last quarter. 5.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds have recently bought and sold shares of FWRG. WCM Investment Management LLC purchased a new position in First Watch Restaurant Group during the 1st quarter worth $16,030,000. Lord Abbett & CO. LLC boosted its holdings in First Watch Restaurant Group by 433.0% during the 3rd quarter. Lord Abbett & CO. LLC now owns 668,159 shares of the company’s stock worth $11,552,000 after acquiring an additional 542,800 shares during the last quarter. Invesco Ltd. purchased a new position in First Watch Restaurant Group during the 3rd quarter worth $8,940,000. Foxhaven Asset Management LP boosted its holdings in First Watch Restaurant Group by 44.3% during the 4th quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company’s stock worth $21,032,000 after acquiring an additional 321,375 shares during the last quarter. Finally, Deepwater Asset Management LLC boosted its holdings in shares of First Watch Restaurant Group by 275.3% in the 1st quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock worth $10,165,000 after buying an additional 302,878 shares during the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

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.