First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Sees Large Drop in Short Interest

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) was the target of a significant drop in short interest during the month of February. As of February 27th, there was short interest totaling 4,834,883 shares, a drop of 12.3% from the February 12th total of 5,512,146 shares. Based on an average daily trading volume, of 2,387,913 shares, the short-interest ratio is currently 2.0 days. Approximately 8.4% of the company’s shares are sold short. Approximately 8.4% of the company’s shares are sold short. Based on an average daily trading volume, of 2,387,913 shares, the short-interest ratio is currently 2.0 days.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. DA Davidson assumed coverage on First Watch Restaurant Group in a research report on Friday, March 6th. They set a “buy” rating and a $17.00 target price on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of First Watch Restaurant Group in a research note on Monday, December 29th. Barclays cut their price target on First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. TD Cowen reduced their price objective on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Finally, Citigroup lowered their price objective on shares of First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.75.

First Watch Restaurant Group Stock Performance

Shares of FWRG opened at $12.41 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.25. The stock has a 50-day moving average of $15.05 and a 200-day moving average of $16.21. The company has a market cap of $758.50 million, a PE ratio of 40.40, a P/E/G ratio of 2.40 and a beta of 0.92. First Watch Restaurant Group has a one year low of $11.44 and a one year high of $20.55.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.The business had revenue of $316.35 million during the quarter, compared to analyst estimates of $317.49 million. During the same period in the previous year, the company posted $0.01 EPS. The firm’s revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts predict that First Watch Restaurant Group will post 0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 6,998 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total transaction of $88,104.82. Following the completion of the sale, the insider directly owned 232,091 shares in the company, valued at approximately $2,922,025.69. This trade represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Laura Anne Sorensen sold 4,732 shares of First Watch Restaurant Group stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total value of $59,575.88. Following the completion of the transaction, the insider directly owned 239,050 shares of the company’s stock, valued at approximately $3,009,639.50. This trade represents a 1.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 35,923 shares of company stock valued at $479,458 over the last quarter. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of institutional investors have recently modified their holdings of the company. Royal Bank of Canada raised its holdings in shares of First Watch Restaurant Group by 67.3% in the 1st quarter. Royal Bank of Canada now owns 54,267 shares of the company’s stock worth $903,000 after acquiring an additional 21,830 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in First Watch Restaurant Group by 31.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company’s stock valued at $379,000 after acquiring an additional 5,497 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in First Watch Restaurant Group by 30.3% in the second quarter. PNC Financial Services Group Inc. now owns 22,082 shares of the company’s stock valued at $354,000 after purchasing an additional 5,139 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of First Watch Restaurant Group by 4.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,022,752 shares of the company’s stock worth $16,407,000 after acquiring an additional 40,823 shares during the period. Finally, Bailard Inc. bought a new position in First Watch Restaurant Group during the second quarter worth about $205,000. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.