First Watch Restaurant Group (NASDAQ:FWRG) Sees Strong Trading Volume

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRGGet Free Report) saw strong trading volume on Tuesday . 342,299 shares were traded during mid-day trading, a decline of 26% from the previous session’s volume of 460,792 shares.The stock last traded at $24.54 and had previously closed at $25.40.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FWRG shares. Barclays upped their price objective on First Watch Restaurant Group from $23.00 to $29.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. Stifel Nicolaus upped their target price on 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. TD Cowen boosted their price target on First Watch Restaurant Group from $21.00 to $26.00 and gave the stock a “market perform” rating in a report on Tuesday, March 5th. Citigroup raised their price objective on 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. Finally, Raymond James boosted their target price on First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a “strong-buy” rating in a research note on Thursday, January 25th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

Check Out Our Latest Research Report on FWRG

First Watch Restaurant Group Stock Performance

The stock has a 50 day moving average of $23.77 and a 200 day moving average of $20.24. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 57.54, a price-to-earnings-growth ratio of 2.18 and a beta of 1.11. The company has a quick ratio of 0.57, a current ratio of 0.62 and a debt-to-equity ratio of 0.21.

First Watch Restaurant Group (NASDAQ:FWRGGet Free Report) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. First Watch Restaurant Group had a net margin of 2.85% and a return on equity of 4.62%. The firm had revenue of $244.60 million for the quarter, compared to the consensus estimate of $237.20 million. During the same quarter in the previous year, the company earned ($0.01) EPS. The company’s revenue for the quarter was up 31.7% on a year-over-year basis. As a group, analysts predict that First Watch Restaurant Group, Inc. will post 0.46 EPS for the current year.

Insider Buying and Selling

In other First Watch Restaurant Group news, insider Matthew Eisenacher sold 3,770 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $24.28, for a total transaction of $91,535.60. Following the transaction, the insider now directly owns 30,906 shares in the company, valued at approximately $750,397.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director William A. Kussell sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $20.53, for a total transaction of $307,950.00. Following the transaction, the director now directly owns 20,795 shares of the company’s stock, valued at $426,921.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Eisenacher sold 3,770 shares of First Watch Restaurant Group stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $24.28, for a total transaction of $91,535.60. Following the completion of the sale, the insider now directly owns 30,906 shares of the company’s stock, valued at approximately $750,397.68. The disclosure for this sale can be found here. Insiders sold 7,091,741 shares of company stock valued at $170,160,841 over the last 90 days. Company insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Invesco Ltd. bought a new position in First Watch Restaurant Group in the 3rd quarter valued at about $8,940,000. Swiss National Bank grew its stake in shares of First Watch Restaurant Group by 53.1% in the 3rd quarter. Swiss National Bank now owns 58,800 shares of the company’s stock worth $1,017,000 after acquiring an additional 20,400 shares in the last quarter. 12 West Capital Management LP purchased a new stake in shares of First Watch Restaurant Group in the third quarter valued at about $3,717,000. New York State Common Retirement Fund lifted its position in shares of First Watch Restaurant Group by 201.4% during the third quarter. New York State Common Retirement Fund now owns 75,718 shares of the company’s stock valued at $1,309,000 after purchasing an additional 50,599 shares in the last quarter. Finally, Barclays PLC lifted its holdings in First Watch Restaurant Group by 48.5% during the third quarter. Barclays PLC now owns 32,264 shares of the company’s stock worth $557,000 after acquiring an additional 10,534 shares during the period. 96.11% of the stock is owned by institutional investors.

About First Watch Restaurant Group

(Get Free Report)

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.

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