First Watch Restaurant Group (NASDAQ:FWRG) Posts Earnings Results, Misses Expectations By $0.03 EPS

First Watch Restaurant Group (NASDAQ:FWRG) released its quarterly earnings data on Tuesday. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.03), Zacks reports. First Watch Restaurant Group had a net margin of 0.42% and a return on equity of 0.83%. The company had revenue of $316.02 million during the quarter, compared to analysts’ expectations of $308.31 million. First Watch Restaurant Group updated its FY 2025 guidance to EPS.

First Watch Restaurant Group Stock Down 0.3%

NASDAQ FWRG traded down $0.05 during trading on Thursday, reaching $17.89. 1,525,973 shares of the company’s stock were exchanged, compared to its average volume of 942,074. The firm has a market capitalization of $1.09 billion, a PE ratio of 223.47, a P/E/G ratio of 4.61 and a beta of 0.88. The company has a current ratio of 0.27, a quick ratio of 0.23 and a debt-to-equity ratio of 0.42. First Watch Restaurant Group has a fifty-two week low of $12.90 and a fifty-two week high of $22.71. The company’s fifty day simple moving average is $17.08 and its 200-day simple moving average is $17.04.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of First Watch Restaurant Group in a research report on Wednesday, October 8th. Bank of America reduced their target price on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, July 18th. Raymond James Financial lifted their price target on shares of First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 17th. Stephens boosted their price objective on shares of First Watch Restaurant Group from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 6th. Finally, Wall Street Zen cut shares of First Watch Restaurant Group from a “hold” rating to a “sell” rating in a research note on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and an average price target of $21.09.

Insider Buying and Selling

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $17.70, for a total value of $88,500,000.00. Following the completion of the transaction, the insider directly owned 9,689,784 shares in the company, valued at approximately $171,509,176.80. This represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Watch Restaurant Group

A number of hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its stake in shares of First Watch Restaurant Group by 51.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock worth $37,468,000 after acquiring an additional 796,191 shares during the period. Lazard Asset Management LLC boosted its position in shares of First Watch Restaurant Group by 13.4% during the 2nd quarter. Lazard Asset Management LLC now owns 2,281,137 shares of the company’s stock valued at $36,589,000 after purchasing an additional 269,726 shares in the last quarter. Manatuck Hill Partners LLC purchased a new stake in shares of First Watch Restaurant Group in the second quarter worth approximately $3,208,000. First Trust Advisors LP purchased a new stake in shares of First Watch Restaurant Group during the second quarter valued at approximately $3,154,000. Finally, Raymond James Financial Inc. boosted its stake in First Watch Restaurant Group by 112.9% during the second quarter. Raymond James Financial Inc. now owns 137,742 shares of the company’s stock valued at $2,209,000 after buying an additional 73,029 shares during the period. Institutional investors and hedge funds 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.