First Watch Restaurant Group (NASDAQ:FWRG) Shares Gap Up – Here’s What Happened

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $15.85, but opened at $17.53. First Watch Restaurant Group shares last traded at $17.27, with a volume of 407,433 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FWRG shares. TD Cowen increased their target price on First Watch Restaurant Group from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. Bank of America decreased their price objective on 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. Benchmark raised their price objective on First Watch Restaurant Group from $22.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Raymond James Financial raised their price objective on First Watch Restaurant Group from $21.00 to $22.00 and gave the company a “strong-buy” rating in a report on Thursday, July 17th. Finally, Zacks Research upgraded First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.09.

First Watch Restaurant Group Trading Down 3.9%

The company has a quick ratio of 0.23, a current ratio of 0.27 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average is $17.08 and its 200-day moving average is $17.04. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 215.53, a PEG ratio of 4.61 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.03). The firm had revenue of $316.02 million during the quarter, compared to analysts’ expectations of $308.31 million. First Watch Restaurant Group had a net margin of 0.42% and a return on equity of 0.83%. First Watch Restaurant Group has set its FY 2025 guidance at EPS. Research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder International L.P. Advent sold 4,400,000 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $17.67, for a total value of $77,748,000.00. Following the transaction, the insider owned 5,289,784 shares of the company’s stock, valued at $93,470,483.28. This represents a 45.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.00% of the stock is owned by corporate insiders.

Institutional Trading of First Watch Restaurant Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its stake in First Watch Restaurant Group by 203.6% during the first quarter. Bank of New York Mellon Corp now owns 238,661 shares of the company’s stock worth $3,974,000 after buying an additional 160,040 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of First Watch Restaurant Group by 30.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 86,647 shares of the company’s stock valued at $1,443,000 after acquiring an additional 20,361 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of First Watch Restaurant Group by 17.8% in the 1st quarter. New York State Common Retirement Fund now owns 612,287 shares of the company’s stock worth $10,195,000 after acquiring an additional 92,650 shares during the last quarter. Stephens Investment Management Group LLC boosted its position in shares of First Watch Restaurant Group by 2.2% during the 1st quarter. Stephens Investment Management Group LLC now owns 708,663 shares of the company’s stock worth $11,799,000 after purchasing an additional 15,304 shares during the period. Finally, Rice Hall James & Associates LLC increased its holdings in First Watch Restaurant Group by 89.8% in the 1st quarter. Rice Hall James & Associates LLC now owns 165,984 shares of the company’s stock valued at $2,764,000 after purchasing an additional 78,518 shares during the last quarter. 96.11% of the stock is currently 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.