First Watch Restaurant Group (NASDAQ:FWRG) Trading 6.4% Higher – Here’s What Happened

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s share price was up 6.4% during mid-day trading on Tuesday . The stock traded as high as $17.61 and last traded at $17.92. Approximately 101,390 shares changed hands during trading, a decline of 89% from the average daily volume of 955,306 shares. The stock had previously closed at $16.84.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on FWRG shares. Zacks Research upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research note on Friday, October 24th. Stephens boosted their target price on First Watch Restaurant Group from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Benchmark increased their price target on First Watch Restaurant Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Weiss Ratings restated a “hold (c-)” rating on shares of First Watch Restaurant Group in a research note on Wednesday, November 19th. Finally, TD Cowen increased their target price on shares of First Watch Restaurant Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and an average target price of $21.09.

First Watch Restaurant Group Price Performance

The company has a current ratio of 0.25, a quick ratio of 0.21 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $1.08 billion, a PE ratio of 222.22, a PEG ratio of 9.98 and a beta of 0.87. The business has a fifty day moving average price of $16.70 and a 200-day moving average price of $16.88.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, November 4th. The company reported $0.05 earnings per share (EPS) 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 return on equity of 0.83% and a net margin of 0.42%. First Watch Restaurant Group has set its FY 2025 guidance at EPS. Research analysts expect that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On First Watch Restaurant Group

Several hedge funds have recently made changes to their positions in FWRG. PNC Financial Services Group Inc. boosted its stake in shares of First Watch Restaurant Group by 4.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company’s stock valued at $282,000 after purchasing an additional 708 shares in the last quarter. Legal & General Group Plc lifted its holdings in First Watch Restaurant Group by 1.6% in the second quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock worth $730,000 after buying an additional 724 shares during the period. First Horizon Advisors Inc. grew its holdings in shares of First Watch Restaurant Group by 207.6% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock worth $31,000 after acquiring an additional 1,316 shares during the period. Police & Firemen s Retirement System of New Jersey raised its position in shares of First Watch Restaurant Group by 17.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 9,108 shares of the company’s stock worth $146,000 after acquiring an additional 1,341 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of First Watch Restaurant Group by 61.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after purchasing an additional 1,673 shares during the period. 96.11% of the stock is owned by hedge funds and other institutional investors.

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.