First Watch Restaurant Group (NASDAQ:FWRG) Posts Quarterly Earnings Results

First Watch Restaurant Group (NASDAQ:FWRG) issued its earnings results on Tuesday. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.10 by $0.02, Briefing.com reports. The company had revenue of $242.40 million for the quarter, compared to analyst estimates of $245.03 million. First Watch Restaurant Group had a net margin of 2.85% and a return on equity of 4.62%. The business’s revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 EPS.

First Watch Restaurant Group Stock Down 0.7 %

NASDAQ FWRG traded down $0.14 on Wednesday, reaching $21.37. The company had a trading volume of 72,971 shares, compared to its average volume of 502,425. The firm has a market capitalization of $1.29 billion, a PE ratio of 52.46, a P/E/G ratio of 2.35 and a beta of 1.07. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.62 and a quick ratio of 0.57. The firm has a 50-day moving average of $23.93 and a 200-day moving average of $21.26. First Watch Restaurant Group has a 1 year low of $15.67 and a 1 year high of $25.98.

Wall Street Analyst Weigh In

FWRG has been the topic of several research analyst reports. Citigroup boosted their target price on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Stifel Nicolaus boosted their price objective on shares of First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a “hold” rating in a research report on Wednesday, March 6th. Raymond James boosted their price objective on shares of First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Thursday, January 25th. TD Cowen reiterated a “hold” rating and issued a $26.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, April 10th. Finally, Barclays boosted their target price on shares of First Watch Restaurant Group from $23.00 to $29.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and a consensus price target of $26.00.

Insider Activity

In other news, insider Eric Richard Hartman sold 1,474 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $25.03, for a total transaction of $36,894.22. Following the completion of the transaction, the insider now directly owns 51,417 shares in the company, valued at approximately $1,286,967.51. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Eric Richard Hartman sold 1,474 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $25.03, for a total transaction of $36,894.22. Following the sale, the insider now directly owns 51,417 shares of the company’s stock, valued at approximately $1,286,967.51. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Matthew Eisenacher sold 45,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $24.46, for a total value of $1,100,700.00. Following the sale, the insider now directly owns 36,276 shares in the company, valued at $887,310.96. The disclosure for this sale can be found here. In the last three months, insiders sold 7,085,127 shares of company stock worth $170,038,222. 5.00% of the stock is currently owned by insiders.

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.