Insider Selling: First Watch Restaurant Group (NASDAQ:FWRG) CFO Sells 7,358 Shares of Stock

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) CFO H Melville Hope III sold 7,358 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total value of $92,637.22. Following the transaction, the chief financial officer owned 115,665 shares in the company, valued at $1,456,222.35. This trade represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

First Watch Restaurant Group Trading Down 6.1%

Shares of NASDAQ FWRG traded down $0.76 during trading on Thursday, reaching $11.69. The stock had a trading volume of 1,754,873 shares, compared to its average volume of 1,801,113. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. The company has a market cap of $714.42 million, a P/E ratio of 37.69, a PEG ratio of 2.52 and a beta of 0.92. First Watch Restaurant Group, Inc. has a fifty-two week low of $11.56 and a fifty-two week high of $20.55. The business’s 50-day moving average price is $15.34 and its 200-day moving average price is $16.43.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. The company had revenue of $316.35 million during the quarter, compared to analysts’ expectations of $317.49 million. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.First Watch Restaurant Group’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the business posted $0.01 EPS. On average, equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FWRG has been the topic of several recent research reports. TD Cowen cut their target price on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Weiss Ratings restated a “hold (c-)” rating on shares of First Watch Restaurant Group in a research note on Monday, December 29th. Guggenheim reduced their price objective on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. DA Davidson initiated coverage on First Watch Restaurant Group in a report on Friday, March 6th. They issued a “buy” rating and a $17.00 target price for the company. Finally, Piper Sandler reissued an “overweight” rating and set a $19.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and a consensus target price of $19.75.

Institutional Investors Weigh In On First Watch Restaurant Group

Large investors have recently modified their holdings of the company. Jones Financial Companies Lllp acquired a new stake in shares of First Watch Restaurant Group in the 3rd quarter valued at $30,000. First Horizon Advisors Inc. grew its stake in shares of First Watch Restaurant Group by 207.6% during the second quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock worth $31,000 after purchasing an additional 1,316 shares in the last quarter. State of Wyoming purchased a new position in First Watch Restaurant Group in the fourth quarter valued at $64,000. Kemnay Advisory Services Inc. acquired a new stake in First Watch Restaurant Group in the fourth quarter valued at $66,000. Finally, BNP Paribas Financial Markets raised its stake in First Watch Restaurant Group by 61.9% in the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after buying an additional 1,673 shares in the last quarter. 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 (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.