First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Up 7.3% – Should You Buy?

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) rose 7.3% during trading on Wednesday . The stock traded as high as $11.01 and last traded at $11.01. Approximately 298,569 shares traded hands during trading, a decline of 81% from the average daily volume of 1,600,757 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

FWRG has been the topic of several research analyst reports. Benchmark decreased their target price on First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Wall Street Zen upgraded First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a report on Saturday, May 30th. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, February 24th. Stifel Nicolaus set a $14.00 price target on First Watch Restaurant Group in a report on Tuesday, May 5th. Finally, Guggenheim decreased their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.27.

First Watch Restaurant Group Stock Performance

The firm has a fifty day moving average of $11.59 and a 200-day moving average of $13.93. The firm has a market cap of $736.04 million, a P/E ratio of 42.64, a PEG ratio of 5.68 and a beta of 1.06. The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). First Watch Restaurant Group had a net margin of 1.38% and a return on equity of 2.85%. The firm had revenue of $330.96 million during the quarter, compared to the consensus estimate of $329.35 million. During the same quarter in the prior year, the business earned ($0.01) EPS. First Watch Restaurant Group’s revenue was up 17.3% on a year-over-year basis. Research analysts predict that First Watch Restaurant Group, Inc. will post 0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Christopher Anthony Tomasso sold 25,062 shares of First Watch Restaurant Group stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total transaction of $313,776.24. Following the transaction, the chief executive officer owned 957,315 shares in the company, valued at $11,985,583.80. The trade was a 2.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jay Anthony Wolszczak sold 3,161 shares of First Watch Restaurant Group stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $12.52, for a total value of $39,575.72. Following the transaction, the insider owned 228,930 shares in the company, valued at $2,866,203.60. This trade represents a 1.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 38,255 shares of company stock worth $478,953. 6.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Deepwater Asset Management LLC raised its position in First Watch Restaurant Group by 14.8% in the 3rd quarter. Deepwater Asset Management LLC now owns 724,714 shares of the company’s stock valued at $11,335,000 after buying an additional 93,662 shares during the last quarter. Royce & Associates LP acquired a new position in shares of First Watch Restaurant Group during the 4th quarter worth approximately $2,006,000. Ghisallo Capital Management LLC acquired a new position in shares of First Watch Restaurant Group during the 3rd quarter worth approximately $2,516,000. Vanguard Group Inc. increased its position in shares of First Watch Restaurant Group by 15.0% during the 4th quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company’s stock worth $50,080,000 after purchasing an additional 432,634 shares during the last quarter. Finally, Stephens Investment Management Group LLC increased its position in shares of First Watch Restaurant Group by 46.7% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,367,051 shares of the company’s stock worth $20,615,000 after purchasing an additional 434,987 shares during the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

About First Watch Restaurant Group

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.