First Watch Restaurant Group (NASDAQ:FWRG) Shares Gap Up - What's Next?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $16.65, but opened at $17.50. First Watch Restaurant Group shares last traded at $17.62, with a volume of 112,081 shares.

Analysts Set New Price Targets

Several brokerages recently weighed in on FWRG. Stephens reiterated an "overweight" rating and issued a $24.00 price target on shares of First Watch Restaurant Group in a report on Thursday, March 20th. Sanford C. Bernstein set a $21.00 price target on First Watch Restaurant Group in a research report on Tuesday, March 11th. Barclays reiterated an "overweight" rating and set a $21.00 price target (down from $24.00) on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Bank of America raised their price objective on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, March 12th. Finally, TD Cowen raised shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 target price for the company in a report on Tuesday. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $22.45.

First Watch Restaurant Group Stock Down 4.9 %

The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. The business's 50 day moving average price is $19.21 and its 200 day moving average price is $18.23. The firm has a market cap of $991.23 million, a PE ratio of 49.49, a PEG ratio of 3.38 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.01). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The firm had revenue of $263.30 million during the quarter, compared to analyst estimates of $262.82 million. During the same quarter in the previous year, the firm posted $0.04 earnings per share. The company's quarterly revenue was up 7.6% on a year-over-year basis. On average, equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Insider Buying and Selling

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 5,743 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $96,539.83. Following the transaction, the insider now directly owns 37,768 shares of the company's stock, valued at $634,880.08. This trade represents a 13.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the transaction, the chief executive officer now owns 389,832 shares in the company, valued at approximately $6,553,075.92. This represents a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of institutional investors have recently added to or reduced their stakes in FWRG. Moody National Bank Trust Division raised its holdings in shares of First Watch Restaurant Group by 18.8% during the 1st quarter. Moody National Bank Trust Division now owns 112,832 shares of the company's stock worth $1,879,000 after acquiring an additional 17,820 shares during the period. Wellington Management Group LLP increased its position in First Watch Restaurant Group by 4.2% during the fourth quarter. Wellington Management Group LLP now owns 847,870 shares of the company's stock worth $15,779,000 after purchasing an additional 34,200 shares during the last quarter. California State Teachers Retirement System raised its stake in First Watch Restaurant Group by 23.9% during the fourth quarter. California State Teachers Retirement System now owns 38,653 shares of the company's stock worth $719,000 after purchasing an additional 7,467 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in First Watch Restaurant Group in the 4th quarter valued at about $377,000. Finally, Squarepoint Ops LLC grew its stake in shares of First Watch Restaurant Group by 42.8% in the 4th quarter. Squarepoint Ops LLC now owns 243,101 shares of the company's stock valued at $4,524,000 after buying an additional 72,829 shares during the period. Hedge funds and other institutional investors own 96.11% of the company's stock.

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.