First Watch Restaurant Group (NASDAQ:FWRG) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

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

First Watch Restaurant Group Price Performance

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

Analyst Ratings Changes

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

Insider Activity

In related news, Director Tricia Glynn sold 6,900,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $23.99, for a total transaction of $165,531,000.00. Following the completion of the transaction, the director now owns 27,189,784 shares in the company, valued at $652,282,918.16. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other First Watch Restaurant Group news, Director Tricia Glynn sold 6,900,000 shares of First Watch Restaurant Group stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $23.99, for a total value of $165,531,000.00. Following the sale, the director now owns 27,189,784 shares of the company’s stock, valued at approximately $652,282,918.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Christopher Anthony Tomasso sold 121,995 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $24.45, for a total value of $2,982,777.75. Following the transaction, the chief executive officer now owns 431,871 shares of the company’s stock, valued at $10,559,245.95. The disclosure for this sale can be found here. Insiders have sold a total of 7,085,127 shares of company stock worth $170,038,222 over the last quarter. Insiders own 5.00% 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.