First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Short Interest Down 12.3% in February

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) was the recipient of a large drop in short interest during the month of February. As of February 27th, there was short interest totaling 4,834,883 shares, a drop of 12.3% from the February 12th total of 5,512,146 shares. Based on an average daily trading volume, of 2,387,913 shares, the short-interest ratio is currently 2.0 days. Approximately 8.4% of the company’s shares are short sold. Approximately 8.4% of the company’s shares are short sold. Based on an average daily trading volume, of 2,387,913 shares, the short-interest ratio is currently 2.0 days.

Insider Buying and Selling

In other news, CFO H Melville Hope III sold 7,358 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $12.59, for a total transaction of $92,637.22. Following the transaction, the chief financial officer directly owned 115,665 shares in the company, valued at $1,456,222.35. This represents a 5.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Matthew Eisenacher sold 6,070 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total transaction of $76,421.30. Following the completion of the sale, the insider directly owned 69,983 shares in the company, valued at $881,085.97. This represents a 7.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 35,923 shares of company stock worth $479,458 over the last ninety days. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Stephens Investment Management Group LLC boosted its position in shares of First Watch Restaurant Group by 21.2% in the third quarter. Stephens Investment Management Group LLC now owns 932,064 shares of the company’s stock worth $14,577,000 after buying an additional 163,102 shares during the period. Deepwater Asset Management LLC raised its holdings in shares of First Watch Restaurant Group by 14.8% during 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 period. Catalyst Funds Management Pty Ltd acquired a new position in First Watch Restaurant Group during the 2nd quarter worth approximately $306,000. Loomis Sayles & Co. L P acquired a new position in First Watch Restaurant Group during the 2nd quarter worth approximately $18,350,000. Finally, Armistice Capital LLC purchased a new position in First Watch Restaurant Group in the 2nd quarter worth approximately $5,614,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $19.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, February 24th. TD Cowen decreased their price target on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Stephens lowered their price objective on shares of First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Zacks Research upgraded First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Finally, Citigroup cut their target price on First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.75.

First Watch Restaurant Group Trading Up 3.5%

NASDAQ FWRG opened at $11.93 on Tuesday. The firm has a market capitalization of $729.40 million, a price-to-earnings ratio of 38.48, a PEG ratio of 2.32 and a beta of 0.92. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. First Watch Restaurant Group has a one year low of $11.44 and a one year high of $20.55. The company’s 50 day moving average price is $15.11 and its 200 day moving average price is $16.26.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data on Tuesday, February 24th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.16. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. The company had revenue of $316.35 million during the quarter, compared to the consensus estimate of $317.49 million. During the same period in the previous year, the firm earned $0.01 earnings per share. First Watch Restaurant Group’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, sell-side analysts predict that First Watch Restaurant Group will post 0.32 EPS for the current year.

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.