First Watch Restaurant Group (NASDAQ:FWRG) Shares Gap Down on Disappointing Earnings

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) shares gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $18.61, but opened at $15.10. First Watch Restaurant Group shares last traded at $13.02, with a volume of 775,241 shares changing hands.

The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.05). The business had revenue of $282.24 million for the quarter, compared to analysts' expectations of $282.98 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business's revenue was up 16.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 earnings per share.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. TD Cowen raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 target price on the stock in a research report on Tuesday, April 1st. Piper Sandler decreased their target price on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating for the company in a research note on Wednesday. Barclays dropped their price target on First Watch Restaurant Group from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Tuesday. Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Finally, Stifel Nicolaus set a $17.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $21.36.

Insider Buying and Selling at First Watch Restaurant Group

In related news, CEO Christopher Anthony Tomasso sold 42,039 shares of the business's stock in a transaction 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 sale, the chief executive officer now owns 389,832 shares of the company's stock, valued at $6,553,075.92. The trade was a 9.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $96,539.83. Following the completion of the sale, the insider now owns 37,768 shares in the company, valued at $634,880.08. This represents a 13.20 % decrease in their position. The disclosure for this sale can be found here. Insiders own 6.00% of the company's stock.

Hedge Funds Weigh In On First Watch Restaurant Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Arizona State Retirement System bought a new position in First Watch Restaurant Group during the fourth quarter worth about $228,000. Barclays PLC increased its stake in First Watch Restaurant Group by 505.3% during the 3rd quarter. Barclays PLC now owns 172,515 shares of the company's stock worth $2,690,000 after purchasing an additional 144,014 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in First Watch Restaurant Group by 9.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 576,890 shares of the company's stock valued at $10,736,000 after acquiring an additional 49,826 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of First Watch Restaurant Group by 23.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 309,851 shares of the company's stock worth $5,766,000 after acquiring an additional 58,448 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of First Watch Restaurant Group by 7.8% during the 4th quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company's stock worth $39,848,000 after buying an additional 154,784 shares during the last quarter. Institutional investors and hedge funds own 96.11% of the company's stock.

First Watch Restaurant Group Trading Up 0.4 %

The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average price of $17.69 and a 200-day moving average price of $18.73. The company has a market cap of $979.16 million, a P/E ratio of 48.67, a PEG ratio of 3.38 and a beta of 1.01.

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.