First Watch Restaurant Group (NASDAQ:FWRG) Shares Gap Down - Should You Sell?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $15.35, but opened at $15.00. First Watch Restaurant Group shares last traded at $14.82, with a volume of 1,287,110 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in 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 report on Tuesday, April 1st. Bank of America increased their price target on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, March 12th. Benchmark cut their target price on shares of First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Barclays decreased their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Finally, Piper Sandler dropped their price target on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $21.36.

First Watch Restaurant Group Stock Up 0.1%

The stock has a 50-day moving average of $17.12 and a 200-day moving average of $18.44. The company has a market cap of $910.63 million, a PE ratio of 45.24, a P/E/G ratio of 3.38 and a beta of 0.90. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.05). The company had revenue of $282.24 million during the quarter, compared to analysts' expectations of $282.98 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The firm's revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.12 earnings per share. Sell-side analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling at First Watch Restaurant Group

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of First Watch Restaurant Group stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the sale, the chief executive officer now directly owns 389,832 shares of the company's stock, valued at approximately $6,553,075.92. The trade was a 9.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the company'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 $96,539.83. Following the completion of the sale, the insider now directly owns 37,768 shares in the company, valued at approximately $634,880.08. The trade was a 13.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,547,782 shares of company stock worth $66,953,215 over the last three months. Company insiders own 6.00% of the company's stock.

Institutional Investors Weigh In On First Watch Restaurant Group

Several hedge funds have recently bought and sold shares of the business. Lazard Asset Management LLC bought a new position in First Watch Restaurant Group in the 4th quarter worth about $39,095,000. Champlain Investment Partners LLC boosted its position in First Watch Restaurant Group by 59.0% in the fourth quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock worth $48,057,000 after purchasing an additional 958,417 shares during the last quarter. Mesirow Institutional Investment Management Inc. bought a new stake in First Watch Restaurant Group during the fourth quarter valued at approximately $15,506,000. MetLife Investment Management LLC raised its holdings in First Watch Restaurant Group by 3,919.8% in the 1st quarter. MetLife Investment Management LLC now owns 834,830 shares of the company's stock worth $13,900,000 after purchasing an additional 814,062 shares during the period. Finally, Clearbridge Investments LLC purchased a new position in shares of First Watch Restaurant Group during the 4th quarter valued at about $12,732,000. 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.