H Melville Hope III Sells 7,358 Shares of First Watch Restaurant Group (NASDAQ:FWRG) Stock

Key Points

• CFO H Melville Hope III sold 7,358 shares on March 10 at an average price of $12.59 for a total of $92,637.22, reducing his stake by 5.98% to 115,665 shares valued at about $1.456M.
• First Watch beat EPS expectations (reported $0.24 vs. $0.08 expected) with revenue of $316.35M (vs. $317.49M expected) and revenue up 20.2% year-over-year, while the stock trades near $11.69 (52-week low $11.56), with a market cap of ~$714.4M and a P/E of 37.69.
• Wall Street consensus is a Moderate Buy with a $19.75 average target after multiple firms issued buy/overweight ratings and set price targets generally in the $17–$21 range.

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) CFO H Melville Hope III sold 7,358 shares of the business's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $12.59, for a total value of $92,637.22. Following the completion of the sale, the chief financial officer owned 115,665 shares of the company's stock, valued at $1,456,222.35. This trade represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

First Watch Restaurant Group Price Performance

FWRG stock traded down $0.76 during midday trading on Thursday, reaching $11.69. The stock had a trading volume of 1,754,873 shares, compared to its average volume of 1,801,113. First Watch Restaurant Group, Inc. has a 52-week low of $11.56 and a 52-week high of $20.55. The company has a current ratio of 0.29, a quick ratio of 0.25 and a debt-to-equity ratio of 0.43. The company's fifty day simple moving average is $15.34 and its 200 day simple moving average is $16.43. The company has a market cap of $714.42 million, a price-to-earnings ratio of 37.69, a price-to-earnings-growth ratio of 2.52 and a beta of 0.92.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.16. The business had revenue of $316.35 million during the quarter, compared to analysts' expectations of $317.49 million. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. The company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.01 earnings per share. As a group, sell-side analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Piper Sandler restated an "overweight" rating and issued a $19.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, February 24th. Zacks Research raised First Watch Restaurant Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 10th. Barclays cut their target price on First Watch Restaurant Group from $19.00 to $17.00 and set an "overweight" rating for the company in a research note on Wednesday, February 25th. Stephens reduced their price target on First Watch Restaurant Group from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday, February 25th. Finally, Guggenheim dropped their price objective on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $19.75.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds have recently modified their holdings of FWRG. Jones Financial Companies Lllp purchased a new stake in First Watch Restaurant Group in the 3rd quarter valued at about $30,000. First Horizon Advisors Inc. increased its position in shares of First Watch Restaurant Group by 207.6% during the second quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company's stock valued at $31,000 after acquiring an additional 1,316 shares during the last quarter. State of Wyoming acquired a new stake in shares of First Watch Restaurant Group during the fourth quarter valued at about $64,000. Kemnay Advisory Services Inc. acquired a new position in shares of First Watch Restaurant Group in the 4th quarter worth approximately $66,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of First Watch Restaurant Group by 61.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company's stock worth $70,000 after acquiring an additional 1,673 shares during the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

First Watch Restaurant Group Company Profile

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.

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