First Watch Restaurant Group (NASDAQ:FWRG) Shares Gap Down to $25.13

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $25.13, but opened at $24.27. First Watch Restaurant Group shares last traded at $21.40, with a volume of 369,655 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently commented on FWRG. TD Cowen reaffirmed a "hold" rating and set a $26.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, April 10th. Stifel Nicolaus lifted their price objective on shares of First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a "hold" rating in a research note on Wednesday, March 6th. Citigroup upped their target price on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, March 6th. Raymond James lifted their price target on shares of First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a "strong-buy" rating in a research report on Thursday, January 25th. Finally, Barclays upped their price objective on shares of First Watch Restaurant Group from $23.00 to $29.00 and gave the company an "overweight" rating in a research report on Wednesday, March 6th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.00.

First Watch Restaurant Group Trading Down 14.4 %

The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 52.46, a price-to-earnings-growth ratio of 2.35 and a beta of 1.07. The company has a quick ratio of 0.57, a current ratio of 0.62 and a debt-to-equity ratio of 0.21. The business's fifty day moving average is $24.00 and its 200 day moving average is $21.23.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings results on Tuesday, March 5th. The company reported $0.04 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. First Watch Restaurant Group had a return on equity of 4.62% and a net margin of 2.85%. The firm had revenue of $244.60 million during the quarter, compared to the consensus estimate of $237.20 million. During the same quarter in the prior year, the firm posted ($0.01) EPS. The business's revenue was up 31.7% on a year-over-year basis. Equities analysts predict that First Watch Restaurant Group, Inc. will post 0.45 earnings per share for the current year.

Insider Buying and Selling at First Watch Restaurant Group

In other news, CEO Christopher Anthony Tomasso sold 121,995 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $24.45, for a total transaction of $2,982,777.75. Following the completion of the transaction, the chief executive officer now directly owns 431,871 shares in the company, valued at approximately $10,559,245.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Christopher Anthony Tomasso sold 121,995 shares of the company's stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $24.45, for a total transaction of $2,982,777.75. Following the sale, the chief executive officer now owns 431,871 shares in the company, valued at approximately $10,559,245.95. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Eric Richard Hartman sold 1,474 shares of the firm's stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $25.03, for a total transaction of $36,894.22. Following the completion of the transaction, the insider now directly owns 51,417 shares of the company's stock, valued at $1,286,967.51. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,085,127 shares of company stock worth $170,038,222. Insiders own 5.00% of the company's stock.

Institutional Investors Weigh In On First Watch Restaurant Group

A number of institutional investors and hedge funds have recently modified their holdings of FWRG. WCM Investment Management LLC acquired a new position in First Watch Restaurant Group during the first quarter worth approximately $16,030,000. Lord Abbett & CO. LLC increased its holdings in shares of First Watch Restaurant Group by 433.0% during the 3rd quarter. Lord Abbett & CO. LLC now owns 668,159 shares of the company's stock worth $11,552,000 after acquiring an additional 542,800 shares during the last quarter. Invesco Ltd. bought a new stake in First Watch Restaurant Group in the 3rd quarter valued at $8,940,000. Foxhaven Asset Management LP lifted its holdings in First Watch Restaurant Group by 44.3% during the 4th quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company's stock valued at $21,032,000 after purchasing an additional 321,375 shares during the last quarter. Finally, Deepwater Asset Management LLC boosted its position in First Watch Restaurant Group by 275.3% during the first quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company's stock worth $10,165,000 after purchasing an additional 302,878 shares during the period. 96.11% of the stock is owned by institutional investors.

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.