First Watch Restaurant Group (NASDAQ:FWRG) Announces Earnings Results, Beats Expectations By $0.02 EPS

First Watch Restaurant Group (NASDAQ:FWRG) released its quarterly earnings results on Tuesday. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02, Briefing.com reports. First Watch Restaurant Group had a return on equity of 4.62% and a net margin of 2.85%. The firm had revenue of $242.40 million during the quarter, compared to analysts’ expectations of $245.03 million. During the same period last year, the firm posted $0.15 EPS. The business’s revenue was up 14.7% on a year-over-year basis.

First Watch Restaurant Group Price Performance

Shares of FWRG stock opened at $21.85 on Thursday. The firm’s 50 day moving average price is $23.87 and its two-hundred day moving average price is $21.26. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 0.62. First Watch Restaurant Group has a 52-week low of $15.67 and a 52-week high of $25.98. The stock has a market cap of $1.32 billion, a PE ratio of 53.29, a PEG ratio of 2.35 and a beta of 1.07.

Insider Buying and Selling at First Watch Restaurant Group

In other news, insider Eric Richard Hartman sold 1,474 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $25.03, for a total value of $36,894.22. Following the transaction, the insider now directly owns 51,417 shares in the company, valued at approximately $1,286,967.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Matthew Eisenacher sold 45,000 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $24.46, for a total transaction of $1,100,700.00. Following the completion of the transaction, the insider now directly owns 36,276 shares in the company, valued at approximately $887,310.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eric Richard Hartman sold 1,474 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $25.03, for a total value of $36,894.22. Following the completion of the sale, 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 90 days, insiders sold 7,085,127 shares of company stock worth $170,038,222. Insiders own 5.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on FWRG shares. TD Cowen decreased their target price on First Watch Restaurant Group from $26.00 to $25.00 and set a “hold” rating on the stock in a report on Wednesday. Stifel Nicolaus boosted their target price 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. Barclays lowered their price target on shares of First Watch Restaurant Group from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Wednesday. Raymond James upped their price objective on First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a “strong-buy” rating in a report on Thursday, January 25th. Finally, Citigroup lifted their target price on 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. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.50.

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.