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

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

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG traded down $0.17 during midday trading on Wednesday, reaching $21.34. 135,631 shares of the company’s stock traded hands, compared to its average volume of 502,605. 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 one year low of $15.67 and a one year high of $25.98. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 52.46, a P/E/G ratio of 2.35 and a beta of 1.07. The stock has a 50 day moving average of $23.93 and a 200 day moving average of $21.26.

Insiders Place Their Bets

In other news, Director William A. Kussell sold 8,386 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $22.10, for a total transaction of $185,330.60. Following the completion of the transaction, the director now directly owns 12,409 shares of the company’s stock, valued at $274,238.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Matthew Eisenacher sold 45,000 shares of First Watch Restaurant Group stock in a transaction on 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 transaction, the insider now directly owns 36,276 shares in the company, valued at $887,310.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William A. Kussell sold 8,386 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $22.10, for a total value of $185,330.60. Following the completion of the sale, the director now owns 12,409 shares of the company’s stock, valued at approximately $274,238.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,085,127 shares of company stock valued at $170,038,222. 5.00% of the stock is owned by insiders.

Analyst Ratings Changes

FWRG has been the subject of several research analyst reports. Raymond James raised their target price 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. TD Cowen reaffirmed a “hold” rating and set a $26.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, April 10th. Citigroup raised 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. Barclays raised their price objective on 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. Finally, Stifel Nicolaus boosted their target price on shares of First Watch Restaurant Group from $20.00 to $22.00 and gave the company a “hold” rating in a report on Wednesday, March 6th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

About First Watch Restaurant Group

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.