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

First Watch Restaurant Group (NASDAQ:FWRG) announced 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. The firm had revenue of $242.40 million during the quarter, compared to analysts’ expectations of $245.03 million. First Watch Restaurant Group had a net margin of 2.85% and a return on equity of 4.62%. First Watch Restaurant Group’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.15 earnings per share.

First Watch Restaurant Group Stock Down 14.4 %

FWRG stock opened at $21.51 on Wednesday. The company’s 50-day moving average price is $23.93 and its 200 day moving average price is $21.26. The company has a market cap of $1.30 billion, a P/E ratio of 52.46, a P/E/G ratio of 2.35 and a beta of 1.07. First Watch Restaurant Group has a 52 week low of $15.67 and a 52 week high of $25.98. The company has a current ratio of 0.62, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FWRG. Raymond James raised their price objective 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. Barclays increased their price objective on First Watch Restaurant Group from $23.00 to $29.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. TD Cowen reissued a “hold” rating and issued a $26.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, April 10th. Stifel Nicolaus increased their price target on First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a “hold” rating in a report on Wednesday, March 6th. Finally, Citigroup upped their price objective on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.00.

Insiders Place Their Bets

In other news, Director William A. Kussell sold 8,386 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total value of $185,330.60. Following the sale, the director now directly owns 12,409 shares in the company, valued at $274,238.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Eric Richard Hartman sold 1,474 shares of the business’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 sale, the insider now directly owns 51,417 shares of the company’s stock, valued at approximately $1,286,967.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William A. Kussell sold 8,386 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total transaction of $185,330.60. Following the sale, the director now directly owns 12,409 shares of the company’s stock, valued at approximately $274,238.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,085,127 shares of company stock worth $170,038,222. 5.00% of the stock is owned by corporate insiders.

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.