First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Sees Significant Decline in Short Interest

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) was the target of a significant decline in short interest during the month of June. As of June 15th, there was short interest totalling 3,730,000 shares, a decline of 7.2% from the May 31st total of 4,020,000 shares. Based on an average trading volume of 622,300 shares, the short-interest ratio is presently 6.0 days. Currently, 11.6% of the company’s shares are short sold.

First Watch Restaurant Group Stock Down 4.2 %

Shares of FWRG stock traded down $0.72 during mid-day trading on Tuesday, hitting $16.23. 1,417,265 shares of the stock traded hands, compared to its average volume of 573,412. First Watch Restaurant Group has a 52-week low of $15.90 and a 52-week high of $25.98. The stock has a market cap of $979.81 million, a P/E ratio of 42.71, a P/E/G ratio of 2.25 and a beta of 0.88. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.60 and a quick ratio of 0.55. The stock’s fifty day moving average is $19.96 and its two-hundred day moving average is $21.54.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its earnings results on Tuesday, May 7th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. First Watch Restaurant Group had a net margin of 2.52% and a return on equity of 4.15%. The company had revenue of $242.40 million during the quarter, compared to analysts’ expectations of $245.03 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. First Watch Restaurant Group’s revenue for the quarter was up 14.7% compared to the same quarter last year. Equities analysts predict that First Watch Restaurant Group will post 0.39 EPS for the current year.

Insider Buying and Selling at First Watch Restaurant Group

In other First Watch Restaurant Group news, Director William A. Kussell sold 8,386 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were 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 $274,238.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On First Watch Restaurant Group

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of First Watch Restaurant Group by 18.8% during the 1st quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock valued at $39,674,000 after buying an additional 255,307 shares during the last quarter. Brown Advisory Inc. lifted its holdings in First Watch Restaurant Group by 0.4% in the fourth quarter. Brown Advisory Inc. now owns 1,478,407 shares of the company’s stock valued at $29,716,000 after acquiring an additional 6,494 shares during the period. The Manufacturers Life Insurance Company boosted its position in First Watch Restaurant Group by 14.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,408,454 shares of the company’s stock worth $28,310,000 after purchasing an additional 175,074 shares in the last quarter. Gilder Gagnon Howe & Co. LLC boosted its position in First Watch Restaurant Group by 9.6% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock worth $21,600,000 after purchasing an additional 93,931 shares in the last quarter. Finally, Foxhaven Asset Management LP grew its stake in shares of 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 worth $21,032,000 after purchasing an additional 321,375 shares during the period. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FWRG shares. Citigroup lifted their price target 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. Barclays decreased their target price on First Watch Restaurant Group from $29.00 to $27.00 and set an “overweight” rating for the company in a research report on Wednesday, May 8th. Stifel Nicolaus dropped their price target on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating on the stock in a research report on Tuesday. Finally, TD Cowen decreased their price objective on First Watch Restaurant Group from $25.00 to $21.00 and set a “hold” rating for the company in a report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.17.

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.