First Watch restaurant group’s chief legal officer sells $96,539 in stock

Jay Anthony Wolszczak, the Chief Legal Officer at First Watch Restaurant Group (LON:RTN), Inc. (NASDAQ:FWRG), recently sold 5,743 shares of the company’s common stock. The shares were sold at a price of $16.81 each, totaling approximately $96,539. Following this transaction, Wolszczak now holds 37,768 shares in the company. The sale comes as FWRG’s stock has declined about 14% in the past week, with the company currently valued at nearly $1 billion market cap.

Additionally, Wolszczak acquired 25,883 restricted stock units, which are set to vest in three equal annual installments starting on March 13, 2026. This acquisition was part of a scheduled vesting plan and did not involve any cash transaction.

The stock sale was conducted to cover necessary tax withholding obligations related to the vesting of restricted stock units, as per the company’s policies, and was not a discretionary trade by Wolszczak.

In other recent news, First Watch Restaurant Group Inc. reported its fourth-quarter 2024 earnings, which exceeded analysts’ expectations with an earnings per share (EPS) of $0.01, surpassing the forecast of $0.0033. Revenue reached $263.3 million, slightly above the projected $263.01 million, marking a 16.8% increase from the previous year, excluding a 53rd week in the prior period. The company opened 50 new restaurants in 2024, contributing to its growth, despite a slight decline in same-restaurant sales and traffic. Benchmark analyst Todd M. Brooks increased First Watch’s price target to $26, maintaining a Buy rating, following the company’s earnings report. Brooks cited improving customer traffic trends and the company’s competitive edge as factors in his positive outlook. BofA Securities also raised First Watch’s price target to $28, maintaining a Buy rating, and noted an improvement in customer traffic patterns despite unfavorable weather conditions in February. Jefferies analyst Andy Barish reduced the price target to $24 but maintained a Buy rating, citing modest outperformance in EBITDA and margins. First Watch anticipates 20% total revenue growth in 2025, with plans to open 59-64 new restaurants and projects adjusted EBITDA between $124 million and $130 million.

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