First Watch Restaurant Group’s (FWRG) Hold Rating Reaffirmed at TD Cowen

TD Cowen restated their hold rating on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a $26.00 price target on the stock.

Other analysts have also recently issued reports about the stock. Citigroup boosted 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 note on Wednesday, March 6th. Barclays boosted their price objective on shares of First Watch Restaurant Group from $23.00 to $29.00 and gave the stock an overweight rating in a research note on Wednesday, March 6th. Raymond James boosted 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 note on Thursday, January 25th. Finally, Stifel Nicolaus upped 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 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $26.00.

First Watch Restaurant Group Stock Performance

FWRG stock opened at $23.00 on Wednesday. The company has a quick ratio of 0.57, a current ratio of 0.62 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 56.10, a P/E/G ratio of 2.15 and a beta of 1.11. First Watch Restaurant Group has a 12 month low of $14.34 and a 12 month high of $25.88. The firm has a 50 day moving average of $23.94 and a two-hundred day moving average of $20.40.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, March 5th. The company reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. First Watch Restaurant Group had a net margin of 2.85% and a return on equity of 4.62%. The business had revenue of $244.60 million during the quarter, compared to analysts’ expectations of $237.20 million. During the same period in the previous year, the company earned ($0.01) earnings per share. First Watch Restaurant Group’s revenue for the quarter was up 31.7% on a year-over-year basis. As a group, equities analysts anticipate that First Watch Restaurant Group will post 0.46 EPS for the current fiscal year.

Insider Activity

In other news, CEO Christopher Anthony Tomasso sold 121,995 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $24.45, for a total value of $2,982,777.75. Following the completion of the transaction, the chief executive officer now owns 431,871 shares in the company, valued at approximately $10,559,245.95. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Christopher Anthony Tomasso sold 121,995 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $24.45, for a total value of $2,982,777.75. Following the completion of the transaction, the chief executive officer now owns 431,871 shares in the company, valued at approximately $10,559,245.95. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William A. Kussell sold 15,000 shares of the stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $20.53, for a total transaction of $307,950.00. Following the completion of the transaction, the director now owns 20,795 shares of the company’s stock, valued at approximately $426,921.35. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,091,741 shares of company stock worth $170,160,841. 4.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Watch Restaurant Group

Large investors have recently made changes to their positions in the company. Captrust Financial Advisors grew its holdings in shares of First Watch Restaurant Group by 170.4% in the 2nd quarter. Captrust Financial Advisors now owns 2,028 shares of the company’s stock worth $29,000 after purchasing an additional 1,278 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of First Watch Restaurant Group in the 3rd quarter worth about $35,000. Lazard Asset Management LLC grew its holdings in shares of First Watch Restaurant Group by 117.8% in the 3rd quarter. Lazard Asset Management LLC now owns 2,047 shares of the company’s stock worth $35,000 after purchasing an additional 1,107 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of First Watch Restaurant Group by 3,232.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,233 shares of the company’s stock worth $39,000 after purchasing an additional 2,166 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of First Watch Restaurant Group by 355.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,274 shares of the company’s stock worth $32,000 after purchasing an additional 1,775 shares during the last quarter. Institutional investors own 96.11% of the company’s stock.

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.