First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives Consensus Rating of “Buy” from Brokerages

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have been given an average rating of “Buy” by the ten analysts that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $21.36.

A number of research firms have recently issued reports on FWRG. TD Cowen upgraded shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Tuesday, April 1st. Stifel Nicolaus set a $17.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, May 7th. Stephens decreased their target price on First Watch Restaurant Group from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. Raymond James reiterated a “strong-buy” rating and set a $21.00 price target (down from $25.00) on shares of First Watch Restaurant Group in a research report on Wednesday, May 7th. Finally, Guggenheim cut their price target on First Watch Restaurant Group from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, May 8th.

First Watch Restaurant Group Trading Up 1.2%

Shares of NASDAQ FWRG opened at $17.25 on Friday. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average price is $17.48 and its two-hundred day moving average price is $18.74. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $22.71. The stock has a market capitalization of $1.05 billion, a P/E ratio of 52.27, a PEG ratio of 3.38 and a beta of 1.01.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.05). The firm had revenue of $282.24 million for the quarter, compared to analyst estimates of $282.98 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business’s revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share. On average, analysts anticipate that First Watch Restaurant Group will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Christopher Anthony Tomasso sold 42,039 shares of First Watch Restaurant Group stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the transaction, the chief executive officer now directly owns 389,832 shares in the company, valued at approximately $6,553,075.92. This trade represents a 9.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the completion of the sale, the insider now directly owns 37,768 shares in the company, valued at $634,880.08. This represents a 13.20% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Arizona State Retirement System acquired a new position in shares of First Watch Restaurant Group in the 4th quarter worth approximately $228,000. Barclays PLC grew its position in First Watch Restaurant Group by 505.3% in the third quarter. Barclays PLC now owns 172,515 shares of the company’s stock worth $2,690,000 after buying an additional 144,014 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in First Watch Restaurant Group by 9.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 576,890 shares of the company’s stock worth $10,736,000 after buying an additional 49,826 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of First Watch Restaurant Group by 23.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 309,851 shares of the company’s stock valued at $5,766,000 after buying an additional 58,448 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of First Watch Restaurant Group by 7.8% during the 4th quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company’s stock valued at $39,848,000 after acquiring an additional 154,784 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors.

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.