First Watch Restaurant Group (NASDAQ:FWRG) Upgraded at Zacks Research

Zacks Research upgraded shares of First Watch Restaurant Group (NASDAQ:FWRG) from a strong sell rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Barclays cut their price target on shares of First Watch Restaurant Group from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Weiss Ratings restated a “hold (c-)” rating on shares of First Watch Restaurant Group in a research note on Monday, December 29th. Finally, Wall Street Zen raised First Watch Restaurant Group from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.91.

First Watch Restaurant Group Stock Down 5.2%

FWRG stock opened at $15.71 on Tuesday. The company’s 50 day simple moving average is $16.29 and its 200-day simple moving average is $16.95. The firm has a market capitalization of $958.78 million, a PE ratio of 196.40, a P/E/G ratio of 3.02 and a beta of 0.88. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.25 and a quick ratio of 0.21. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $22.71.

Insider Activity at First Watch Restaurant Group

In other news, Director William A. Kussell sold 6,165 shares of the company’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $17.00, for a total value of $104,805.00. Following the completion of the transaction, the director directly owned 26,402 shares in the company, valued at approximately $448,834. This represents a 18.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 6.00% of the company’s stock.

Institutional Trading of First Watch Restaurant Group

Several large investors have recently modified their holdings of the business. Wasatch Advisors LP boosted its holdings in First Watch Restaurant Group by 22.2% in the fourth quarter. Wasatch Advisors LP now owns 451,868 shares of the company’s stock valued at $6,814,000 after purchasing an additional 82,174 shares during the last quarter. MetLife Investment Management LLC grew its position in shares of First Watch Restaurant Group by 0.5% during the fourth quarter. MetLife Investment Management LLC now owns 1,069,955 shares of the company’s stock worth $16,135,000 after buying an additional 5,679 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of First Watch Restaurant Group by 5.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,182 shares of the company’s stock worth $38,849,000 after buying an additional 133,402 shares during the last quarter. New York State Common Retirement Fund raised its holdings in First Watch Restaurant Group by 6.5% in the fourth quarter. New York State Common Retirement Fund now owns 706,138 shares of the company’s stock valued at $10,649,000 after acquiring an additional 42,978 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in First Watch Restaurant Group by 7.6% during the 4th quarter. Loomis Sayles & Co. L P now owns 1,857,812 shares of the company’s stock valued at $28,016,000 after acquiring an additional 131,447 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.