First Watch Restaurant Group (NASDAQ:FWRG) Coverage Initiated at DA Davidson

Equities research analysts at DA Davidson assumed coverage on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a report released on Friday, Marketbeat.com reports. The brokerage set a “buy” rating and a $17.00 price target on the stock. DA Davidson’s target price would indicate a potential upside of 31.48% from the stock’s current price.

A number of other research firms also recently commented on FWRG. Barclays decreased their price target on First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Piper Sandler reaffirmed an “overweight” rating and set a $19.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, February 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of First Watch Restaurant Group in a report on Monday, December 29th. Wall Street Zen raised First Watch Restaurant Group from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Zacks Research upgraded First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.85.

First Watch Restaurant Group Stock Down 0.3%

FWRG opened at $12.93 on Friday. The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43. The business’s fifty day simple moving average is $15.50 and its 200 day simple moving average is $16.54. The firm has a market cap of $790.54 million, a P/E ratio of 41.71, a PEG ratio of 2.60 and a beta of 0.92. First Watch Restaurant Group has a 52 week low of $11.88 and a 52 week high of $20.55.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, February 24th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.16. The firm had revenue of $316.35 million for the quarter, compared to analysts’ expectations of $317.49 million. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.01 earnings per share. As a group, equities research analysts anticipate that First Watch Restaurant Group will post 0.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director William A. Kussell sold 6,165 shares of the company’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $17.00, for a total transaction of $104,805.00. Following the completion of the transaction, the director directly owned 26,402 shares in the company, valued at $448,834. This represents a 18.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Jones Financial Companies Lllp acquired a new stake in shares of First Watch Restaurant Group in the 3rd quarter worth about $30,000. First Horizon Advisors Inc. grew its position in First Watch Restaurant Group by 207.6% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock worth $31,000 after purchasing an additional 1,316 shares during the last quarter. State of Wyoming acquired a new stake in shares of First Watch Restaurant Group in the fourth quarter valued at approximately $64,000. Kemnay Advisory Services Inc. acquired a new stake in shares of First Watch Restaurant Group in the fourth quarter valued at approximately $66,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of First Watch Restaurant Group by 61.9% during the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after buying an additional 1,673 shares during the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

About First Watch Restaurant Group

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.