First Watch Restaurant Group, Inc. (FWRG) - What Are Brokerages Saying About This Stock?

Key Points

• Analysts remain broadly positive on First Watch Restaurant Group, with a consensus “Moderate Buy” rating from 12 brokerages and an average 12-month price target of $17.90.
• Institutional investors and hedge funds own 96.11% of FWRG; major new positions were reported from BlackRock, Manufacturers Life Insurance and Bank of New York Mellon.
• The stock opened at $10.89 after declining 5.8%. Although quarterly revenue rose 15.2% year over year to $354.67 million, EPS of $0.04 fell short of the $0.05 analyst consensus.

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the twelve brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, eight have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $17.90.

Several research firms have issued reports on FWRG. Wall Street Zen raised First Watch Restaurant Group from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Citigroup reduced their target price on First Watch Restaurant Group from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Wednesday. Guggenheim decreased their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Freedom Capital raised First Watch Restaurant Group to a "strong-buy" rating in a report on Wednesday, July 1st. Finally, Stephens dropped their price target on First Watch Restaurant Group from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, October 15th.

Hedge Funds Weigh In On First Watch Restaurant Group

Several institutional investors and hedge funds have recently modified their holdings of FWRG. BlackRock Inc. bought a new stake in shares of First Watch Restaurant Group during the 2nd quarter worth about $58,445,000. The Manufacturers Life Insurance Company acquired a new stake in First Watch Restaurant Group during the second quarter worth approximately $49,291,000. Bank of New York Mellon Corp bought a new stake in shares of First Watch Restaurant Group during the second quarter worth approximately $47,938,000. Dimensional Fund Advisors LP boosted its holdings in shares of First Watch Restaurant Group by 19.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company's stock worth $32,328,000 after acquiring an additional 508,704 shares during the period. Finally, Penn Capital Management Company LLC boosted its holdings in shares of First Watch Restaurant Group by 29.1% during the second quarter. Penn Capital Management Company LLC now owns 1,472,751 shares of the company's stock worth $19,016,000 after acquiring an additional 331,594 shares during the period. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group Stock Down 5.8%

Shares of FWRG stock opened at $10.89 on Friday. First Watch Restaurant Group has a 52-week low of $9.88 and a 52-week high of $18.77. The stock has a market cap of $672.04 million, a price-to-earnings ratio of 37.55, a PEG ratio of 18.15 and a beta of 1.05. The firm's 50-day moving average is $11.42 and its 200-day moving average is $11.82. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). The business had revenue of $354.67 million for the quarter, compared to the consensus estimate of $351.57 million. First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.35%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.03 EPS. Sell-side analysts predict that First Watch Restaurant Group will post 0.15 EPS for the current year.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc operates a daytime-focused restaurant concept serving breakfast, brunch and lunch. Its restaurants offer made-to-order meals such as omelets, pancakes, French toast, sandwiches, salads and bowls, along with fresh juices, coffee and other beverages. The company generally does not serve dinner, positioning its restaurants around the daytime dining occasion.

First Watch restaurants emphasize fresh preparation and seasonal menu offerings, including items made with eggs, fruits, vegetables and other ingredients prepared in the restaurant.

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