First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts rate First Watch Restaurant Group “Moderate Buy.” Of 11 analysts, eight recommend buying, two rate it a hold, and one gives a strong-buy rating; the average 12-month price target is $18.56.
• Institutional ownership is high at 96.11%. Several major investors increased their positions, including Riverbridge Partners, Stephens Investment Management, and Bank of America, while BlackRock established a new position valued at $58.4 million.
• First Watch reported quarterly revenue of $354.67 million, up 15.2% year over year and above estimates, but earnings per share of $0.04 fell short of the $0.05 consensus. Shares opened at $12.05, with a 52-week range of $9.97 to $19.02.

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eleven ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have 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 12-month price objective among analysts that have issued ratings on the stock in the last year is $18.5556.

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of First Watch Restaurant Group from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Freedom Capital raised shares of First Watch Restaurant Group to a "strong-buy" rating in a report on Wednesday, July 1st. TD Cowen reaffirmed a "buy" rating and set a $17.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Guggenheim reduced their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Finally, Citigroup decreased their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a report on Wednesday, August 5th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Royce & Associates LP acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $2,006,000. Riverbridge Partners LLC grew its position in First Watch Restaurant Group by 90.8% during the first quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company's stock valued at $21,921,000 after buying an additional 995,671 shares during the period. Stephens Investment Management Group LLC grew its position in First Watch Restaurant Group by 46.7% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,367,051 shares of the company's stock valued at $20,615,000 after buying an additional 434,987 shares during the period. Bank of America Corp DE increased its holdings in First Watch Restaurant Group by 76.7% in the first quarter. Bank of America Corp DE now owns 1,052,426 shares of the company's stock valued at $11,029,000 after buying an additional 456,976 shares in the last quarter. Finally, BlackRock Inc. purchased a new position in First Watch Restaurant Group in the second quarter valued at $58,445,000. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Trading Up 3.0%

Shares of NASDAQ:FWRG opened at $12.05 on Friday. The company has a quick ratio of 0.22, a current ratio of 0.27 and a debt-to-equity ratio of 0.44. First Watch Restaurant Group has a 52-week low of $9.97 and a 52-week high of $19.02. The stock has a market cap of $743.61 million, a price-to-earnings ratio of 41.55, a PEG ratio of 19.50 and a beta of 1.03. The business has a 50-day moving average price of $12.56 and a 200-day moving average price of $12.20.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.35%.The business had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. During the same quarter last year, the company posted $0.03 EPS. First Watch Restaurant Group's quarterly revenue was up 15.2% compared to the same quarter last year. Equities 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 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.

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