First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Eleven brokerages give First Watch Restaurant Group a consensus “Moderate Buy” rating, with eight buys, one strong buy, one hold and one sell. The average 12-month price target is $18.56 versus the stock’s $12.03 opening price.
• Quarterly results were mixed: Revenue rose 15.2% year over year to $354.67 million, exceeding estimates, but earnings per share of $0.04 fell short of the $0.05 consensus.
• Institutional ownership remains high: Hedge funds and other institutional investors own approximately 96.11% of FWRG’s outstanding shares, while the stock is down 3.1% and trades near its 50-day moving average.

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eleven brokerages that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $18.5556.

FWRG has been the topic of several recent analyst reports. TD Cowen reaffirmed a "buy" rating and set a $17.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. DA Davidson reissued a "buy" rating and set a $17.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, April 28th. Benchmark reduced their price target on shares of First Watch Restaurant Group from $24.00 to $22.00 and set a "buy" rating for the company in a research report on Monday, April 20th. Freedom Capital raised shares of First Watch Restaurant Group to a "strong-buy" rating in a research note on Wednesday, July 1st. Finally, Stifel Nicolaus set a $14.00 price objective on First Watch Restaurant Group in a report on Tuesday, May 5th.

First Watch Restaurant Group Stock Down 3.1%

First Watch Restaurant Group stock opened at $12.03 on Tuesday. The stock has a market capitalization of $742.37 million, a PE ratio of 41.48, a price-to-earnings-growth ratio of 20.70 and a beta of 1.03. First Watch Restaurant Group has a 12 month low of $9.97 and a 12 month high of $19.53. The business has a 50 day simple moving average of $12.13 and a 200-day simple moving average of $12.71. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.27 and a quick ratio of 0.22.

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

Hedge Funds Weigh In On First Watch Restaurant Group

Several hedge funds and other institutional investors have recently made changes to their positions in FWRG. Rockefeller Capital Management L.P. purchased a new stake in shares of First Watch Restaurant Group during the fourth quarter worth approximately $63,000. State of Wyoming purchased a new position in First Watch Restaurant Group in the 4th quarter valued at $64,000. Kemnay Advisory Services Inc. acquired a new stake in First Watch Restaurant Group during the 4th quarter worth $66,000. BNP Paribas Financial Markets boosted its stake in First Watch Restaurant Group by 61.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company's stock worth $70,000 after purchasing an additional 1,673 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in First Watch Restaurant Group by 17,042.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,657 shares of the company's stock worth $85,000 after purchasing an additional 5,624 shares during the last quarter. Hedge funds and other institutional investors 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.

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