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

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) has received a consensus rating of "Buy" from the ten ratings firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $21.36.

FWRG has been the subject of several research analyst reports. Bank of America lifted their target price on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, March 12th. Benchmark decreased their price objective on shares of First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Barclays dropped their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Stephens lowered their price target on shares of First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Finally, Sanford C. Bernstein set a $21.00 price objective on First Watch Restaurant Group in a report on Tuesday, March 11th.

Insider Transactions at First Watch Restaurant Group

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the sale, the insider now owns 14,689,784 shares of the company's stock, valued at $215,939,824.80. This represents a 23.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 6.00% of the company's stock.

Institutional Trading of First Watch Restaurant Group

A number of institutional investors have recently modified their holdings of FWRG. Arizona State Retirement System acquired a new position in First Watch Restaurant Group in the fourth quarter valued at about $228,000. Barclays PLC increased its holdings in First Watch Restaurant Group by 505.3% in the 3rd quarter. Barclays PLC now owns 172,515 shares of the company's stock valued at $2,690,000 after buying an additional 144,014 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in First Watch Restaurant Group by 9.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 576,890 shares of the company's stock valued at $10,736,000 after buying an additional 49,826 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of First Watch Restaurant Group by 23.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 309,851 shares of the company's stock valued at $5,766,000 after buying an additional 58,448 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of First Watch Restaurant Group by 7.8% during the 4th quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company's stock worth $39,848,000 after acquiring an additional 154,784 shares during the period. 96.11% of the stock is currently owned by institutional investors.

First Watch Restaurant Group Stock Down 5.1%

Shares of NASDAQ:FWRG traded down $0.81 during midday trading on Thursday, reaching $15.02. The company had a trading volume of 586,171 shares, compared to its average volume of 741,464. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $22.71. The stock has a market cap of $916.11 million, a PE ratio of 45.52, a P/E/G ratio of 3.38 and a beta of 0.90. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The business's 50 day moving average price is $17.02 and its 200 day moving average price is $18.35.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.05). The firm had revenue of $282.24 million for the quarter, compared to the consensus estimate of $282.98 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The business's revenue was up 16.4% compared to the same quarter last year. During the same period last year, the company posted $0.12 earnings per share. Research analysts forecast that First Watch Restaurant Group will post 0.32 EPS for the current fiscal year.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.