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

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have earned an average recommendation of "Buy" from the nine ratings firms that are presently covering the stock, Marketbeat.com reports. Eight investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $21.36.

FWRG has been the topic of a number of analyst reports. Sanford C. Bernstein set a $21.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Bank of America lifted their target price on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, March 12th. Raymond James Financial reiterated a "strong-buy" rating and issued a $21.00 target price (down previously from $25.00) on shares of First Watch Restaurant Group in a research report on Wednesday, May 7th. Stifel Nicolaus set a $17.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, May 7th. Finally, Piper Sandler cut their price target on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $17.23 on Monday. The firm's fifty day moving average price is $16.28 and its 200-day moving average price is $18.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.27 and a current ratio of 0.31. The stock has a market cap of $1.05 billion, a P/E ratio of 101.32, a price-to-earnings-growth ratio of 5.02 and a beta of 0.90. First Watch Restaurant Group has a fifty-two week low of $12.90 and a fifty-two week high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.01) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.05). The business had revenue of $282.24 million during the quarter, compared to analysts' expectations of $282.98 million. First Watch Restaurant Group had a return on equity of 1.84% and a net margin of 1.03%. First Watch Restaurant Group's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 EPS. On average, equities research analysts expect that First Watch Restaurant Group will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the transaction, the insider owned 14,689,784 shares in the company, valued at $215,939,824.80. The trade was a 23.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

Several hedge funds and other institutional investors have recently modified their holdings of FWRG. SG Americas Securities LLC boosted its stake in First Watch Restaurant Group by 272.0% during the first quarter. SG Americas Securities LLC now owns 56,466 shares of the company's stock worth $940,000 after acquiring an additional 41,289 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of First Watch Restaurant Group in the 1st quarter worth approximately $259,000. Arizona State Retirement System purchased a new stake in shares of First Watch Restaurant Group in the 4th quarter worth approximately $228,000. Charles Schwab Investment Management Inc. grew its stake 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 worth $5,766,000 after buying an additional 58,448 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of First Watch Restaurant Group by 7.8% in the 4th quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company's stock worth $39,848,000 after buying an additional 154,784 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Company Profile

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.

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