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

Key Points

• First Watch Restaurant Group carries a consensus analyst rating of “Moderate Buy” from 13 analysts, with an average 12-month price target of $19.25.
• The company’s latest quarterly results showed revenue growth of 17.3% year over year to $330.96 million, but earnings came in slightly below expectations at ($0.04) per share versus the expected ($0.02).
• Recent activity has included insider selling and continued institutional buying; institutions now own 96.11% of the stock, even as shares trade below their 200-day moving average and near their 1-year low.

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have been given an average recommendation of "Moderate Buy" by the thirteen analysts that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $19.25.

Several research firms have recently weighed in on FWRG. DA Davidson restated a "buy" rating and set a $17.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, April 28th. Stephens restated an "overweight" rating and set a $21.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Benchmark reduced their target price on First Watch Restaurant Group from $24.00 to $22.00 and set a "buy" rating on the stock in a report on Monday, April 20th. Weiss Ratings cut First Watch Restaurant Group from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 11th. Finally, Barclays reduced their target price on First Watch Restaurant Group from $19.00 to $17.00 and set an "overweight" rating on the stock in a report on Wednesday, February 25th.

Insiders Place Their Bets

In related news, CFO H Melville Hope III sold 3,878 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total value of $48,552.56. Following the sale, the chief financial officer directly owned 111,787 shares in the company, valued at $1,399,573.24. This represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Laura Anne Sorensen sold 4,732 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $12.59, for a total value of $59,575.88. Following the completion of the sale, the insider owned 239,050 shares in the company, valued at $3,009,639.50. The trade was a 1.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 68,013 shares of company stock valued at $853,606 over the last three months. Insiders own 6.10% of the company's stock.

Institutional Trading of First Watch Restaurant Group

Several institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its stake in First Watch Restaurant Group by 67.3% in the first quarter. Royal Bank of Canada now owns 54,267 shares of the company's stock valued at $903,000 after buying an additional 21,830 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in First Watch Restaurant Group by 31.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company's stock valued at $379,000 after buying an additional 5,497 shares during the period. Legal & General Group Plc lifted its stake in First Watch Restaurant Group by 1.6% in the second quarter. Legal & General Group Plc now owns 45,531 shares of the company's stock valued at $730,000 after buying an additional 724 shares during the period. Rhumbline Advisers lifted its stake in First Watch Restaurant Group by 45.8% in the second quarter. Rhumbline Advisers now owns 73,882 shares of the company's stock valued at $1,185,000 after buying an additional 23,205 shares during the period. Finally, American Century Companies Inc. lifted its stake in First Watch Restaurant Group by 43.4% in the second quarter. American Century Companies Inc. now owns 72,166 shares of the company's stock valued at $1,158,000 after buying an additional 21,846 shares during the period. 96.11% of the stock is currently owned by institutional investors.

First Watch Restaurant Group Stock Performance

NASDAQ:FWRG opened at $11.50 on Thursday. The stock has a market cap of $708.98 million, a P/E ratio of 41.07, a price-to-earnings-growth ratio of 6.02 and a beta of 1.11. The company has a current ratio of 0.29, a quick ratio of 0.25 and a debt-to-equity ratio of 0.43. The stock's 50-day moving average is $11.73 and its 200-day moving average is $14.38. First Watch Restaurant Group has a 1-year low of $10.09 and a 1-year high of $19.53.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $330.96 million for the quarter, compared to the consensus estimate of $329.35 million. First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.38%.The business's revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.01) earnings per share. Equities research analysts anticipate that First Watch Restaurant Group will post 0.2 earnings per share 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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