TD Securities Reiterates "Buy" Rating for First Watch Restaurant Group (NASDAQ:FWRG)

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report)'s stock had its "buy" rating reiterated by analysts at TD Securities in a report released on Wednesday,Benzinga reports. They presently have a $19.00 target price on the stock. TD Securities' price target indicates a potential upside of 27.35% from the company's previous close.

FWRG has been the subject of a number of other research reports. Stephens lowered their price objective on shares of First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Raymond James restated a "strong-buy" rating and set a $21.00 price target (down from $25.00) on shares of First Watch Restaurant Group in a research report on Wednesday, May 7th. TD Cowen raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price objective for the company in a research note on Tuesday, April 1st. Barclays decreased their target price on First Watch Restaurant Group from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Finally, Piper Sandler lowered their target price on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, First Watch Restaurant Group has an average rating of "Buy" and an average price target of $21.36.

First Watch Restaurant Group Trading Down 4.1%

FWRG stock traded down $0.64 during midday trading on Wednesday, hitting $14.92. 1,271,983 shares of the company's stock were exchanged, compared to its average volume of 735,672. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $22.71. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $910.02 million, a PE ratio of 45.21, a P/E/G ratio of 3.38 and a beta of 0.90. The business has a 50-day simple moving average of $17.21 and a two-hundred day simple moving average of $18.47.

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

Insider Buying and Selling

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $706,675.59. Following the sale, the chief executive officer now directly owns 389,832 shares of the company's stock, valued at approximately $6,553,075.92. This represents a 9.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder International L.P. Advent sold 4,500,000 shares of First Watch Restaurant Group stock in a transaction 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 directly owns 14,689,784 shares of the company's stock, valued at approximately $215,939,824.80. This trade represents a 23.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,547,782 shares of company stock valued at $66,953,215 in the last three months. 6.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Assetmark Inc. boosted its stake in First Watch Restaurant Group by 68.7% in the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company's stock valued at $46,000 after acquiring an additional 1,000 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of First Watch Restaurant Group in the 4th quarter valued at about $51,000. State of Wyoming grew its stake in First Watch Restaurant Group by 212.6% during the 4th quarter. State of Wyoming now owns 3,214 shares of the company's stock worth $60,000 after buying an additional 2,186 shares during the last quarter. Venturi Wealth Management LLC purchased a new position in First Watch Restaurant Group during the 4th quarter worth approximately $81,000. Finally, BNP Paribas Financial Markets acquired a new position in First Watch Restaurant Group during the fourth quarter worth approximately $86,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

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.