First Watch Restaurant Group (NASDAQ:FWRG) Receives "Buy" Rating from TD Securities

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report)'s stock had its "buy" rating reissued by TD Securities in a report released on Wednesday,Benzinga reports. They currently have a $19.00 price target on the stock. TD Securities' price objective indicates a potential upside of 27.26% from the stock's current price.

A number of other equities research analysts also recently weighed in on the stock. Barclays cut their price target on shares of First Watch Restaurant Group from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. TD Cowen raised shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price target for the company in a report on Tuesday, April 1st. Stephens cut their price target on shares of First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Bank of America upped their price target on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, March 12th. Finally, Guggenheim cut their price objective on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, First Watch Restaurant Group has a consensus rating of "Buy" and a consensus price target of $21.36.

First Watch Restaurant Group Stock Performance

FWRG stock traded up $0.01 during trading on Wednesday, hitting $14.93. 839,000 shares of the company's stock traded hands, compared to its average volume of 740,042. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a 52 week low of $12.90 and a 52 week high of $22.71. The stock has a fifty day moving average price of $17.12 and a two-hundred day moving average price of $18.44. The stock has a market capitalization of $910.63 million, a price-to-earnings ratio of 45.24, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) 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 firm's revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 EPS. As a group, equities analysts anticipate that First Watch Restaurant Group will post 0.32 EPS for the current fiscal year.

Insider Activity

In other news, CEO Christopher Anthony Tomasso sold 42,039 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the transaction, the chief executive officer now owns 389,832 shares in the company, valued at $6,553,075.92. This represents a 9.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder International L.P. Advent sold 4,500,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total value of $66,150,000.00. Following the completion of the transaction, the insider now owns 14,689,784 shares in the company, valued at $215,939,824.80. This represents a 23.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,547,782 shares of company stock worth $66,953,215 in the last 90 days. Company insiders own 6.00% of the company's stock.

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds have recently added to or reduced their stakes in the company. Assetmark Inc. increased its holdings in First Watch Restaurant Group by 68.7% in the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company's stock worth $46,000 after buying an additional 1,000 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new position in First Watch Restaurant Group in the fourth quarter worth approximately $51,000. State of Wyoming increased its holdings in First Watch Restaurant Group by 212.6% in the fourth 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 acquired a new position in First Watch Restaurant Group in the fourth quarter worth approximately $81,000. Finally, BNP Paribas Financial Markets acquired a new position in First Watch Restaurant Group in the fourth quarter worth approximately $86,000. Institutional investors and hedge funds own 96.11% of the company's stock.

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.