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

Key Points

• TD Cowen reaffirmed its buy rating on First Watch Restaurant Group and set a $17 price target, implying about 62.8% upside from the current share price.
• Other analysts remain generally positive, with the stock carrying a Moderate Buy consensus and an average price target of $19.25, though some firms have trimmed targets in recent reports.
• First Watch recently reported mixed quarterly results: revenue beat expectations at $330.96 million and rose 17.3% year over year, but earnings per share came in below estimates at -$0.04.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at TD Cowen in a report issued on Wednesday,Benzinga reports. They presently have a $17.00 price objective on the stock. TD Cowen's target price points to a potential upside of 62.84% from the company's current price.

Several other equities analysts have also issued reports on FWRG. Benchmark cut their target price on First Watch Restaurant Group from $24.00 to $22.00 and set a "buy" rating on the stock in a research note on Monday, April 20th. Stephens restated an "overweight" rating and issued a $21.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. DA Davidson reaffirmed a "buy" rating and issued a $17.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, April 28th. Barclays reduced their price objective on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an "overweight" rating for the company in a research note on Wednesday, February 25th. Finally, Piper Sandler reissued an "overweight" rating and set a $19.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $19.25.

First Watch Restaurant Group Price Performance

NASDAQ FWRG opened at $10.44 on Wednesday. The company has a market cap of $643.57 million, a PE ratio of 37.29, a P/E/G ratio of 5.76 and a beta of 1.06. The firm's 50 day moving average price is $11.68 and its 200-day moving average price is $14.26. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. First Watch Restaurant Group has a 52-week low of $10.09 and a 52-week high of $19.53.

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

Insider Activity at First Watch Restaurant Group

In other First Watch Restaurant Group news, insider Matthew Eisenacher sold 2,760 shares of First Watch Restaurant Group stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total transaction of $34,555.20. Following the completion of the sale, the insider owned 67,223 shares of the company's stock, valued at approximately $841,631.96. The trade was a 3.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Christopher Anthony Tomasso sold 25,062 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $12.52, for a total value of $313,776.24. Following the completion of the transaction, the chief executive officer directly owned 957,315 shares in the company, valued at $11,985,583.80. This represents a 2.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 68,013 shares of company stock worth $853,606 in the last 90 days. 6.10% of the stock is owned by insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

Several hedge funds and other institutional investors have recently bought and sold shares of FWRG. Jones Financial Companies Lllp purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter valued at $30,000. Rockefeller Capital Management L.P. acquired a new position in First Watch Restaurant Group during the fourth quarter valued at $63,000. State of Wyoming acquired a new position in First Watch Restaurant Group during the fourth quarter valued at $64,000. Kemnay Advisory Services Inc. purchased a new stake in First Watch Restaurant Group in the fourth quarter valued at $66,000. Finally, BNP Paribas Financial Markets boosted its holdings in First Watch Restaurant Group by 61.9% in the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company's stock valued at $70,000 after purchasing an additional 1,673 shares during the last quarter. Institutional investors and hedge funds own 96.11% of the company's stock.

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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