First Watch Restaurant Group (NASDAQ:FWRG) Shares Up 6.3% - Time to Buy?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report)'s share price rose 6.3% on Thursday . The company traded as high as $15.99 and last traded at $16.00. Approximately 393,960 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 740,097 shares. The stock had previously closed at $15.05.

Wall Street Analysts Forecast Growth

FWRG has been the subject of several analyst reports. Guggenheim lowered their price objective on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Barclays lowered their price target on 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. Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Bank of America boosted their price objective 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. Finally, Raymond James Financial restated 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 report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $21.36.

First Watch Restaurant Group Stock Down 2.1%

The firm has a market capitalization of $982.55 million, a PE ratio of 94.76, a PEG ratio of 4.58 and a beta of 0.91. The business's fifty day moving average price is $16.55 and its 200 day moving average price is $18.09. The company has a quick ratio of 0.27, a current ratio of 0.31 and a debt-to-equity ratio of 0.32.

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

Insider Buying and Selling at First Watch Restaurant Group

In other First Watch Restaurant Group news, major shareholder International L.P. Advent sold 4,500,000 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total value of $66,150,000.00. Following the completion of the sale, the insider now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of large investors have recently made changes to their positions in the stock. Assetmark Inc. boosted its holdings in First Watch Restaurant Group by 68.7% during 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 in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in First Watch Restaurant Group during the fourth quarter worth about $51,000. State of Wyoming boosted its holdings in First Watch Restaurant Group by 212.6% during 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 in the last quarter. BNP Paribas Financial Markets purchased a new stake in First Watch Restaurant Group during the fourth quarter worth about $86,000. Finally, GAMMA Investing LLC increased its position in shares of First Watch Restaurant Group by 1,617.7% in the first quarter. GAMMA Investing LLC now owns 5,445 shares of the company's stock valued at $91,000 after buying an additional 5,128 shares in 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.