First Watch Restaurant Group (NASDAQ:FWRG) Stock Crosses Above Fifty Day Moving Average - What's Next?

Key Points

• FWRG shares crossed above their 50-day moving average, reaching $11.96 before closing at $11.55 on heavy volume; the 50-day average is $11.37 versus a 200-day average of $12.50.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $17.90, despite several firms recently lowering their targets and Weiss Ratings issuing a sell rating.
• Second-quarter revenue rose 15.2% year over year to $354.67 million, exceeding estimates, though EPS of $0.04 fell short of the $0.05 consensus. Institutional investors own approximately 96.11% of the company’s shares.

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report)'s share price crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $11.37 and traded as high as $11.96. First Watch Restaurant Group shares last traded at $11.55, with a volume of 2,324,492 shares traded.

Analysts Set New Price Targets

FWRG has been the topic of several recent analyst reports. Freedom Capital raised First Watch Restaurant Group to a "strong-buy" rating in a report on Wednesday, July 1st. Stephens cut their price target on First Watch Restaurant Group from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, October 15th. Guggenheim decreased their price target on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a report on Friday, August 7th. Weiss Ratings cut First Watch Restaurant Group from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, October 14th. Finally, DA Davidson dropped their price objective on First Watch Restaurant Group from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Friday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.90.

First Watch Restaurant Group Trading Up 4.1%

The company has a market cap of $712.77 million, a price-to-earnings ratio of 39.83, a PEG ratio of 18.15 and a beta of 1.05. The company has a quick ratio of 0.22, a current ratio of 0.27 and a debt-to-equity ratio of 0.44. The business's fifty day simple moving average is $11.37 and its two-hundred day simple moving average is $12.50.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The company had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. During the same quarter in the previous year, the company posted $0.03 EPS. The company's quarterly revenue was up 15.2% on a year-over-year basis. On average, equities analysts predict that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current year.

Institutional Investors Weigh In On First Watch Restaurant Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE acquired a new position in First Watch Restaurant Group during the second quarter worth approximately $13,783,000. BlackRock Inc. purchased a new stake in First Watch Restaurant Group in the second quarter valued at approximately $58,445,000. Corient Private Wealth LP lifted its stake in First Watch Restaurant Group by 105.3% in the second quarter. Corient Private Wealth LP now owns 285,062 shares of the company's stock valued at $3,674,000 after buying an additional 146,196 shares during the last quarter. Penn Capital Management Company LLC boosted its holdings in shares of First Watch Restaurant Group by 29.1% in the second quarter. Penn Capital Management Company LLC now owns 1,472,751 shares of the company's stock valued at $19,016,000 after acquiring an additional 331,594 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of First Watch Restaurant Group in the second quarter valued at approximately $631,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc operates a daytime-focused restaurant concept serving breakfast, brunch and lunch. Its restaurants offer made-to-order meals such as omelets, pancakes, French toast, sandwiches, salads and bowls, along with fresh juices, coffee and other beverages. The company generally does not serve dinner, positioning its restaurants around the daytime dining occasion.

First Watch restaurants emphasize fresh preparation and seasonal menu offerings, including items made with eggs, fruits, vegetables and other ingredients prepared in the restaurant.

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