First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Up 5.4% - Here's Why

Key Points

• First Watch Restaurant Group shares rose 5.4% to $11.87 in Tuesday trading, despite volume running about 70% below the average session level.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $18.33, although several firms recently lowered their targets.
• The company’s latest quarterly revenue increased 15.2% year over year to $354.67 million, beating estimates, while EPS of $0.04 narrowly missed consensus by $0.01.

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) shares traded up 5.4% on Tuesday. The stock traded as high as $11.78 and last traded at $11.87. Approximately 422,252 shares were traded during mid-day trading, a decline of 70% from the average session volume of 1,429,875 shares. The stock had previously closed at $11.26.

Analyst Ratings Changes

Several research firms recently commented on FWRG. Wall Street Zen upgraded shares of First Watch Restaurant Group from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. DA Davidson reduced their price objective on shares of 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. Weiss Ratings raised First Watch Restaurant Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, September 29th. Guggenheim dropped their price objective on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Finally, Citigroup cut their price target on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $18.33.

First Watch Restaurant Group Trading Up 6.8%

The firm has a market cap of $742.09 million, a P/E ratio of 41.24, a P/E/G ratio of 18.30 and a beta of 1.05. The company has a current ratio of 0.27, a quick ratio of 0.22 and a debt-to-equity ratio of 0.44. The business's 50-day moving average is $11.55 and its two-hundred day moving average is $11.76.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.04 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $351.57 million. During the same quarter in the prior year, the business earned $0.03 EPS. First Watch Restaurant Group's revenue was up 15.2% compared to the same quarter last year. As a group, analysts expect that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in First Watch Restaurant Group during the second quarter valued at approximately $58,445,000. The Manufacturers Life Insurance Company acquired a new position in First Watch Restaurant Group in the 2nd quarter valued at $49,291,000. Bank of New York Mellon Corp bought a new stake in First Watch Restaurant Group during the second quarter valued at about $47,938,000. Dimensional Fund Advisors LP increased its stake in shares of First Watch Restaurant Group by 19.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company's stock worth $32,328,000 after purchasing an additional 508,704 shares during the period. Finally, Riverbridge Partners LLC grew its holdings in First Watch Restaurant Group by 90.8% in the 1st quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company's stock valued at $21,921,000 after buying an additional 995,671 shares during the last quarter. 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 operates a chain of daytime restaurants specializing in breakfast, brunch and lunch. Its restaurants serve made-to-order meals prepared with fresh ingredients, including omelets, pancakes, avocado toast, salads, sandwiches and other contemporary daytime fare. The company also offers coffee, fresh juices and other beverages.

First Watch restaurants are designed around a daytime dining experience and generally operate during breakfast and lunch hours rather than offering dinner service.

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