First Watch Restaurant Group (NASDAQ:FWRG) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen has upgraded First Watch Restaurant Group from a "strong sell" to a "hold" rating, signaling a more optimistic outlook for the company.
• Multiple analysts have adjusted their price targets for First Watch, with the consensus rating now being "Buy" and an average price target of $21.09.
• First Watch reported a missed earnings estimate for its latest quarter, showing $0.03 EPS against the consensus estimate of $0.07, while revenue increased 19.1% year-over-year.

Wall Street Zen upgraded shares of First Watch Restaurant Group (NASDAQ:FWRG - Free Report) from a strong sell rating to a hold rating in a research report report published on Saturday morning.

Several other analysts also recently commented on the stock. Bank of America decreased their target price on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Benchmark raised their target price on shares of First Watch Restaurant Group from $22.00 to $24.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Piper Sandler reduced their price objective on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Barclays lifted their price target on shares of First Watch Restaurant Group from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Stephens boosted their price objective on shares of First Watch Restaurant Group from $23.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $21.09.

First Watch Restaurant Group Trading Up 0.5%

Shares of FWRG stock traded up $0.09 during trading hours on Friday, reaching $17.75. 925,193 shares of the stock traded hands, compared to its average volume of 849,054. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $22.71. The business has a fifty day moving average price of $16.62 and a 200 day moving average price of $17.75. The company has a quick ratio of 0.23, a current ratio of 0.27 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $1.08 billion, a PE ratio of 295.88, a PEG ratio of 6.28 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.04). The company had revenue of $307.89 million during the quarter, compared to analyst estimates of $304.94 million. First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. The firm's quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.14 EPS. On average, equities research analysts forecast that First Watch Restaurant Group will post 0.32 EPS for the current year.

Insider Activity at First Watch Restaurant Group

In related news, 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 transaction, the insider directly owned 14,689,784 shares in the company, valued at approximately $215,939,824.80. This represents a 23.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.00% of the company's stock.

Institutional Investors Weigh In On First Watch Restaurant Group

Several institutional investors and hedge funds have recently bought and sold shares of FWRG. American Century Companies Inc. bought a new stake in First Watch Restaurant Group during the fourth quarter worth about $200,000. LPL Financial LLC bought a new stake in First Watch Restaurant Group during the fourth quarter worth about $470,000. Vanguard Group Inc. lifted its position in First Watch Restaurant Group by 25.6% during the fourth quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock worth $43,764,000 after purchasing an additional 479,741 shares during the period. Alliancebernstein L.P. lifted its position in First Watch Restaurant Group by 14.0% during the fourth quarter. Alliancebernstein L.P. now owns 28,060 shares of the company's stock worth $522,000 after purchasing an additional 3,450 shares during the period. Finally, Geode Capital Management LLC lifted its position in First Watch Restaurant Group by 12.0% during the fourth quarter. Geode Capital Management LLC now owns 862,073 shares of the company's stock worth $16,047,000 after purchasing an additional 92,465 shares during the period. Institutional investors 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.