First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have received an average rating of “Moderate Buy” from the ten brokerages that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $23.30.

A number of equities analysts recently issued reports on the stock. Barclays raised their price objective on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Stephens lifted their price target on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Guggenheim reduced their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, October 4th. Benchmark reiterated a “buy” rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Finally, TD Cowen upped their price target on First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, November 8th.

Insider Buying and Selling

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the transaction, the insider now directly owns 19,189,784 shares in the company, valued at $379,190,131.84. This represents a 29.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 5.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Watch Restaurant Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Mutual of America Capital Management LLC purchased a new position in First Watch Restaurant Group during the third quarter valued at $5,757,000. ArrowMark Colorado Holdings LLC bought a new position in shares of First Watch Restaurant Group during the 3rd quarter valued at about $5,120,000. Point72 Asset Management L.P. purchased a new position in shares of First Watch Restaurant Group during the third quarter valued at about $4,719,000. Deepwater Asset Management LLC increased its holdings in shares of First Watch Restaurant Group by 68.5% in the second quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock worth $12,216,000 after purchasing an additional 282,765 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of First Watch Restaurant Group by 26.5% in the second quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock worth $23,545,000 after buying an additional 281,056 shares in the last quarter. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Price Performance

Shares of FWRG opened at $18.88 on Thursday. The firm has a fifty day simple moving average of $18.20 and a two-hundred day simple moving average of $16.88. The firm has a market cap of $1.14 billion, a PE ratio of 57.21, a P/E/G ratio of 5.77 and a beta of 0.89. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The firm had revenue of $251.61 million for the quarter, compared to analysts’ expectations of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm’s revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.09 EPS. On average, equities analysts anticipate that First Watch Restaurant Group will post 0.31 EPS for the current year.

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.