First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Given Consensus 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 research firms that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $23.30.

Several research analysts recently commented on the stock. Stephens lifted their price objective on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Raymond James lifted their price target on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research note on Friday, November 8th. Benchmark reissued a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Guggenheim reduced their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Finally, Piper Sandler upped their target price on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Insiders Place Their Bets

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

Institutional Trading of First Watch Restaurant Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Deepwater Asset Management LLC increased its position in First Watch Restaurant Group by 68.5% during the 2nd quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock valued at $12,216,000 after buying an additional 282,765 shares in the last quarter. Barclays PLC increased its holdings in shares of First Watch Restaurant Group by 505.3% during the third quarter. Barclays PLC now owns 172,515 shares of the company’s stock valued at $2,690,000 after acquiring an additional 144,014 shares in the last quarter. Mutual of America Capital Management LLC purchased a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at approximately $5,757,000. JPMorgan Chase & Co. grew its position in First Watch Restaurant Group by 22.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company’s stock worth $30,988,000 after purchasing an additional 366,227 shares during the last quarter. Finally, FMR LLC grew its position in First Watch Restaurant Group by 9.5% during the 3rd quarter. FMR LLC now owns 625,523 shares of the company’s stock worth $9,758,000 after purchasing an additional 54,282 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Down 3.1 %

FWRG stock opened at $17.78 on Monday. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a twelve month low of $12.90 and a twelve month high of $25.98. The business’s 50-day moving average price is $18.93 and its 200-day moving average price is $17.02. The stock has a market cap of $1.08 billion, a P/E ratio of 53.88, a PEG ratio of 3.94 and a beta of 0.89.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm had revenue of $251.61 million for the quarter, compared to analysts’ expectations of $256.17 million. During the same quarter in the previous year, the business earned $0.09 EPS. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. On average, equities research analysts forecast 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.