First Watch Restaurant Group (NASDAQ:FWRG) Shares Up 5.4% – Should You Buy?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s share price rose 5.4% during mid-day trading on Tuesday. The stock traded as high as $11.78 and last traded at $11.87. Approximately 422,252 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 1,429,875 shares. The stock had previously closed at $11.26.

Wall Street Analyst Weigh In

FWRG has been the subject of several recent analyst reports. Citigroup 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 report on Wednesday, August 5th. Weiss Ratings raised shares of First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, September 29th. Freedom Capital raised shares of First Watch Restaurant Group to a “strong-buy” rating in a research report on Wednesday, July 1st. Wall Street Zen raised shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, DA Davidson dropped their price target on shares of First Watch Restaurant Group from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, First Watch Restaurant Group has an average rating of “Moderate Buy” and a consensus target price of $18.33.

First Watch Restaurant Group Stock Up 6.8%

The firm has a market cap of $742.09 million, a P/E ratio of 41.24, a price-to-earnings-growth ratio of 18.30 and a beta of 1.05. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27. The stock’s 50 day simple moving average is $11.55 and its 200 day simple moving average is $11.76.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The company had revenue of $354.67 million for the quarter, compared to the consensus estimate of $351.57 million. First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. First Watch Restaurant Group’s revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the business posted $0.03 earnings per share. Research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current year.

Institutional Trading of First Watch Restaurant Group

A number of large investors have recently modified their holdings of the business. Diversified Trust Co increased its holdings in shares of First Watch Restaurant Group by 4.7% in the 1st quarter. Diversified Trust Co now owns 25,654 shares of the company’s stock worth $269,000 after purchasing an additional 1,154 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of First Watch Restaurant Group by 9.0% in the second quarter. Arizona State Retirement System now owns 16,448 shares of the company’s stock worth $212,000 after buying an additional 1,361 shares during the last quarter. Kornitzer Capital Management Inc. KS increased its holdings in First Watch Restaurant Group by 0.5% during the first quarter. Kornitzer Capital Management Inc. KS now owns 310,837 shares of the company’s stock valued at $3,258,000 after buying an additional 1,450 shares during the last quarter. Allworth Financial LP grew its position in shares of First Watch Restaurant Group by 325.4% during the 2nd quarter. Allworth Financial LP now owns 2,225 shares of the company’s stock valued at $29,000 after acquiring an additional 1,702 shares during the period. Finally, Sanctuary Advisors LLC raised its holdings in First Watch Restaurant Group by 25.3% in the 1st quarter. Sanctuary Advisors LLC now owns 13,462 shares of the company’s stock worth $141,000 after purchasing an additional 2,714 shares during the period. Institutional investors own 96.11% of the company’s stock.

About First Watch Restaurant Group

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.