First Watch Restaurant Group (NASDAQ:FWRG) Shares Climb 4.6% – Here’s What Happened

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s stock price shot up 4.6% on Monday. The stock traded as high as $11.17 and last traded at $11.3910. 29,400 shares traded hands during trading, a decline of 98% from the average daily volume of 1,435,980 shares. The stock had previously closed at $10.89.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FWRG. Guggenheim reduced their target price 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 Friday, August 7th. Weiss Ratings cut shares of First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, October 14th. Raymond James Financial dropped their price target on shares of First Watch Restaurant Group from $20.00 to $18.00 and set a “strong-buy” rating for the company in a research note on Friday, October 16th. Stephens cut their price target on shares of First Watch Restaurant Group from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and an average target price of $17.90.

First Watch Restaurant Group Stock Performance

The firm has a market capitalization of $684.39 million, a P/E ratio of 38.24 and a beta of 1.05. The stock’s 50 day simple moving average is $11.38 and its 200 day simple moving average is $12.52.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, August 4th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The firm had revenue of $354.67 million for the quarter, compared to analyst estimates of $351.57 million. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.03 earnings per share. On average, analysts anticipate that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE acquired a new stake in First Watch Restaurant Group in the 2nd quarter worth approximately $13,783,000. BlackRock Inc. acquired a new stake in First Watch Restaurant Group during the 2nd quarter worth about $58,445,000. Corient Private Wealth LP grew its holdings in First Watch Restaurant Group by 105.3% during the second quarter. Corient Private Wealth LP now owns 285,062 shares of the company’s stock worth $3,674,000 after acquiring an additional 146,196 shares during the period. Penn Capital Management Company LLC increased its holdings in shares of First Watch Restaurant Group by 29.1% during the 2nd quarter. Penn Capital Management Company LLC now owns 1,472,751 shares of the company’s stock valued at $19,016,000 after purchasing an additional 331,594 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in First Watch Restaurant Group in the second quarter valued at $631,000. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc operates a daytime-focused restaurant concept serving breakfast, brunch and lunch. Its restaurants offer made-to-order meals such as omelets, pancakes, French toast, sandwiches, salads and bowls, along with fresh juices, coffee and other beverages. The company generally does not serve dinner, positioning its restaurants around the daytime dining occasion.

First Watch restaurants emphasize fresh preparation and seasonal menu offerings, including items made with eggs, fruits, vegetables and other ingredients prepared in the restaurant.