First Watch Restaurant Group (NASDAQ:FWRG) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of First Watch Restaurant Group (NASDAQ:FWRG) from a hold rating to a sell rating in a report published on Saturday.

Several other equities research analysts also recently weighed in on the stock. Zacks Research downgraded shares of First Watch Restaurant Group from a “hold” rating to a “strong sell” rating in a research note on Monday, October 6th. TD Cowen increased their target price on shares of First Watch Restaurant Group from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Benchmark increased 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. Bank of America reduced their target price on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, July 18th. Finally, Raymond James Financial increased their target price on shares of First Watch Restaurant Group from $21.00 to $22.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $21.09.

First Watch Restaurant Group Stock Up 7.4%

Shares of NASDAQ:FWRG opened at $16.25 on Friday. The company has a current ratio of 0.27, a quick ratio of 0.23 and a debt-to-equity ratio of 0.42. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $22.71. The company has a 50-day moving average price of $17.22 and a 200 day moving average price of $17.02. The company has a market cap of $991.58 million, a price-to-earnings ratio of 270.88, a PEG ratio of 4.96 and a beta of 0.87.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results 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). First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. The firm had revenue of $307.89 million during the quarter, compared to analysts’ expectations of $304.94 million. During the same period in the prior year, the company posted $0.14 EPS. The company’s revenue was up 19.1% compared to the same quarter last year. First Watch Restaurant Group has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of the firm’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $17.70, for a total value of $88,500,000.00. Following the transaction, the insider owned 9,689,784 shares of the company’s stock, valued at $171,509,176.80. This trade represents a 34.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 6.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp grew its holdings in First Watch Restaurant Group by 8,815.8% during the 2nd quarter. Fifth Third Bancorp now owns 1,694 shares of the company’s stock worth $27,000 after acquiring an additional 1,675 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in First Watch Restaurant Group by 207.6% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock worth $31,000 after acquiring an additional 1,316 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in First Watch Restaurant Group by 61.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock worth $70,000 after acquiring an additional 1,673 shares in the last quarter. GAMMA Investing LLC grew its holdings in First Watch Restaurant Group by 1,617.7% during the 1st quarter. GAMMA Investing LLC now owns 5,445 shares of the company’s stock worth $91,000 after acquiring an additional 5,128 shares in the last quarter. Finally, State of Wyoming grew its holdings in First Watch Restaurant Group by 83.0% during the 1st quarter. State of Wyoming now owns 5,882 shares of the company’s stock worth $98,000 after acquiring an additional 2,668 shares in the last quarter. 96.11% of the stock is currently owned by institutional investors.

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.