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

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has been given an average rating of “Buy” by the ten analysts that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $22.73.

FWRG has been the subject of a number of research analyst reports. Barclays lifted their target price on First Watch Restaurant Group from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday. TD Securities raised shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and upped their price objective for the stock from $21.00 to $22.00 in a research note on Tuesday, April 1st. Sanford C. Bernstein set a $21.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Stephens restated an “overweight” rating and issued a $24.00 price target on shares of First Watch Restaurant Group in a report on Thursday, March 20th. Finally, TD Cowen upgraded shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Tuesday, April 1st.

Insider Buying and Selling

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the completion of the sale, the chief executive officer now owns 389,832 shares of the company’s stock, valued at approximately $6,553,075.92. This trade represents a 9.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the sale, the insider now owns 37,768 shares in the company, valued at $634,880.08. The trade was a 13.20 % decrease in their position. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

Several hedge funds and other institutional investors have recently modified their holdings of FWRG. State Street Corp increased its stake in First Watch Restaurant Group by 13.6% during the 3rd quarter. State Street Corp now owns 664,310 shares of the company’s stock valued at $10,363,000 after purchasing an additional 79,744 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of First Watch Restaurant Group by 1.1% during the third quarter. Jane Street Group LLC now owns 49,358 shares of the company’s stock valued at $770,000 after buying an additional 551 shares during the last quarter. Barclays PLC increased its position in shares of First Watch Restaurant Group by 505.3% in the 3rd 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 during the period. Geode Capital Management LLC raised its stake in First Watch Restaurant Group by 13.5% in the 3rd quarter. Geode Capital Management LLC now owns 769,608 shares of the company’s stock worth $12,008,000 after acquiring an additional 91,416 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in First Watch Restaurant Group by 14.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,114,974 shares of the company’s stock worth $16,022,000 after acquiring an additional 136,871 shares during the period. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Trading Down 1.0 %

FWRG stock opened at $19.88 on Wednesday. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $25.98. The firm’s 50-day moving average is $18.37 and its 200 day moving average is $18.49. The company has a market capitalization of $1.21 billion, a PE ratio of 60.24, a P/E/G ratio of 3.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, March 11th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The company had revenue of $263.30 million for the quarter, compared to analysts’ expectations of $262.82 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same period last year, the business posted $0.04 earnings per share. On average, research analysts anticipate that First Watch Restaurant Group will post 0.32 EPS for the current year.

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.