TD Securities Lowers First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $19.00

First Watch Restaurant Group (NASDAQ:FWRG) had its target price cut by TD Securities from $22.00 to $19.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently weighed in on FWRG. Benchmark reaffirmed a “buy” rating on shares of First Watch Restaurant Group in a research report on Wednesday, March 12th. TD Cowen upgraded shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Tuesday, April 1st. Bank of America lifted their price objective on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, March 12th. Sanford C. Bernstein set a $21.00 price target on First Watch Restaurant Group in a research note on Tuesday, March 11th. Finally, Stephens restated an “overweight” rating and set a $24.00 price objective on shares of First Watch Restaurant Group in a research report on Thursday, April 24th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $21.36.

First Watch Restaurant Group Stock Down 1.4 %

NASDAQ FWRG opened at $15.77 on Wednesday. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The company has a market cap of $961.48 million, a price-to-earnings ratio of 47.79, a PEG ratio of 3.38 and a beta of 1.01. The company has a 50 day moving average of $17.61 and a 200-day moving average of $18.73. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.05). The company had revenue of $282.24 million during the quarter, compared to analyst estimates of $282.98 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. First Watch Restaurant Group’s revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 earnings per share. On average, equities research analysts expect that First Watch Restaurant Group will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jay Anthony Wolszczak sold 5,743 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $96,539.83. Following the transaction, the insider now owns 37,768 shares in the company, valued at approximately $634,880.08. This represents a 13.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the transaction, the chief executive officer now directly owns 389,832 shares in the company, valued at approximately $6,553,075.92. This trade represents a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On First Watch Restaurant Group

Large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of First Watch Restaurant Group by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company’s stock valued at $321,000 after purchasing an additional 613 shares in the last quarter. PNC Financial Services Group Inc. grew its position in First Watch Restaurant Group by 4.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company’s stock worth $282,000 after purchasing an additional 708 shares in the last quarter. Assetmark Inc. increased its stake in First Watch Restaurant Group by 68.7% in the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock valued at $46,000 after buying an additional 1,000 shares during the last quarter. Mariner LLC lifted its position in shares of First Watch Restaurant Group by 5.1% during the 4th quarter. Mariner LLC now owns 21,446 shares of the company’s stock worth $399,000 after buying an additional 1,033 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of First Watch Restaurant Group by 2.7% in the 4th quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company’s stock worth $1,463,000 after buying an additional 2,033 shares during the last quarter. Institutional investors own 96.11% of the company’s stock.

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.