First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have earned a consensus rating of “Moderate Buy” from the ten research firms that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $23.30.

A number of brokerages have commented on FWRG. Barclays boosted their price objective on First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Guggenheim decreased their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, October 4th. Benchmark reiterated a “buy” rating and issued a $23.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. TD Cowen upped their price target on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Finally, Raymond James lifted their price objective on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a report on Friday, November 8th.

Insider Transactions at First Watch Restaurant Group

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the sale, the insider now directly owns 19,189,784 shares of the company’s stock, valued at approximately $379,190,131.84. This represents a 29.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.00% of the company’s stock.

Institutional Trading of First Watch Restaurant Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in FWRG. Rocky Mountain Advisers LLC grew its holdings in shares of First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock worth $103,000 after acquiring an additional 4,250 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter valued at approximately $119,000. XTX Topco Ltd purchased a new position in First Watch Restaurant Group during the 3rd quarter worth approximately $157,000. Versor Investments LP acquired a new stake in First Watch Restaurant Group during the 3rd quarter valued at $201,000. Finally, Commerce Bank acquired a new stake in shares of First Watch Restaurant Group in the third quarter worth $208,000. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Price Performance

First Watch Restaurant Group stock opened at $19.12 on Monday. The stock has a market capitalization of $1.16 billion, a P/E ratio of 57.94, a P/E/G ratio of 5.68 and a beta of 0.89. 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 has a 12-month low of $12.90 and a 12-month high of $25.98. The firm’s 50-day moving average is $18.97 and its two-hundred day moving average is $16.96.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). The company had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. First Watch Restaurant Group’s revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 earnings per share. Equities analysts predict that First Watch Restaurant Group will post 0.31 earnings per share for the current year.

First Watch Restaurant Group Company Profile

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.