First Watch Restaurant Group (NASDAQ:FWRG) Upgraded at TD Securities

First Watch Restaurant Group (NASDAQ:FWRG) was upgraded by analysts at TD Securities from a “hold” rating to a “buy” rating in a report issued on Tuesday,Benzinga reports. The firm presently has a $22.00 target price on the stock, up from their prior target price of $21.00. TD Securities’ target price indicates a potential upside of 32.13% from the stock’s current price.

FWRG has been the subject of a number of other research reports. Barclays restated an “overweight” rating and set a $21.00 price objective (down previously from $24.00) on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Stephens reissued an “overweight” rating and issued a $24.00 price target on shares of First Watch Restaurant Group in a report on Thursday, March 20th. Benchmark reaffirmed a “buy” rating on shares of First Watch Restaurant Group 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 report on Tuesday, March 11th. Finally, Bank of America raised their price objective on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.36.

First Watch Restaurant Group Stock Performance

FWRG stock opened at $16.65 on Tuesday. First Watch Restaurant Group has a twelve month low of $12.90 and a twelve month high of $25.98. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.01 billion, a P/E ratio of 50.46, a price-to-earnings-growth ratio of 3.38 and a beta of 0.91. The business’s fifty day moving average is $19.34 and its 200-day moving average is $18.21.

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

Insider Transactions at First Watch Restaurant Group

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

Institutional Investors Weigh In On First Watch Restaurant Group

A number of hedge funds have recently modified their holdings of FWRG. Charles Schwab Investment Management Inc. grew its holdings in First Watch Restaurant Group by 21.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 251,403 shares of the company’s stock valued at $3,922,000 after purchasing an additional 45,119 shares during the period. FMR LLC lifted its position in shares of First Watch Restaurant Group by 9.5% during the 3rd quarter. FMR LLC now owns 625,523 shares of the company’s stock valued at $9,758,000 after buying an additional 54,282 shares during the last quarter. Walleye Capital LLC bought a new position in shares of First Watch Restaurant Group during the 3rd quarter worth $215,000. ArrowMark Colorado Holdings LLC purchased a new stake in First Watch Restaurant Group in the 3rd quarter worth about $5,120,000. Finally, Point72 Asset Management L.P. bought a new stake in First Watch Restaurant Group in the 3rd quarter valued at about $4,719,000. Institutional investors own 96.11% of the company’s stock.

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.