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

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has earned a consensus rating of “Moderate Buy” from the ten research firms that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $23.30.

FWRG has been the topic of several research analyst reports. TD Cowen lifted their target price on shares of 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. Barclays lifted their price objective on First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Stephens increased their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Benchmark reaffirmed a “buy” rating and issued a $23.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Finally, Piper Sandler boosted their price target on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th.

Insider Buying and Selling at First Watch Restaurant Group

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of First Watch Restaurant Group stock in a transaction that occurred on 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 transaction, the insider now owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. The trade was a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

First Watch Restaurant Group Stock Performance

Shares of FWRG stock opened at $17.78 on Monday. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a 12-month low of $12.90 and a 12-month high of $25.98. The business’s 50 day moving average is $18.93 and its two-hundred day moving average is $17.02. The company has a market capitalization of $1.08 billion, a P/E ratio of 53.88, a P/E/G ratio of 3.94 and a beta of 0.89.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The business had revenue of $251.61 million for the quarter, compared to analysts’ expectations of $256.17 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 14.8% on a year-over-year basis. During the same quarter last year, the business earned $0.09 EPS. Analysts expect that First Watch Restaurant Group will post 0.31 EPS for the current fiscal 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.