Stephens Reiterates “Overweight” Rating for First Watch Restaurant Group (NASDAQ:FWRG)

First Watch Restaurant Group (NASDAQ:FWRG)‘s stock had its “overweight” rating reiterated by Stephens in a report released on Thursday,Benzinga reports. They currently have a $24.00 price target on the stock. Stephens’ target price points to a potential upside of 45.90% from the company’s previous close.

Several other equities research analysts also recently weighed in on FWRG. Sanford C. Bernstein set a $21.00 target price on First Watch Restaurant Group in a research report on Tuesday, March 11th. Benchmark reiterated a “buy” rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. Bank of America increased their target price on 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. TD Securities restated a “hold” rating and issued a $21.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. Finally, Barclays reiterated an “overweight” rating and set a $21.00 price objective (down from $24.00) on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.27.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $16.45 on Thursday. The business’s 50-day simple moving average is $19.59 and its 200-day simple moving average is $18.11. The firm has a market capitalization of $998.52 million, a P/E ratio of 49.85, a P/E/G ratio of 3.38 and a beta of 0.91. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $25.98. 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 released its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.01). The business 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%. First Watch Restaurant Group’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.04 earnings per share. Equities analysts predict that First Watch Restaurant Group will post 0.32 EPS for the current year.

Insider Activity at First Watch Restaurant Group

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

Hedge Funds Weigh In On First Watch Restaurant Group

Several hedge funds have recently modified their holdings of the company. Assetmark Inc. grew its holdings in First Watch Restaurant Group by 68.7% during the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock worth $46,000 after acquiring an additional 1,000 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of First Watch Restaurant Group in the 4th quarter worth approximately $51,000. State of Wyoming grew its stake in shares of First Watch Restaurant Group by 212.6% in the 4th quarter. State of Wyoming now owns 3,214 shares of the company’s stock worth $60,000 after purchasing an additional 2,186 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in shares of First Watch Restaurant Group in the 4th quarter worth approximately $81,000. Finally, BNP Paribas Financial Markets acquired a new stake in First Watch Restaurant Group during the fourth quarter valued at approximately $86,000. 96.11% of the stock is currently owned by institutional investors and hedge funds.

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.