Piper Sandler Issues Pessimistic Forecast for First Watch Restaurant Group (NASDAQ:FWRG) Stock Price

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective trimmed by Piper Sandler from $23.00 to $20.00 in a research report released on Wednesday morning, MarketBeat reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts have also recently commented on the company. Benchmark reiterated a “buy” rating on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. TD Securities dropped their price objective on shares of First Watch Restaurant Group from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday. TD Cowen upgraded shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a report on Tuesday, April 1st. Stephens cut their price target on shares of First Watch Restaurant Group from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Sanford C. Bernstein set a $21.00 target price on First Watch Restaurant Group in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $21.36.

First Watch Restaurant Group Price Performance

First Watch Restaurant Group stock opened at $15.77 on Wednesday. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $22.71. 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 firm’s fifty day moving average is $17.61 and its 200 day moving average is $18.73. 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.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.05). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business had revenue of $282.24 million for the quarter, compared to analysts’ expectations of $282.98 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. The firm’s quarterly revenue was up 16.4% compared to the same quarter last year. Sell-side analysts forecast that First Watch Restaurant Group will post 0.32 EPS for the current fiscal year.

Insider Activity

In other news, CEO Christopher Anthony Tomasso sold 42,039 shares of First Watch Restaurant Group 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 $706,675.59. Following the transaction, the chief executive officer now owns 389,832 shares of the company’s stock, valued at $6,553,075.92. The trade was a 9.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the transaction, the insider now directly owns 37,768 shares in the company, valued at approximately $634,880.08. The trade was a 13.20 % 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.

Institutional Investors Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assetmark Inc. raised its position in shares of 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 purchasing an additional 1,000 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of First Watch Restaurant Group during the fourth quarter worth $51,000. State of Wyoming increased its position 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 valued at $60,000 after acquiring an additional 2,186 shares during the period. Venturi Wealth Management LLC purchased a new position in First Watch Restaurant Group in the 4th quarter worth $81,000. Finally, BNP Paribas Financial Markets purchased a new stake in First Watch Restaurant Group during the 4th quarter valued at about $86,000. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

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.