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

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has received a consensus rating of “Moderate Buy” from the thirteen analysts that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $19.75.

A number of research analysts have weighed in on the company. Zacks Research upgraded First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Stephens dropped their target price on shares of First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. Citigroup reduced their target price on shares of First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Guggenheim decreased their price target on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Finally, Barclays lowered their price target on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th.

First Watch Restaurant Group Stock Up 4.3%

FWRG stock opened at $11.56 on Wednesday. The stock has a market capitalization of $712.33 million, a P/E ratio of 37.29, a P/E/G ratio of 2.23 and a beta of 0.98. The firm has a 50-day simple moving average of $13.04 and a 200-day simple moving average of $15.38. The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43. First Watch Restaurant Group has a 52 week low of $10.09 and a 52 week high of $20.55.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. The firm had revenue of $316.35 million for the quarter, compared to analyst estimates of $317.49 million. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. First Watch Restaurant Group’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company posted $0.01 EPS. Equities analysts forecast that First Watch Restaurant Group will post 0.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO H Melville Hope III sold 7,358 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total value of $92,637.22. Following the completion of the sale, the chief financial officer owned 115,665 shares of the company’s stock, valued at approximately $1,456,222.35. This trade represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew Eisenacher sold 6,070 shares of First Watch Restaurant Group stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total value of $76,421.30. Following the transaction, the insider owned 69,983 shares in the company, valued at approximately $881,085.97. The trade was a 7.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 74,178 shares of company stock worth $958,411. 6.00% of the stock is currently owned by insiders.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently modified their holdings of FWRG. Jones Financial Companies Lllp purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter valued at approximately $30,000. Rockefeller Capital Management L.P. purchased a new stake in shares of First Watch Restaurant Group during the 4th quarter valued at approximately $63,000. State of Wyoming acquired a new position in First Watch Restaurant Group in the fourth quarter valued at approximately $64,000. Kemnay Advisory Services Inc. purchased a new position in First Watch Restaurant Group in the fourth quarter worth approximately $66,000. Finally, BNP Paribas Financial Markets grew its position in First Watch Restaurant Group by 61.9% in the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock worth $70,000 after acquiring an additional 1,673 shares during the period. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.