First Watch Restaurant Group (NASDAQ:FWRG) Trading Up 9.4% – What’s Next?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s stock price traded up 9.4% during trading on Wednesday . The company traded as high as $12.20 and last traded at $12.20. 642,496 shares were traded during mid-day trading, a decline of 59% from the average session volume of 1,569,826 shares. The stock had previously closed at $11.15.

Wall Street Analysts Forecast Growth

FWRG has been the topic of several research reports. Piper Sandler restated an “overweight” rating and set a $19.00 price objective on shares of First Watch Restaurant Group in a research note on Tuesday, February 24th. Guggenheim lowered their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. TD Cowen reissued a “buy” rating and set a $17.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Stephens reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Finally, Stifel Nicolaus set a $14.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.27.

First Watch Restaurant Group Trading Up 8.3%

The firm has a market cap of $744.61 million, a P/E ratio of 43.10, a P/E/G ratio of 5.98 and a beta of 1.06. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. The firm has a fifty day moving average of $11.69 and a 200-day moving average of $13.58.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.38%.The company had revenue of $330.96 million for the quarter, compared to the consensus estimate of $329.35 million. During the same quarter in the previous year, the company earned ($0.01) earnings per share. First Watch Restaurant Group’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities research analysts forecast that First Watch Restaurant Group, Inc. will post 0.2 earnings per share for the current year.

Institutional Trading of First Watch Restaurant Group

Large investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. bought a new position in First Watch Restaurant Group during the fourth quarter valued at about $63,000. State of Wyoming bought a new stake in First Watch Restaurant Group during the fourth quarter worth approximately $64,000. Kemnay Advisory Services Inc. bought a new stake in First Watch Restaurant Group during the fourth quarter worth approximately $66,000. BNP Paribas Financial Markets increased its holdings in shares of 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 valued at $70,000 after buying an additional 1,673 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of First Watch Restaurant Group by 17,042.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,657 shares of the company’s stock valued at $85,000 after acquiring an additional 5,624 shares during the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

About First Watch Restaurant Group

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.