First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives Consensus Rating of “Buy” from Brokerages

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have earned an average recommendation of “Buy” from the ten analysts that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $21.36.

A number of equities analysts recently weighed in on FWRG shares. Stephens decreased their price target on First Watch Restaurant Group from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, May 7th. Barclays decreased their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Benchmark decreased their price objective on First Watch Restaurant Group from $26.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. TD Cowen upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Tuesday, April 1st. Finally, Piper Sandler decreased their price objective on First Watch Restaurant Group from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, May 7th.

Insider Activity

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total value of $66,150,000.00. Following the transaction, the insider now directly owns 14,689,784 shares of the company’s stock, valued at approximately $215,939,824.80. This trade represents a 23.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 6.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers raised its stake in shares of First Watch Restaurant Group by 12.9% in the 1st quarter. Rhumbline Advisers now owns 50,677 shares of the company’s stock valued at $844,000 after acquiring an additional 5,779 shares in the last quarter. Vancity Investment Management Ltd bought a new position in shares of First Watch Restaurant Group in the 1st quarter valued at approximately $758,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of First Watch Restaurant Group by 31.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company’s stock valued at $379,000 after acquiring an additional 5,497 shares in the last quarter. Granahan Investment Management LLC raised its stake in shares of First Watch Restaurant Group by 8.3% in the 1st quarter. Granahan Investment Management LLC now owns 1,594,267 shares of the company’s stock valued at $26,545,000 after acquiring an additional 122,657 shares in the last quarter. Finally, Ancora Advisors LLC raised its stake in shares of First Watch Restaurant Group by 372.0% in the 1st quarter. Ancora Advisors LLC now owns 121,010 shares of the company’s stock valued at $2,015,000 after acquiring an additional 95,370 shares in the last quarter. 96.11% of the stock is owned by institutional investors.

First Watch Restaurant Group Trading Up 3.5%

NASDAQ:FWRG opened at $15.55 on Thursday. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $22.71. The firm has a market capitalization of $948.44 million, a price-to-earnings ratio of 47.12, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90. The stock has a fifty day simple moving average of $17.03 and a 200 day simple moving average of $18.32.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $282.24 million during the quarter, compared to analyst estimates of $282.98 million. During the same quarter last year, the business earned $0.12 EPS. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. Sell-side analysts forecast that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

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.