First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have been assigned an average recommendation of “Moderate Buy” from the twelve analysts that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $19.2727.

A number of brokerages have recently issued reports on FWRG. DA Davidson reiterated a “buy” rating and set a $17.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, April 28th. Benchmark reduced their target price on shares of First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Stephens reiterated an “overweight” rating and set a $21.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, May 6th. Stifel Nicolaus set a $14.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, May 5th. Finally, Wall Street Zen upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Sunday, June 21st.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $12.74 on Monday. The company has a 50 day moving average of $11.74 and a 200-day moving average of $13.47. First Watch Restaurant Group has a 1-year low of $9.97 and a 1-year high of $19.53. The firm has a market cap of $785.42 million, a price-to-earnings ratio of 45.50, a PEG ratio of 6.59 and a beta of 1.06. The company has a current ratio of 0.29, a quick ratio of 0.25 and a debt-to-equity ratio of 0.43.

First Watch Restaurant Group (NASDAQ:FWRG) last posted 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 business had revenue of $330.96 million during the quarter, compared to analyst estimates of $329.35 million. During the same period in the prior year, the firm posted ($0.01) EPS. First Watch Restaurant Group’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, equities analysts forecast that First Watch Restaurant Group will post 0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Legal & General Group Plc boosted its stake in shares of First Watch Restaurant Group by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock valued at $730,000 after purchasing an additional 724 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of First Watch Restaurant Group by 1.8% in the 4th quarter. California State Teachers Retirement System now owns 46,092 shares of the company’s stock valued at $695,000 after purchasing an additional 832 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of First Watch Restaurant Group by 4.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 23,016 shares of the company’s stock valued at $360,000 after purchasing an additional 934 shares during the last quarter. Diversified Trust Co boosted its stake in shares of First Watch Restaurant Group by 4.7% in the 1st quarter. Diversified Trust Co now owns 25,654 shares of the company’s stock valued at $269,000 after purchasing an additional 1,154 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS boosted its stake in shares of First Watch Restaurant Group by 0.5% in the 1st quarter. Kornitzer Capital Management Inc. KS now owns 310,837 shares of the company’s stock valued at $3,258,000 after purchasing an additional 1,450 shares during the last quarter. Institutional investors 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.