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

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have earned a consensus rating of "Buy" from the ten brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $22.73.

Several analysts recently issued reports on the company. Barclays increased their target price on First Watch Restaurant Group from $21.00 to $24.00 and gave the stock an "overweight" rating in a research report on Tuesday. Stephens reaffirmed an "overweight" rating and set a $24.00 price objective on shares of First Watch Restaurant Group in a report on Thursday, March 20th. Bank of America boosted their target price on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, March 12th. 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 research report on Tuesday, April 1st. Finally, Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, March 11th.

Insider Transactions at First Watch Restaurant Group

In other news, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the completion of the sale, the chief executive officer now directly owns 389,832 shares of the company's stock, valued at $6,553,075.92. This trade represents a 9.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jay Anthony Wolszczak sold 5,743 shares of First Watch Restaurant Group stock in a transaction that occurred 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 completion of the transaction, the insider now owns 37,768 shares of the company's stock, valued at approximately $634,880.08. This trade represents a 13.20 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.00% of the company's stock.

Institutional Investors Weigh In On First Watch Restaurant Group

Several hedge funds and other institutional investors have recently made changes to their positions in FWRG. Jane Street Group LLC grew its holdings in First Watch Restaurant Group by 1.1% during the 3rd quarter. Jane Street Group LLC now owns 49,358 shares of the company's stock valued at $770,000 after purchasing an additional 551 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of First Watch Restaurant Group by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company's stock valued at $321,000 after buying an additional 613 shares during the period. Assetmark Inc. grew its stake in shares of First Watch Restaurant Group by 68.7% during the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company's stock valued at $46,000 after buying an additional 1,000 shares during the last quarter. Mariner LLC raised its holdings in shares of First Watch Restaurant Group by 5.1% in the fourth quarter. Mariner LLC now owns 21,446 shares of the company's stock worth $399,000 after buying an additional 1,033 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of First Watch Restaurant Group by 2.7% during the 4th quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company's stock worth $1,463,000 after acquiring an additional 2,033 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Stock Performance

FWRG opened at $19.88 on Wednesday. The company has a 50 day simple moving average of $18.37 and a two-hundred day simple moving average of $18.49. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. The firm has a market cap of $1.21 billion, a P/E ratio of 60.24, a PEG ratio of 3.38 and a beta of 1.02. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). The firm had revenue of $263.30 million during the quarter, compared to the consensus estimate of $262.82 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 EPS. Equities analysts forecast that First Watch Restaurant Group will post 0.32 earnings per share for the current fiscal year.

First Watch Restaurant Group Company Profile

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.

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