First Watch Restaurant Group (NASDAQ:FWRG) Upgraded by TD Cowen to Buy Rating

TD Cowen upgraded shares of First Watch Restaurant Group (NASDAQ:FWRG - Free Report) from a hold rating to a buy rating in a report issued on Tuesday morning, Marketbeat Ratings reports. TD Cowen currently has $22.00 target price on the stock.

A number of other equities analysts have also recently commented on the stock. Benchmark reissued a "buy" rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. Barclays reissued an "overweight" rating and issued a $21.00 price objective (down from $24.00) on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. TD Securities upgraded First Watch Restaurant Group from a "hold" rating to a "buy" rating and lifted their price objective for the company from $21.00 to $22.00 in a report on Tuesday. Stephens restated an "overweight" rating and set a $24.00 target price on shares of First Watch Restaurant Group in a report on Thursday, March 20th. Finally, Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $22.45.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ FWRG traded down $0.85 during midday trading on Tuesday, hitting $16.33. 843,416 shares of the company's stock traded hands, compared to its average volume of 657,788. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The stock has a market capitalization of $991.23 million, a price-to-earnings ratio of 49.49, a price-to-earnings-growth ratio of 3.38 and a beta of 0.91. The firm has a fifty day moving average of $19.21 and a 200 day moving average of $18.23. 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 released its quarterly 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 business 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 firm's revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.04 earnings per share. On average, analysts forecast that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Insider Transactions at First Watch Restaurant Group

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the completion of the sale, the chief executive officer now owns 389,832 shares of the company's stock, valued at $6,553,075.92. This trade represents a 9.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jay Anthony Wolszczak sold 5,743 shares of First Watch Restaurant Group stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $96,539.83. Following the completion of the sale, the insider now directly owns 37,768 shares of the company's stock, valued at $634,880.08. The trade was a 13.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.00% of the company's stock.

Hedge Funds Weigh In On First Watch Restaurant Group

Institutional investors have recently modified their holdings of the business. Lazard Asset Management LLC purchased a new position in First Watch Restaurant Group in the fourth quarter valued at about $39,095,000. Champlain Investment Partners LLC raised its stake in shares of First Watch Restaurant Group by 59.0% during the 4th quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock worth $48,057,000 after buying an additional 958,417 shares during the last quarter. Mesirow Institutional Investment Management Inc. acquired a new stake in First Watch Restaurant Group in the 4th quarter valued at about $15,506,000. Clearbridge Investments LLC purchased a new stake in shares of First Watch Restaurant Group in the fourth quarter valued at about $12,732,000. Finally, Vanguard Group Inc. grew its position in shares of First Watch Restaurant Group by 25.6% in the fourth quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock valued at $43,764,000 after purchasing an additional 479,741 shares during the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

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.