First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives Average Recommendation of "Buy" from Brokerages
Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have been given a consensus recommendation of "Buy" by the ten research firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $21.36.
Several research analysts have recently issued reports on FWRG shares. Bank of America increased their target price on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, March 12th. TD Securities reissued a "buy" rating and issued a $19.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, June 4th. Piper Sandler decreased their target price 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. Sanford C. Bernstein set a $21.00 target price on First Watch Restaurant Group in a research report on Tuesday, March 11th. Finally, Stephens decreased their target price 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.
Get Our Latest Report on First Watch Restaurant Group
FWRG opened at $15.89 on Thursday. The business has a 50 day simple moving average of $17.03 and a two-hundred day simple moving average of $18.39. The firm has a market capitalization of $969.18 million, a price-to-earnings ratio of 48.15, a PEG ratio of 3.38 and a beta of 0.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. First Watch Restaurant Group has a one year low of $12.90 and a one year high of $22.71.
First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.05). The business had revenue of $282.24 million for the quarter, compared to the consensus estimate of $282.98 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company's revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 EPS. Analysts predict that First Watch Restaurant Group will post 0.32 EPS for the current year.
In other First Watch Restaurant Group news, major shareholder International L.P. Advent sold 4,500,000 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the sale, the insider now directly owns 14,689,784 shares in the company, valued at approximately $215,939,824.80. This trade represents a 23.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.00% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Assetmark Inc. boosted its stake in First Watch Restaurant Group by 68.7% during the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company's stock valued at $46,000 after purchasing an additional 1,000 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in First Watch Restaurant Group during the 4th quarter valued at $51,000. State of Wyoming boosted its stake in First Watch Restaurant Group by 212.6% during the 4th quarter. State of Wyoming now owns 3,214 shares of the company's stock valued at $60,000 after purchasing an additional 2,186 shares during the last quarter. Venturi Wealth Management LLC purchased a new stake in First Watch Restaurant Group during the 4th quarter valued at $81,000. Finally, BNP Paribas Financial Markets purchased a new position in shares of First Watch Restaurant Group in the 4th quarter worth $86,000. 96.11% of the stock is currently owned by hedge funds and other institutional investors.
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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