First Watch Restaurant Group (NASDAQ:FWRG) Receives Hold Rating from TD Securities

TD Securities restated their hold rating on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a research note released on Wednesday morning,Benzinga reports. TD Securities currently has a $21.00 price objective on the stock.

Separately, Stephens reissued an “overweight” rating and set a $25.00 target price on shares of First Watch Restaurant Group in a report on Tuesday. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and a consensus price target of $22.36.

First Watch Restaurant Group Trading Up 0.4 %

NASDAQ FWRG opened at $16.49 on Wednesday. The company has a fifty day simple moving average of $19.77 and a two-hundred day simple moving average of $18.12. The stock has a market cap of $998.80 million, a P/E ratio of 49.97, a P/E/G ratio of 3.38 and a beta of 0.90. First Watch Restaurant Group has a 12-month low of $12.90 and a 12-month high of $25.98. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The company had revenue of $263.30 million during the quarter, compared to analysts’ expectations 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 business posted $0.04 EPS. On average, analysts forecast that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Insider Buying and Selling

In other First Watch Restaurant Group news, 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 transaction, the insider now owns 37,768 shares of the company’s stock, valued at approximately $634,880.08. The trade was a 13.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher Anthony Tomasso sold 42,039 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 transaction of $706,675.59. Following the completion of the transaction, the chief executive officer now directly owns 389,832 shares of the company’s stock, valued at $6,553,075.92. The trade was a 9.73 % decrease in their position. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Champlain Investment Partners LLC increased its holdings in First Watch Restaurant Group by 59.0% in the fourth quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company’s stock valued at $48,057,000 after buying an additional 958,417 shares in the last quarter. Vanguard Group Inc. increased its holdings in 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 buying an additional 479,741 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of First Watch Restaurant Group by 7.8% during the fourth quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company’s stock worth $39,848,000 after purchasing an additional 154,784 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of First Watch Restaurant Group during the fourth quarter worth about $39,095,000. Finally, 12 West Capital Management LP increased its stake in shares of First Watch Restaurant Group by 20.2% during the fourth quarter. 12 West Capital Management LP now owns 2,013,406 shares of the company’s stock worth $37,469,000 after purchasing an additional 337,920 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

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.