First Watch Restaurant Group (NASDAQ:FWRG) Raised to “Buy” at TD Securities

First Watch Restaurant Group (NASDAQ:FWRG) was upgraded by stock analysts at TD Securities from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a $22.00 price objective on the stock, up from their previous price objective of $21.00. TD Securities’ price objective indicates a potential upside of 19.44% from the company’s previous close.

Several other research firms have also commented on FWRG. Barclays reiterated an “overweight” rating and set a $21.00 price objective (down previously from $24.00) on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Bank of America lifted 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. Benchmark reissued a “buy” rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Finally, Stephens reaffirmed an “overweight” rating and set a $24.00 price objective on shares of First Watch Restaurant Group in a research report on Thursday, March 20th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Buy” and a consensus target price of $22.45.

First Watch Restaurant Group Price Performance

NASDAQ FWRG opened at $18.42 on Tuesday. The business’s fifty day moving average price is $19.31 and its 200-day moving average price is $18.23. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 55.82, a PEG ratio of 3.38 and a beta of 0.91. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $25.98. 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 (NASDAQ:FWRG) last released its earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm had revenue of $263.30 million for the quarter, compared to analysts’ expectations of $262.82 million. During the same quarter last year, the firm posted $0.04 EPS. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities analysts predict that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Insider Activity at First Watch Restaurant Group

In related news, CEO Christopher Anthony Tomasso sold 42,039 shares of the company’s stock in a transaction that occurred 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 owns 389,832 shares of the company’s stock, valued at approximately $6,553,075.92. This represents a 9.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the sale, the insider now owns 37,768 shares of the company’s stock, valued at $634,880.08. The trade was a 13.20 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FWRG. Arizona State Retirement System bought a new position in First Watch Restaurant Group during the fourth quarter worth $228,000. Barclays PLC raised its stake in shares of First Watch Restaurant Group by 505.3% during the third quarter. Barclays PLC now owns 172,515 shares of the company’s stock valued at $2,690,000 after purchasing an additional 144,014 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of First Watch Restaurant Group by 9.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 576,890 shares of the company’s stock worth $10,736,000 after acquiring an additional 49,826 shares during the period. JPMorgan Chase & Co. lifted its position in First Watch Restaurant Group by 22.6% in the third quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company’s stock worth $30,988,000 after purchasing an additional 366,227 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of First Watch Restaurant Group by 13.5% in the third quarter. Geode Capital Management LLC now owns 769,608 shares of the company’s stock valued at $12,008,000 after buying an additional 91,416 shares during the period. 96.11% of the stock is owned by hedge funds and other institutional investors.

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.