First Watch Restaurant Group (NASDAQ:FWRG) Now Covered by DA Davidson

DA Davidson assumed coverage on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a report released on Friday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $17.00 price objective on the stock.

Several other research analysts also recently issued reports on the stock. TD Cowen lowered their price objective on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Guggenheim reduced their price objective on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Weiss Ratings reiterated a “hold (c-)” rating on shares of First Watch Restaurant Group in a research note on Monday, December 29th. Zacks Research raised shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Stephens reduced their price objective on shares of First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.85.

First Watch Restaurant Group Stock Performance

FWRG traded down $0.04 on Friday, reaching $12.93. The stock had a trading volume of 3,369,793 shares, compared to its average volume of 2,104,305. The business’s 50-day moving average price is $15.50 and its two-hundred day moving average price is $16.54. The company has a current ratio of 0.29, a quick ratio of 0.25 and a debt-to-equity ratio of 0.43. First Watch Restaurant Group has a 12-month low of $11.88 and a 12-month high of $20.55. The company has a market cap of $790.54 million, a P/E ratio of 41.71, a price-to-earnings-growth ratio of 2.61 and a beta of 0.92.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, February 24th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.16. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.The company had revenue of $316.35 million during the quarter, compared to analysts’ expectations of $317.49 million. During the same quarter in the prior year, the firm posted $0.01 EPS. First Watch Restaurant Group’s quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts forecast that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Insider Activity

In related news, Director William A. Kussell sold 6,165 shares of the company’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $17.00, for a total value of $104,805.00. Following the sale, the director directly owned 26,402 shares of the company’s stock, valued at $448,834. This represents a 18.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FWRG. Jones Financial Companies Lllp acquired a new stake in shares of First Watch Restaurant Group during the 3rd quarter valued at approximately $30,000. First Horizon Advisors Inc. boosted its stake in First Watch Restaurant Group by 207.6% in the second quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock valued at $31,000 after acquiring an additional 1,316 shares during the period. State of Wyoming bought a new position in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $64,000. Kemnay Advisory Services Inc. bought a new position in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $66,000. Finally, BNP Paribas Financial Markets raised its position in shares of First Watch Restaurant Group by 61.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock worth $70,000 after purchasing an additional 1,673 shares during the period. Institutional investors own 96.11% of the company’s stock.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.