First Watch Restaurant Group (NASDAQ:FWRG) Price Target Lowered to $27.00 at Barclays

First Watch Restaurant Group (NASDAQ:FWRG) had its price target reduced by Barclays from $29.00 to $27.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also commented on the company. TD Cowen restated a hold rating and issued a $26.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, April 10th. Stifel Nicolaus increased their price objective on shares of First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a hold rating in a research report on Wednesday, March 6th. Raymond James raised their price target on First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a strong-buy rating in a research note on Thursday, January 25th. Finally, Citigroup upped their price target on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $25.50.

First Watch Restaurant Group Stock Down 2.4 %

FWRG stock traded down $0.52 during midday trading on Wednesday, hitting $21.33. The stock had a trading volume of 87,349 shares, compared to its average volume of 508,408. First Watch Restaurant Group has a 52-week low of $15.67 and a 52-week high of $25.98. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.62 and a quick ratio of 0.57. The business has a 50-day moving average of $23.87 and a two-hundred day moving average of $21.26. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 53.29, a price-to-earnings-growth ratio of 2.35 and a beta of 1.07.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.02. First Watch Restaurant Group had a net margin of 2.85% and a return on equity of 4.62%. The company had revenue of $242.40 million during the quarter, compared to the consensus estimate of $245.03 million. During the same quarter last year, the firm earned $0.15 earnings per share. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. As a group, equities research analysts forecast that First Watch Restaurant Group will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at First Watch Restaurant Group

In related news, CEO Christopher Anthony Tomasso sold 121,995 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $24.45, for a total transaction of $2,982,777.75. Following the completion of the transaction, the chief executive officer now owns 431,871 shares of the company’s stock, valued at approximately $10,559,245.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 121,995 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $24.45, for a total transaction of $2,982,777.75. Following the completion of the sale, the chief executive officer now owns 431,871 shares in the company, valued at $10,559,245.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Tricia Glynn sold 6,900,000 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $23.99, for a total transaction of $165,531,000.00. Following the transaction, the director now owns 27,189,784 shares of the company’s stock, valued at approximately $652,282,918.16. The disclosure for this sale can be found here. Insiders sold a total of 7,085,127 shares of company stock worth $170,038,222 over the last three months. Insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On First Watch Restaurant Group

Several hedge funds have recently bought and sold shares of the business. Brown Advisory Inc. grew its position in First Watch Restaurant Group by 0.4% during the fourth quarter. Brown Advisory Inc. now owns 1,478,407 shares of the company’s stock valued at $29,716,000 after purchasing an additional 6,494 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of First Watch Restaurant Group by 14.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,408,454 shares of the company’s stock valued at $28,310,000 after acquiring an additional 175,074 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of First Watch Restaurant Group by 25.1% in the third quarter. Vanguard Group Inc. now owns 1,311,905 shares of the company’s stock worth $22,683,000 after acquiring an additional 263,101 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in First Watch Restaurant Group by 0.5% during the third quarter. The Manufacturers Life Insurance Company now owns 1,233,380 shares of the company’s stock valued at $21,325,000 after purchasing an additional 5,889 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC boosted its position in First Watch Restaurant Group by 9.6% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock valued at $21,600,000 after purchasing an additional 93,931 shares during the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

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.