First Watch Restaurant Group (NASDAQ:FWRG) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of First Watch Restaurant Group (NASDAQ:FWRG) from a hold rating to a strong sell rating in a research report released on Monday morning,Zacks.com reports.

FWRG has been the topic of several other research reports. Barclays reduced their price target on shares of First Watch Restaurant Group from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Weiss Ratings reiterated a “hold (c-)” rating on shares of First Watch Restaurant Group in a report on Monday, December 29th. Finally, Wall Street Zen raised First Watch Restaurant Group from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and a consensus price target of $20.91.

First Watch Restaurant Group Trading Up 0.7%

Shares of FWRG traded up $0.12 during mid-day trading on Monday, hitting $16.38. 165,468 shares of the company’s stock traded hands, compared to its average volume of 1,472,601. The company has a quick ratio of 0.21, a current ratio of 0.25 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $999.37 million, a P/E ratio of 204.71, a PEG ratio of 4.65 and a beta of 0.88. The business’s 50-day moving average price is $16.61 and its 200-day moving average price is $17.05. First Watch Restaurant Group has a 1 year low of $12.90 and a 1 year high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.03). First Watch Restaurant Group had a net margin of 0.42% and a return on equity of 0.83%. The company had revenue of $316.02 million during the quarter, compared to the consensus estimate of $308.31 million. As a group, sell-side analysts forecast that First Watch Restaurant Group will post 0.32 EPS for the current fiscal year.

Institutional Trading of First Watch Restaurant Group

Several hedge funds and other institutional investors have recently made changes to their positions in FWRG. Legal & General Group Plc grew its stake in shares of First Watch Restaurant Group by 1.6% in the second quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock worth $730,000 after acquiring an additional 724 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in First Watch Restaurant Group by 4.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 23,016 shares of the company’s stock worth $360,000 after purchasing an additional 934 shares in the last quarter. First Horizon Advisors Inc. grew its position in First Watch Restaurant Group by 207.6% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock valued at $31,000 after purchasing an additional 1,316 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in First Watch Restaurant Group by 17.3% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 9,108 shares of the company’s stock valued at $146,000 after purchasing an additional 1,341 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in 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 valued at $70,000 after purchasing an additional 1,673 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 (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.