First Watch Restaurant Group (NASDAQ:FWRG) Lowered to “Strong Sell” Rating by Wall Street Zen

Wall Street Zen downgraded shares of First Watch Restaurant Group (NASDAQ:FWRG) from a hold rating to a strong sell rating in a research note released on Saturday.

Several other equities research analysts have also issued reports on the stock. Barclays decreased their price target on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Piper Sandler reaffirmed an “overweight” rating and set a $19.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, February 24th. TD Cowen decreased their price target on shares of First Watch Restaurant Group from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, May 5th. Weiss Ratings downgraded shares of First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, April 27th. Finally, Citigroup cut their target price on shares of First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.25.

First Watch Restaurant Group Trading Up 1.3%

Shares of First Watch Restaurant Group stock opened at $12.10 on Friday. The firm has a market capitalization of $745.90 million, a PE ratio of 43.22, a price-to-earnings-growth ratio of 6.31 and a beta of 1.11. The company has a current ratio of 0.29, a quick ratio of 0.25 and a debt-to-equity ratio of 0.43. The firm’s 50 day moving average is $12.04 and its 200 day moving average is $15.00. First Watch Restaurant Group has a 1 year low of $10.09 and a 1 year high of $19.53.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The company had revenue of $330.96 million for the quarter, compared to the consensus estimate of $329.35 million. First Watch Restaurant Group had a net margin of 1.38% and a return on equity of 2.85%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) earnings per share. Equities research analysts forecast that First Watch Restaurant Group will post 0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at First Watch Restaurant Group

In related news, insider Jay Anthony Wolszczak sold 3,161 shares of First Watch Restaurant Group stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $12.52, for a total transaction of $39,575.72. Following the sale, the insider directly owned 228,930 shares in the company, valued at $2,866,203.60. This trade represents a 1.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO H Melville Hope III sold 3,878 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total transaction of $48,552.56. Following the transaction, the chief financial officer owned 111,787 shares of the company’s stock, valued at approximately $1,399,573.24. The trade was a 3.35% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 68,013 shares of company stock worth $853,606 over the last quarter. Insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in First Watch Restaurant Group by 19.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company’s stock worth $32,328,000 after purchasing an additional 508,704 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in First Watch Restaurant Group by 96.7% during the 1st quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company’s stock worth $41,477,000 after purchasing an additional 1,946,084 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in First Watch Restaurant Group by 25.3% during the 1st quarter. Sanctuary Advisors LLC now owns 13,462 shares of the company’s stock worth $141,000 after purchasing an additional 2,714 shares during the last quarter. Fifth Third Bancorp raised its holdings in First Watch Restaurant Group by 702.9% during the 1st quarter. Fifth Third Bancorp now owns 13,618 shares of the company’s stock worth $143,000 after purchasing an additional 11,922 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its holdings in First Watch Restaurant Group by 0.5% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 310,837 shares of the company’s stock worth $3,258,000 after purchasing an additional 1,450 shares during the last quarter. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Company Profile

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.