First Watch Restaurant Group (NASDAQ:FWRG) Upgraded to “Sell” at Wall Street Zen

Wall Street Zen upgraded shares of First Watch Restaurant Group (NASDAQ:FWRG) from a strong sell rating to a sell rating in a report published on Saturday.

Other equities research analysts have also recently issued reports about the company. Stephens reissued an “overweight” rating and set a $21.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. Guggenheim dropped their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a report on Friday. Weiss Ratings raised First Watch Restaurant Group from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday. Freedom Capital upgraded First Watch Restaurant Group to a “strong-buy” rating in a report on Wednesday, July 1st. Finally, DA Davidson restated a “buy” rating and issued a $17.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, April 28th. One research 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, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and an average price target of $18.56.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG opened at $12.42 on Friday. First Watch Restaurant Group has a 52 week low of $9.97 and a 52 week high of $19.53. The stock has a market capitalization of $766.44 million, a P/E ratio of 42.83, a PEG ratio of 20.70 and a beta of 1.03. The firm has a fifty day simple moving average of $12.11 and a two-hundred day simple moving average of $12.77. The company has a quick ratio of 0.25, a current ratio of 0.27 and a debt-to-equity ratio of 0.44.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The business had revenue of $354.67 million for the quarter, compared to analysts’ expectations of $351.57 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. On average, analysts expect that First Watch Restaurant Group will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of institutional investors have recently modified their holdings of the stock. Royal Bank of Canada raised its holdings in First Watch Restaurant Group by 67.3% in the first quarter. Royal Bank of Canada now owns 54,267 shares of the company’s stock worth $903,000 after purchasing an additional 21,830 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of First Watch Restaurant Group by 31.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company’s stock valued at $379,000 after buying an additional 5,497 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of First Watch Restaurant Group by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock valued at $730,000 after buying an additional 724 shares in the last quarter. Rhumbline Advisers grew its position in shares of First Watch Restaurant Group by 45.8% in the 2nd quarter. Rhumbline Advisers now owns 73,882 shares of the company’s stock worth $1,185,000 after buying an additional 23,205 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of First Watch Restaurant Group by 43.4% during the 2nd quarter. American Century Companies Inc. now owns 72,166 shares of the company’s stock worth $1,158,000 after acquiring an additional 21,846 shares in the last quarter. 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 (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.