First Watch Restaurant Group (NASDAQ:FWRG) Stock Rating Upgraded by Freedom Capital

First Watch Restaurant Group (NASDAQ:FWRG) was upgraded by analysts at Freedom Capital to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other research firms also recently weighed in on FWRG. Stephens reaffirmed an “overweight” rating and set a $21.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, May 6th. Wall Street Zen raised shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Sunday, June 21st. Stifel Nicolaus set a $14.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, May 5th. DA Davidson reaffirmed a “buy” rating and issued a $17.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, April 28th. Finally, TD Cowen reissued a “buy” rating and set a $17.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned 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 presently has an average rating of “Moderate Buy” and an average target price of $19.27.

First Watch Restaurant Group Stock Performance

FWRG opened at $13.09 on Wednesday. The business’s 50-day moving average price is $11.78 and its two-hundred day moving average price is $13.37. First Watch Restaurant Group has a 1 year low of $9.97 and a 1 year high of $19.53. The company has a market capitalization of $807.00 million, a price-to-earnings ratio of 46.75, a P/E/G ratio of 6.90 and a beta of 1.03. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.25.

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

Hedge Funds Weigh In On First Watch Restaurant Group

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake 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 valued at $903,000 after acquiring an additional 21,830 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of First Watch Restaurant Group by 31.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company’s stock worth $379,000 after purchasing an additional 5,497 shares during the last quarter. Legal & General Group Plc raised 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 purchasing an additional 724 shares during the period. Rhumbline Advisers raised its holdings 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 valued at $1,185,000 after purchasing an additional 23,205 shares during the period. Finally, American Century Companies Inc. lifted its stake in First Watch Restaurant Group by 43.4% in the 2nd quarter. American Century Companies Inc. now owns 72,166 shares of the company’s stock valued at $1,158,000 after purchasing an additional 21,846 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

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.