First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report)‘s stock had its “overweight” rating restated by analysts at Stephens in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $21.00 price objective on the stock. Stephens’ price objective suggests a potential upside of 72.41% from the stock’s current price.
FWRG has been the topic of several other research reports. TD Cowen lowered their price objective on First Watch Restaurant Group from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday. Weiss Ratings lowered First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, April 27th. Guggenheim lowered their price objective on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. Piper Sandler restated an “overweight” rating and issued a $19.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, February 24th. Finally, Benchmark lowered their price objective on First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.25.
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First Watch Restaurant Group Price Performance
First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) last issued its quarterly earnings results 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). First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.The business had revenue of $330.96 million during the quarter, compared to analyst estimates of $329.35 million. During the same quarter last year, the company posted ($0.01) EPS. First Watch Restaurant Group’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts forecast that First Watch Restaurant Group will post 0.24 EPS for the current year.
Insider Activity
In other news, insider Laura Anne Sorensen sold 4,732 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total transaction of $59,575.88. Following the transaction, the insider owned 239,050 shares in the company, valued at $3,009,639.50. This trade represents a 1.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Christopher Anthony Tomasso sold 25,062 shares of the stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $12.52, for a total value of $313,776.24. Following the transaction, the chief executive officer owned 957,315 shares in the company, valued at $11,985,583.80. This trade represents a 2.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 68,013 shares of company stock worth $853,606. Insiders own 6.10% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in FWRG. Bank of New York Mellon Corp lifted its position in shares of 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 valued at $41,477,000 after buying an additional 1,946,084 shares in the last quarter. Woodline Partners LP purchased a new position in shares of First Watch Restaurant Group during the 3rd quarter valued at approximately $20,318,000. Riverbridge Partners LLC lifted its position in shares of First Watch Restaurant Group by 90.8% during the 1st quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company’s stock valued at $21,921,000 after buying an additional 995,671 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of First Watch Restaurant Group by 51.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock valued at $37,468,000 after buying an additional 796,191 shares in the last quarter. Finally, Hodges Capital Management Inc. lifted its position in shares of First Watch Restaurant Group by 113.7% during the 1st quarter. Hodges Capital Management Inc. now owns 1,481,777 shares of the company’s stock valued at $15,529,000 after buying an additional 788,436 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.
Key Stories Impacting First Watch Restaurant Group
Here are the key news stories impacting First Watch Restaurant Group this week:
- Positive Sentiment: Company reiterated its same-restaurant sales growth outlook of 1%–3% and raised full-year adjusted EBITDA guidance to $133M–$140M, signaling better-than-expected operating leverage for the year. First Watch reiterates 1%-3% same-restaurant sales growth outlook while raising adjusted EBITDA guide to $133M-$140M
- Positive Sentiment: Q1 revenue came in about in line/beat expectations at $330.96M (up 17.3% YoY) and management reaffirmed full-year revenue guidance, supporting growth durability. The company reported Adjusted EBITDA of $27.8M for the quarter. First Watch Restaurant Group, Inc. Reports Q1 2026 Financial Results
- Positive Sentiment: Management’s earnings call emphasized a path to profitable growth (unit openings plus margin expansion) which supports the thesis that scale and operating improvements can drive future earnings. First Watch (FWRG) Earnings Call Signals Profitable Growth
- Neutral Sentiment: TD Cowen trimmed its price target from $18 to $17 but kept a Buy rating — a modest analyst pullback that still implies significant upside from current levels, leaving the stock’s medium-term outlook intact. TD Cowen lowers price target to $17
- Neutral Sentiment: Company continues expansion: opened 16 new system-wide restaurants in Q1 across 11 states, showing ongoing unit growth that supports longer-term revenue trajectory but increases near-term investment. First Watch Restaurant Group, Inc. Reports Q1 2026 Financial Results
- Negative Sentiment: Q1 EPS missed estimates: GAAP loss of ($0.04) vs. consensus of ($0.02), and a reported net loss of $2.7M, which highlights near-term margin pressure despite revenue growth. First Watch Q1 Earnings Details
- Negative Sentiment: Analyst and market attention on earnings-per-share misses and low current/quick ratios may keep downward pressure on the stock until consistent GAAP profitability or higher-margin leverage is demonstrated. First Watch Reports Q1 Earnings: What Key Metrics Have to Say
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.
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