First Watch Restaurant Group (NASDAQ:FWRG) Stock Crosses Above Fifty Day Moving Average – What’s Next?

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $11.37 and traded as high as $11.96. First Watch Restaurant Group shares last traded at $11.55, with a volume of 2,324,492 shares changing hands.

Analyst Ratings Changes

FWRG has been the subject of a number of recent research reports. Citigroup decreased their price target on shares of First Watch Restaurant Group from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, October 21st. Guggenheim dropped their price objective on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Freedom Capital raised shares of First Watch Restaurant Group to a “strong-buy” rating in a report on Wednesday, July 1st. Weiss Ratings cut shares of First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, October 14th. Finally, Wall Street Zen upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.90.

First Watch Restaurant Group Stock Up 4.1%

The business has a 50-day simple moving average of $11.37 and a two-hundred day simple moving average of $12.50. The company has a market capitalization of $712.77 million, a price-to-earnings ratio of 39.83, a PEG ratio of 18.15 and a beta of 1.05. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 EPS. As a group, equities analysts predict that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current year.

Institutional Investors Weigh In On First Watch Restaurant Group

Several hedge funds have recently modified their holdings of FWRG. Bank of America Corp DE purchased a new position in First Watch Restaurant Group in the 2nd quarter valued at $13,783,000. BlackRock Inc. purchased a new position in First Watch Restaurant Group during the 2nd quarter worth $58,445,000. Corient Private Wealth LP raised its position in First Watch Restaurant Group by 105.3% during the 2nd quarter. Corient Private Wealth LP now owns 285,062 shares of the company’s stock worth $3,674,000 after buying an additional 146,196 shares during the last quarter. Penn Capital Management Company LLC raised its position in First Watch Restaurant Group by 29.1% during the 2nd quarter. Penn Capital Management Company LLC now owns 1,472,751 shares of the company’s stock worth $19,016,000 after buying an additional 331,594 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of First Watch Restaurant Group in the 2nd quarter worth $631,000. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc operates a daytime-focused restaurant concept serving breakfast, brunch and lunch. Its restaurants offer made-to-order meals such as omelets, pancakes, French toast, sandwiches, salads and bowls, along with fresh juices, coffee and other beverages. The company generally does not serve dinner, positioning its restaurants around the daytime dining occasion.

First Watch restaurants emphasize fresh preparation and seasonal menu offerings, including items made with eggs, fruits, vegetables and other ingredients prepared in the restaurant.