First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Up 6.9% – Time to Buy?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s share price was up 6.9% during trading on Thursday . The company traded as high as $12.87 and last traded at $12.78. Approximately 1,305,336 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 1,727,675 shares. The stock had previously closed at $11.96.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Guggenheim decreased their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. Zacks Research upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 10th. TD Cowen reduced their target price on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Barclays lowered their target price on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. Finally, Citigroup cut their price target on shares of First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.08.

First Watch Restaurant Group Trading Up 7.5%

The stock has a market capitalization of $786.26 million, a P/E ratio of 41.48, a PEG ratio of 2.49 and a beta of 0.92. The stock’s fifty day moving average price is $15.61 and its 200 day moving average price is $16.60. 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 released its quarterly earnings data on Tuesday, February 24th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.16. The company had revenue of $316.35 million during the quarter, compared to analysts’ expectations of $317.49 million. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.01 EPS. Research analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Insider Transactions at First Watch Restaurant Group

In other First Watch Restaurant Group news, Director William A. Kussell sold 6,165 shares of the firm’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $17.00, for a total transaction of $104,805.00. Following the transaction, the director directly owned 26,402 shares in the company, valued at $448,834. This trade represents a 18.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Jones Financial Companies Lllp purchased a new position in shares of First Watch Restaurant Group during the third quarter valued at $30,000. First Horizon Advisors Inc. lifted its stake in First Watch Restaurant Group by 207.6% in the second quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock worth $31,000 after acquiring an additional 1,316 shares during the period. State of Wyoming bought a new position in First Watch Restaurant Group during the 4th quarter worth about $64,000. Kemnay Advisory Services Inc. bought a new position in First Watch Restaurant Group during the 4th quarter worth about $66,000. Finally, BNP Paribas Financial Markets increased its position in First Watch Restaurant Group by 61.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after purchasing an additional 1,673 shares during the period. Institutional investors own 96.11% of the company’s stock.

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.