First Watch Restaurant Group (NASDAQ:FWRG) Stock Jumps 4.6% – Still a Buy?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s share price rose 4.6% during trading on Monday. The company traded as high as $11.17 and last traded at $11.3910. Approximately 29,400 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 1,435,980 shares. The stock had previously closed at $10.89.

Wall Street Analyst Weigh In

FWRG has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Citigroup cut their price target on shares of First Watch Restaurant Group from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, October 21st. Freedom Capital upgraded First Watch Restaurant Group to a “strong-buy” rating in a research report on Wednesday, July 1st. Weiss Ratings lowered shares of First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, October 14th. Finally, Stephens reduced their price target on shares of First Watch Restaurant Group from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, October 15th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and an average target price of $17.90.

First Watch Restaurant Group Stock Performance

The stock has a market cap of $663.38 million, a price-to-earnings ratio of 36.89, a PEG ratio of 18.15 and a beta of 1.05. The company’s 50 day simple moving average is $11.42 and its 200 day simple moving average is $11.82. 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 quarterly earnings data on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.35%. The company had revenue of $354.67 million for the quarter, compared to the consensus estimate of $351.57 million. During the same period in the prior year, the business earned $0.03 earnings per share. The business’s revenue was up 15.2% compared to the same quarter last year. On average, equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current year.

Institutional Trading of First Watch Restaurant Group

Several large investors have recently modified their holdings of FWRG. BlackRock Inc. acquired a new position in First Watch Restaurant Group during the 2nd quarter worth $58,445,000. The Manufacturers Life Insurance Company bought a new position in First Watch Restaurant Group in the 2nd quarter worth approximately $49,291,000. Bank of New York Mellon Corp acquired a new position in shares of First Watch Restaurant Group during the second quarter worth approximately $47,938,000. Dimensional Fund Advisors LP raised its stake in First Watch Restaurant Group by 19.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company’s stock valued at $32,328,000 after purchasing an additional 508,704 shares during the last quarter. Finally, Penn Capital Management Company LLC increased its holdings in shares of 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 purchasing an additional 331,594 shares during the period. 96.11% of the stock is owned by institutional investors.

About First Watch Restaurant Group

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.